Agents Marketing Universal Life Insurance May Want To Consider This...
If marketing universal life insurance is one of your goals, let me give you some
free tips on how to market universal life insurance.
There are busloads of insurance agents in your area marketing life insurance. And they really want to sell more universal life. The commissions are high and they have pressures to meet sales goals.
Marketing universal life insurance is a goal many agents and financial planners would like to do, but most fail miserably at it. Why?
The 'price' of universal life insurance definitely turns them off, and they are skeptical of insurance agents they are not familiar with. Plus, buying life insurance is not on their mind, and they would rather not buy it.
So how do you market universal life insurance?
Marketing universal life insurance is much easier when you position universal life insurance so that it solves a problem your prospect has. If they don't see a need you're not going to sell it.
How do you create a need and a want?
I am not going to cover life insurance selling ideas in this article, but I will cover a few ideas on the marketing universal life insurance.
Marketing universal life insurance…7 Alternatives:
- Business Owners. Knowing advanced insurance strategies that help business owners with retirement, tax issues, and key employee options are a fantastic alternative to marketing universal life insurance. Business owners want to protect their assets, their business, their family, and they hate paying taxes.
- Estate planning. Using universal life insurance to solve estate tax issues and protect assets is another solid alternative to marketing universal life insurance.
- Term insurance. Marketing universal life insurance to your current term insurance customer base is much easier than trying to sell universal life insurance on the front end. Some of the most successful insurance agents sell term insurance on the front end to fill their pipeline and sell universal life insurance on follow up appointments. It's a longer sales cycle but it can work wonders in marketing universal life insurance over the long haul. I know of one successful insurance agent who would only sell term insurance on the front end with all his clients and then follow up with adding permanent life insurance to their portfolio over the years.
- Best method. Market yourself as a financial planner and put universal life insurance into your client's financial plan (only if they need it of course). Or sell term insurance on the front end and present universal life insurance later on (see #3 above.) Financial advisor marketing is much easier than life insurance marketing because people don't want to buy insurance. And on top of that everyone is selling cheap insurance. But when you help people solve their financial problems and give them what they want, for example: How to defer taxes, pay less taxes, and build wealth, you will become their hero (or heroine) and they will buy anything you advise them to buy (but don't take advantage of this trust factor), and they will refer like crazy.
- Orphans. I am not going to give away this secret (it's in this insurance agents and financial planners marketing course), but you can make significant sales from orphans if you know how to get them, and from whom you get them from.
- Customer base. Set appointments with all of your current clients with the sole purpose of performing an analysis of their current insurance to see if they need more. Set a second appointment to present their needs analysis (whether they need it or not). Again, marketing universal life insurance is much easier when you incorporate it into an overall financial plan (see #4 above).
- Joint Venture. Team up with other professionals including other agents who specialize in different areas and make a deal with them. Show them your special free analysis that you will do for all of their clients and if you make a sale they get 25% of your commission. For example you could go after insurance agents who specialize in group benefits and you could do a mailer to his entire client base regarding your free analysis and generate highly qualified leads this way. Or you could team up with a real estate agent, financial planner, stockbroker, etc.
Keep it simple. Marketing universal life insurance should not be a complicated endeavor. Remember that your client or prospect doesn't know all of the terminology that you know, and all the numbers on those ridiculous ledgers insurance companies come up with totally confuse them. Pretend you are explaining a universal life insurance program to a five year old, because that is as simple as you should make it.
But before you even consider how you are going to present universal life to a prospect, you have to first sell what people want (see #4 above).
A long time ago I remember hearing about the only agent who closed a huge insurance policy on a difficult to sell, and famous entertainer. This entertainer had his lawyer, CPA, and other advisors in with him at this meeting. All other agents before this particular agent had failed at selling him a life insurance policy. How did he do it? His whole presentation was basically on how much the IRS took from other famous entertainers like Elvis Presley and that if he didn't do something about protecting his estate he could lose as much if not more.
At the end of his presentation this entertain turned to his CPA or attorney and said, "why didn't you tell me about this". Well, the fact is, they did tell him (including several other CLU's and estate planners) but they made it so complicated and messy that the overall solution was lost or forgotten.
Keep it simple.
There are many different alternatives to marketing universal life insurance, but don't waste your money on direct mail and newspaper ads. You will waste your money.
Response rates are low even when marketing the cheapest term insurance policy on the market. So marketing universal life insurance on the front end would produce dismal results at best.
Marketing universal life insurance is a backend product. Not a front end product. Remember that and gear your marketing with that in mind and you will have more success.