Fast, Furious Ways To Speed Up Sales
ORLANDO – Success in life insurance sales boils down to asking the right questions, a panel of industry veterans concluded during a session at the NAIFA Performance + Purpose conference.
Many sales ideas were tossed around during the Fast and Furious Ideas session, but most of them centered on asking questions and listening to the prospect.
"If I were starting out today, I would develop five or six questions on topics I could speak about with passion and practice those questions over and over," said Van Mueller, 29-year MDRT Top of the Table qualifier.
He said one question he frequently asks a prospect is, "Would you be interested in learning how you can be the beneficiary of your life insurance while you are still alive?"
Advisors should not be afraid to approach people and ask them about life insurance and other financial issues, he said.
"We assume people don't like life insurance, they don't like annuities, they don't like retirement planning, but that's not true," he said.
Active listening is an art form, said Scott Brennan, former MDRT president. He added that success is not the result of one big thing, but of a lot of little things done consistently over time, things such as being early to appointments.
Jim Silbernagel, president of Real Wealth Marketing, said he conducts family meetings with clients and their adult children. He described the children as "ground troops in case we need to take action" regarding aging parents' needs. Discussing the parents' planning for the future often prompts the children to begin their own financial planning process, he said.
Educating clients and prospects on the various things life insurance can do is another way to create sales, said Marv Feldman, former CEO of Life Happens.
"Sometimes it's difficult for clients to understand the difference between premium, problem and perspective," he said.
John Wheeler, executive vice president of MassMutual Chicago, presented ways that life insurance can provide an exit strategy for a business owner looking to retire, and described the product as "hiring an employee to fund your retirement."
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.
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