Life Insurance Sales

A career in life insurance sales can be rewarding in several ways, as well as it can be lucrative!  And I mean lucrative. But there is a catch and if your in this business you already know what it is... It is being able to prospect and see the people. Then see more people. Talk to them and find out what is going on with them. According to LIMRA 41% of people in the USA just do not have life insurance or have little coverage. To me I look at it as every other person really needs proper life insurance coverage.

 I chose life insurance sales to help me learn about how to properly protect my family and to discover how to use it as a college funding and retirement planning vehicle. 

 I am not interested in gambling my money in: the stock market, 401ks and mutual funds. Every time I do, even in up markets I always lose money on those things. So safe investment vehicles is the only way I will put my money. However life insurance is not an investment, but when utilized correctly, I can find many advantages to use it to my benefit!

This is one of the many reasons I enjoy selling life insurance policies. Because when you really understand how they work financially, there are many benefits and protection to be had. However an experienced life insurance salesman can explain your options, once you explain to him what your financial situation is.

Another thing about buying life insurance for you, your family or your business. Do not wait and try to figure out when a good time to buy it is. At least fill out an application with a life insurance sales professional, get conditional coverage while the life insurance carrier does their background check and medical exams. This way you'll at least be covered and thinking about it, in case something happens. Once your application is approved, then you'll have the protection your loved ones deserve.  I really like life insurance sales as a career.

Getting Set Up

The time of this posting is June 8, 2012 and I am preparing my life insurance door knocking strategy. Apparently just walking up to any door and not having something planned out like what to say and do, may not be a good idea.

Having a great though out plan and working that plan will yield much better results. My first objective when I door knock and talk to someone is not to sell a policy then and there, because in most cases it wont happen anyway.

At the door, the following goals are needed to be achieved:

1. Introduce my self and get a flyer into their hand. (more about this "certain flyer" later but it could be the center piece for a conversation then and there!)
2. Engage the person I just met with friendly chat and get them to lower their force field by letting them know I am not selling anything.
3. If I am able to get them to talk about life insurance, then my next objective will be to get them to answer a prospecting questionnaire (simple needs analysis) to see whats is going on with them. They may or may not qualify for what i can offer.
4. If successful filling out the questionnaire, I will set up an appointment for the next day to present quotes for coverage, the insurance companies that they may qualify with (especially final expense cases) and try to get them to fill out an application for life insurance.

In real life It's probably not going to happen like I outlined above. That is why I am posting to this blog. It is to post what I discover works, when I get out in the field next week doing this.

The reason I post this information is because it creates accountability. Here I am posting what I do to generate business for selling life insurance door to door. Once my readership builds up, I will become accountable for what I do when I prospect, otherwise I will look like a failure if I posted all of this stuff and did not do anything.

I am self employed. I do not have a boss. (Thank God!) But I feel that if I tell a bunch of people of what I am going to do, then the better I do, so I do not look like a fool. If I do what I set out to do in my door knocking prospecting mission, it is possible that I could achieve some amazing financial rewards, that being commissions. I got to make a living and pay the bills, just so happens that I genuinely like the life insurance business and I am my own client. I buy everything that I sell.

My wife says I'm worth more dead than alive!! But that's just the term life policy. Soon I will be using indexed universal life insurance to set up a tax free retirement. There is something very interesting I recently found out that a bunch of the haters to IUL's are not aware of and if they were, their opinions would change. More on that soon. Not prospecting for that type of product yet, maybe in the fall, when I have totally learned and mastered that niche and available products.

So what will I be pitching door to door?

Two  life insurance niches....

The First; Final expense / burial insurance in low income neighborhoods.

The Second; Term life insurance. It's not that I want to sell term life, it is cheap, takes long to underwrite and it can get me into a home for a needs analyses to find out if other types of life insurance products may also be a good fit for that prospect and their family.