Learning how to start selling life insurance is an exciting endeavor because it empowers agents to achieve their life goals.
Once you master how to start selling life insurance, you can turn your license into a lucrative career. In fact, according to recent figures from the U.S. Bureau of Labor Statistics, agents make an average of $69,340 annually, and the top 10% earn $126,510 per year.
It’s not a difficult profession to enter, either. You can begin your career with a high school diploma, no previous experience, and moderate training.
However, it takes more than that to become a standout agent.
How to start selling life insurance and reach your goals
1. Set your career goals.
The first step to taking your career to new heights is to set goals. Without them, you can’t measure your successes, no matter how big or small they are.
Practice the SMART concept of goal setting: specific, measurable, attainable, and time-bound. For instance, you can target closing one policy per week.
Life insurance commissions range from 50% to 100% of the monthly premium for first-year commissions. For example, if you sell one $100 policy per week, you could receive $1,200 for each one and make $62,400 for that year.
Make sure your goals are reachable but make them big enough to excite and inspire you to do your best daily.
2. Specialize in a product.
Once you undergo product knowledge training, you will appreciate the different life insurance products, including term, whole, universal, variable, and group policies. They each have unique features, advantages, and disadvantages.
Naturally, you’ll need to study all of them to address your clients’ distinct needs. However, it takes a lot of time and effort to do that. As you start building your career, you can instead focus on one product that resonates with you.
Once you find your niche, you can create massive revenue opportunities and capture a loyal clientele. As with other ventures, this strategy is sometimes better than becoming a jack of all trades.
3. Know your target market.
Once you’ve chosen a product to master, the next ideal step is to study your target market. Modern consumers don’t just expect personalization — they demand it. If you want your career to thrive, it’s crucial to understand your clients’ pain points and learn how to address them.
Think of your ideal buyers. They could be parents with young children, business owners, or older adults without savings. When you have a prospect in mind, you can develop scripts to enrich every phase of the buyer’s journey.
Before your customers purchase policies from you, they will go through three stages: awareness, consideration, and decision. The only way to speed up the sales process and encourage loyalty is to provide them with value every step of the way.
If you try to sell too fast or don’t practice follow-up techniques, you will likely lose potential clients before closing deals.
4. Find a mentor.
Mentors have the experience, knowledge, and skill to address all your doubts about how to start selling life insurance. They can teach you the ins and outs of the industry, viable sales techniques, and best practices. By working with a mentor, you can minimize errors that would otherwise have taken years in the field to recognize.
Having the right mentor on your side boosts your confidence and problem-solving abilities. If you’re ready to impress clients with your advanced leadership, communication, and interviewing skills, working with an adviser is one of the fastest ways to hone such expertise.
5. Be strategic.
As the popular saying goes, “Work harder, not smarter.” You’ll face many challenges as a salesperson, but if you work purposefully, you can overcome them.
For starters, you can create a system and schedule for all your tasks, including marketing, follow-ups, and paperwork. These seemingly overwhelming duties become more bearable if you prepare templates, scripts, and calendars.
Here’s a pro tip: While you’re mastering the art of lead generation, you can work with a reliable insurance lead provider to fill your pipelines.
Still not sure how to start selling life insurance?
If you still have misgivings about how to start selling life insurance, you can buy high-quality, double-verified leads for now. Capturing, engaging, and converting prospects is one of the most challenging tasks of any salesperson’s life, so it’s okay if you need some help at first.
With a reliable provider like HBW Leads, you can spend more time enhancing your strategies and less time looking for clients. Request a personalized lead package now to start your journey as a rockstar agent.