How to Make Your Life Insurance Sales Soar In 2018

During the past four decades, many of the major insurance companies, investment houses, banks, marketing companies, agencies, agents and advisors appear to have forgotten what made the financial services industry ultra-successful throughout the past century. They’ve gotten away from serving middle-income families, and are now focused on chasing after the more affluent prospects. Just look at the new and hottest life insurance sales ideas, sales systems and products. They all revolve around finding people that already have large amounts of money, and then trying to convince those people to invest in cash value insurance, annuities, or in the stock market. The problem is that 90 percent of the financial services industry is chasing after 20 percent of the population, so there’s a lot of competition.

An advisor trying to increase their life insurance sales would be wise to put him or herself in the middle of the middle-income market. If you talk to the leading life insurance producers, they’ll tell you that becoming successful in life insurance sales is about building a “bread and butter”market. It’s about serving average people, to bring in consistent sales. They’ll tell you that’s how they built their business, and it’s why they are consistently at the very top of the industry.

Here are just a few of the reasons why you want to be working in the middle-income market:

LIMRA 2016 study…

• 84% of Americans would agree most people need life insurance, yet when asked, only 70% said they needed any.
• 41% of Americans do not carry any life insurance.
• Of those who do, nearly a third have just a basic group policy.

LIMRA, in a past report titled, “Purchase Preferences of the Middle Market: Life Insurance,” revealed that most middle-market consumers “prefer to purchase life insurance through someone they meet in person.” However, the report also says that, “almost two-thirds report they do not have someone they consider to be their personal life insurance agent.”

LIMRA also reports that 56 percent of married parents believe their current life insurance coverage is inadequate. To complicate matters, half of the parents surveyed don’t know how much insurance to buy, and 39 percent worry about making the wrong decision.

According to a 2017 LIMRA Report… Saving for a comfortable retirement consistently registers as consumers’ top individual financial concern. It ranks number one each year, and it maintains its number one ranking across demographic segments.

Most financial services companies define the middle-income market as households with an annual income between $42,000 and $125,000.

According to a new Pew Research Center analysis of government data, about half of American adults lived in middle-income households in 2014. In percentage terms, 51% of adults lived in middle-income households, 29% in lower-income households and 20% in upper-income households.

Based on these LIMRA findings, it’s clear that the advisors who do go after the middle-income market will likely be received with open arms, and reap the benefits of their efforts.

However, these middle-income families are not looking for just another salesperson who wants them to spend more of their hard-earned money.

If you want to be successful and earn the income you are capable of selling life insurance, then you must find a way to differentiate yourself from all the other agents, advisors and planners out there. Your prospects must see you as more than just another insurance agent selling life insurance. You must find a way to start building strong relationships, credibility and trust. You must become the most recognized trusted financial advisor in your local community, and that’s all about how you market your services; how you deliver your story.

You must learn how to help middle-income families to identify and solve their most pressing financial problems.

You must help them to ‘find the money’ to:

• Reduce or eliminate their consumer debt…
• Maximize the amount they save for retirement from their current income…
• Purchase the insurance they need to protect their family…
• Reap the upside of the market, while guaranteeing the safety of their investment principal…
• Position their assets to increase their eligibility to qualify for college financial aid…
• Minimize their income taxes…

And, you must learn how to do it all without taking additional money out of their budget or changing their current lifestyle.

Jeremy Nason

‘The 9 Out Of 10 Guys’

P.S. You’ll find everything you need to help middle income families by investing in one of our highly specialized systems.