People are starting to see the value of life insurance due to the pandemic. Since spring, the numbers of insurance buyers have been increasing. As thousands of Americans succumb to the contagious virus, breadwinners finally realize that they need to have a financial fallback for their families in case of illness or death. Because of recent events, people finally see the need for financial protection amidst the looming threat of the coronavirus.
Now is a great time to take advantage of this surge in interest for life insurance. For years, the sales of life insurance have plummeted. However, between March and May of 2020, Google Search traffic for the keywords “life insurance” has increased by half.
There are more insurance buyers from people who are 44 years old or below. More consumers are also buying term life insurance, which provides coverage for a given number of years, which can be 10 to 30 years. Term insurance is also cheaper compared to whole life insurance. People getting term insurance want their kids to be taken care of, as well as any mortgage and financial obligations, in case of death. They only need protection and coverage for a certain period.
Join an Insurance Marketing Organization That Can Help You.
If you are an independent insurance agent, it is only wise that you should take advantage of the opportunities that the current situation presents. One of the benefits of being a free agent is choosing which insurance products from certain companies to offer to your clients. You are not bound by the restrictions that limit agents that work exclusively for a single company. Freedom sounds nice and great, but you can increase your selling potential by joining an insurance marketing organization.
An IMO can help you access more insurance products than you can on your own. If you don’t have access to an insurance product, you can’t sell it. Being part of an IMO gives you more generous commission payouts, letting you enjoy a higher income.
You also get to work on your continuing education through classes and sales seminars created for insurance agents. It can help you gain more skills and techniques that you can use to be more successful in your career as an insurance agent.
Most IMO’s also have a sales support team that will help you with the leads that you have developed.
Create Your Online Network.
Consumer behaviors have changed during the onslaught of the pandemic. Everyone wants to stay safe, so many have shifted to buying their needs online.
You can take advantage of this shift and reach out to potential leads and clients online. You can start with your social media network. You may have uninsured friends and relatives who will greatly benefit from insurance coverage. A direct message and a simple wall post regarding your offering can help you reach people in your network who may be looking for the right insurance product.
Then create a page where everyone can have access to the latest insurance products that you are selling. You can share testimonies of your existing clients, such as how having a certain insurance product has helped them during their most difficult times.
Once you have secured a lead, you can schedule a video call to discuss with your prospective clients their needs and how insurance can help. Video conferencing applications allow you to share materials with your prospects, such as slides and notes, to clearly communicate the information you want to share.
Many insurers have adapted a paperless and digital selling and distribution, making it easier and safer for agents and buyers alike.
Whatever products you are selling, make sure to listen to your prospect’s needs before jumping to your sales pitch. When you listen to your clients and take their needs to heart, they will be more likely to trust you, which can build a strong client-agent relationship.