Top 3 Questions you should Ask While Buying Life Insurance

Questions Buying Life InsuranceLife insurance is bough for a number of reasons. The reasons may include arrangement of cash for funeral, for ensuring dependants’ financial security after the earning member’s death, and for having adequate coverage to pay off outstanding loans or mortgage.

Being the breadwinner of your family, you must have sufficient life insurance coverage to protect your family’s financial health in your absence. And when it comes to buying life insurance, you must ask your insurance agent some important questions. The questions are,

What is the difference between whole life and term life insurance?

There are mainly two types of life insurance policies available in the market – whole life insurance and term life insurance. Whole life policies pay a certain amount of money to the beneficiaries after the policyholder passes away. It can be also bought from investment perspective. The policyholder can alter his policy into cash prior before his death. Term life plans remain in-effect for a particular period of time. The latter are less expensive than the former ones as they offer the benefits of investment.

When does your chosen policy expire?

Term life policies start and end on a particular date. After the end of that term, the coverage expires and the beneficiaries won’t get any benefit in case the insured dies. The insured person must know his policy’s expiry date so that he doesn’t skip policy renewal. Some term policies offer grace period to let the policyholder make payment within particular number of day following the policy’s expiration date. In case the life insurance policy expires, the policyholder may need to negotiate the policy with the policy provider at a comparatively higher rate of premium.

How much coverage do you need?

As one of the smart and informed life insurance leads, you should determine how much coverage you need. You should consider the financial obligations you would leave behind for the dependants such as outstanding debt payment, mortgage payment, funeral expenses etc. You should also consider the coverage you presently have; for example, what you get through your employer. Many life insurance agents use a specific calculation to help the shoppers determine the lever of insurance coverage required.

Discussed above are just 3 of many questions you should ask your insurance agent while buying a life insurance policy. You must compare policies offered by different insurers to get the best possible deal at the most competitive rate.

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Cover what covers you – Insure your shelter

home insurance leads You might have insured everything that is close to you – your family, your   car, your business and yourself. Have you ever thought about one thing that keeps you covered? Most of the people have, but if you haven’t its time you start contemplating on applying for home insurance.  Our homes are not only our shelter but a huge investment. So, it’s important to make sure we have enough resources to own a new one in case of an unfortunate accident or loss. So, let’s look at what home insurance has in store of the participants and how it offers to cover them.

What’s in it for you:  Features

•    Primarily it offers to cover for the losses incurred by the home owner or the nominee due to an accident or a mishap – fire through short circuit for example. It also covers personal possessions kept inside the house as well as liability coverage for the dwellers.

•    Home insurance requires at least one of the dwellers to have insurance, health or life that is. It is primarily a combined policy that includes both liability coverage and property insurance against a certain premium paid by the owner or participant. Generally a single premium is to be paid to cover all risks.

•    The standard forms are categorized based on the valuation and terms included in the contract. Also, it is imperative to note that losses due to natural calamities are excluded. The amount of the premiums depends on the cost of the houses that need to be covered.  This contract is initially valid for a fixed time and it will be up for renewal before its deadline nears.

Ho it helps? : Implications

•     If you want to borrow money in the form a mortgage loan, home insurance is likely to be one of the conditions amongst other parameters in the agreement. It is always easier to negotiate with loan lenders if you happen to have a home insurance.

•     Home insurance nowadays have become easier to avail primarily because of the all risk coverage being introduced by the insurance providers to attract the nuclear or smaller families. The all risk cover is now available in most of the states in the U.S.

•    The different categories help you to browse through and choose the policy that best suffices you needs along with the premium rates you’re comfortable with.

Being one of the smartest and most informed home insurance leads, make sure you don’t rush in an effort to choose the best insurer. Research well and discuss with people who already pay premiums and find out which of the insurers or insurer types are better and more profitable to do business with. Always be careful and if possible avoid property agents and fraudulent deals on offer because when it comes to your home you need to act right.

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How to Enhance Life Insurance Sales

Life Insurance LeadsGetting success as a life insurance agent is difficult, but not impossible. The success is evaluated by the volume of life insurance policies you sell and the profit you earn as commission by selling the policies. As a life insurance agent, you can enhance your agency’s sales figure by creating an effective marketing strategy that ensures a steady flow of potential life leads and customizing the sales pitch for every individual prospect. The best marketing plan for selling life insurance puts you in touch with the people who require getting adequate life insurance coverage and thus can be easily motivated to make a buying decision.

Here are some tips on how to enhance sales as a life insurance agent.

• Loans – Target people who are in need of taking out a personal loan. Financial institutions like banks and credit unions usually require the applicants to have a life insurance policy. Build network with the loan officers at such financial institutions that don’t offer life insurance through personal letters, personal meetings or brochures. But if you can get a referral by a loan officer, promptly start offering insurance quotes and also processing the insurance application as it would help loan officer reduce his processing time on that particular loan. If you can make an officer’s task easy, it is very likely that you will get referral from him and thus sell more number of life insurance policies. Create and keep a list of less pricey, but standard life insurance policy quotes handy for the applicants of personal loans so that you can promptly start discussing the options with the applicants who need fast access to a personal loan.

• Signature marketing – This is a non-expensive marketing technique which easily expands your life insurance leads’ access to the products and services you sell. Make use of email signature to endorse your agency and the life insurance products you sell. You may ask for recommendations, emphasize on special offers or put short testimonials on the signature space in all emails you send. And so whenever your emails would be forwarded, your message will also be forwarded. However, if the signature space is inadequate, you may think about creating your own agency website that would feature long testimonials and represent monthly specials. Add link to that site in the email signature and a call to action message as well.

• Postcard marketing – Send targeted postcards to the life leads. You may get list of leads from different list brokers. You may sponsor a drawing competition for the kids at community festival to get recognition as an insurance expert in your locality and thus get local leads. Send out your postcards to the parents of the kids participating in the competition. You can tailor the postcards on the basis of the targeted lead’s age, life situation etc. A targeted marketing message is very likely to provide you with more prospects.

These are some out-of-the-box marketing strategies to get more life leads and thus enhance sales. However, don’t apply all these methods together; rather try one at a time.

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Selling Life Insurance without Making Cold Calls – Some Useful Tips

Making cold calls is one the most popular techniques for generating life insurance leads.  It is a technique of picking up calls or going door-to-door, depending on the use of unqualified insurance leads. As per statistics, when you make cold calls, you’re likely to have only two to three successful calls out of every 100 calls, on an average. So you can understand that selling intangible products like life insurance can be very tough, especially when it comes to cold calling. Although cold calling is an important lead generation technique, yet there are also other ways through which you can get success as a life insurance agent, even without making any cold call.

Here are some tips for you. You can use these tips to enhance your business and increase sales number even without the help of cold calling.

•    Print professional agency cards – At the outset, print business cards with your agency name, contact info and company affiliation, if any, on the front side of the card. And on the backside, print a brief summary of the services and products you sell. Individuals who want to buy a 10-years term life insurance will be very likely to contact you once they know through your business card that you specialize in such product.

•    Set up appointments – Try to set up appointments with your family and friends. They can be very good life leads. The more appointments you can schedule the better chance you have to close deals. Reach deep into your old phone book and don’t be shy or hesitant about reviving old acquaintances. Call your friends and family and fix appointments with them and point out that there is no compulsion about buying insurance products from you. All you want is to tell them about what products you sell and if they like any product they may buy it from you. You can arrange for discounts, if possible.

•    Offer referral commissions – You may offer referral commissions to your friends and family. Tell them that you will give them certain amount of money for every new prospect that signs up with your agency and buys product from you. And this will definitely boost them up to ask their friends or family about their life insurance needs. This way you can successfully create a network of sales persons who will get paid when they can deliver you a customer.

•    Offer the same referral commission – Now offer the same commission to the individual referred by your friends and family. Give your business cards to the persons who don’t have time to set up appointment with you and ask them that they can get referral bonus from you on delivering customers.

•    Work hard – Word hard and expand your network by talking to as many people as possible. You will get a number of productive life insurance leads whom you can easily turn into successful customers. At the end of the day your phone will surely start ringing with new customers even without making a single cold call.

However, if you still want to make cold calls, then don’t do it by yourself. Hire a caller who would make calls and set appointments for you.  And this way you may get qualified life leads without spending your valuable time for making calls.

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Fundamentals of Shared and Exclusive Insurance Leads

When it comes to buying online insurance leads, you must consider whether the vendor sells exclusive leads or shared leads. Exclusive leads are the leads which are not sold to other agents except you. And shared leads are leads which are sold to a number of agents along with you. Closing ratio for shared or non-exclusive leads are very less in compared to exclusive leads. Therefore, you should not work with a lead generation company unless they clearly mention that they sell exclusive leads, on their website.

Shared or non-exclusive leads for insurance

Many online insurance lead generation companies sell shared or non-exclusive leads, i.e., they sell the same leads to more than one insurance agent. By selling the same lead to more than one insurance agent, they can make more money per lead and thus this model is preferred by the lead vendors. Even with a reputed lead company, you can expect the lead you’re given, will be sold to at least 2 to 6 agents depending on the lead’s geographical location and the type of lead. As a result, as an insurance agent, you need to face more competition by buying shared leads. However, the sellers of shared leads usually feature ‘carrier exclusivity’ that denotes they don’t sell the same lead to the captive agents from same insurance company. The price for shared insurance leads may vary from 5 dollar to 15 dollar depending on the insurance line and lead vendor. However, the price can inflate, if you choose custom filter option or restrict the number of competitors.

Non-shared or exclusive leads for insurance

Exclusive leads are difficult to find. Only a few lead vendors sell exclusive or non-shared leads. With such vendors you may eliminate the competition factor, but need to pay higher than that of shared leads. The exclusive leads are usually priced between 15 dollar and 50 dollar or even more depending on the type of insurance and the lead vendor. Exclusive or non-shared leads are generated in different techniques than the techniques like direct mailing or telemarketing used to generate shared leads. Some exclusive lead generating companies offer live transfer insurance leads or hot leads which are typically created by telemarketing and transferred directly to the agents over phone. However, the concept of non-shared leads is absolutely exclusive to the lead generation companies, not the insurance shoppers. The exclusive lead (considered by the lead vendor) may have called some other agents too or submitted another quote request prior to going through your chosen exclusive lead vendor.

Discussed above are the fundamentals of exclusive and non-exclusive leads for insurance. The pros and cons of both types of leads are given here so that you can make an informed decision on where to invest your hard-earned money.

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Significance of Lead Generation for a Successful Insurance Business

You just can’t ignore the importance of insurance leads for running your insurance business successfully. And the aptitude to generate quality leads contributes a lot in getting success as an insurance agent, especially if you work independently. The ability to generate quality leads determines whether a business will face success or failure. This is the marketing part of insurance industry that encourages hard work. There is no dearth of lead generation techniques; for example, telemarketing, and direct mailing, conventional advertising and marketing and top of all, online lead generation. But still, it is better to buy leads from a legitimate lead vendor, instead of generating the leads by your own.

The reasons you should opt for insurance lead generation

Lead generation is advantageous to both the insurance buyers and the insurance agents. A buyer can request required information regarding the insurance product or service they need from different insurance providers. On the other hand, an insurance agent gets the chance to endorse her products or services to an interested insurance shopper. Leads for insurance have better closing ratio than that of cold contacts as leads are usually pre-qualified and pre-verified prior to you get the leads from a reputed lead vendor.

Stead supply of interested buyers – Lead generation ensures a steady supply of pre-qualified prospective buyers without whom it is very difficult to succeed in insurance business.

Time-saving – Generating leads by your own is a very labor intensive task. It is time consuming and daunting too. With an online lead generation company, you can save lots of time that can be utilized for some other important tasks related to your business.

Cost-effective – If you want to generate quality leads by your own, you may need to invest a lump sum amount initially. In fact, this is an ongoing process for which you have to invest lofty amount periodically. But if you buy insurance leads from a lead vendor, you don’t need to invest any big amount. Moreover, you can buy leads on as and when required basis and this option you can’t avail with your own lead generation process.

The above discussion explains how lead generation is important to your insurance business. In a nutshell, insurance leads are simply the lifeblood for insurance business. Unless you have adequate and stable supply of quality leads, you can hardly thrive as an insurance agent. Make sure you buy leads from a reputed and BBB accredited lead generator to get maximum return on investment.

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How to Make Maximum Profits with Insurance Leads

The basic of every sales process is the same – you must have clients to sell your products. No matter whether you sell cars, cookies, insurance policies or anything else; unless you have clients, there will be no sale. And if you can’t sell your products, your business will run in loss. However, the task of getting clients is not an easy one; it is expensive and time-consuming too. Businesses often fail to find good clients and as a result they can’t prosper adequately. So, if you’re in insurance business, the first thing you need to do is to get insurance leads which are likely to be converted into your clients in due course. Generating good insurance leads or finding out potential clients is the most difficult, yet the most important part of this business.

Reasons to assign lead generator

Doing the job of lead generation is undoubtedly good. But spending all the time and energy for lead generation is not worth as you have to look after other parts too.  When it comes to running your agency, there are many tasks that can be done by you only. Fortunately, lead generation is not such a job. This hectic, tedious, daunting and time-taking job can be done even without you. There are many online insurance leads companies that do the job of lead generation for the businesses. You may assign them for finding potential clients or generating leads. You just take care of converting them into your clients.

Things to remember

When it comes to assigning a lead company or purchasing online insurance leads, you must have a proper plan and mindset to get the most out of the leads. Besides, you must be aware of some important facts regarding how to deal with online leads.

  • Quick and generous response – You must be fast in responding to the leads. Try to contact the leads within 10 to 15 minutes of receipt. The sooner you contact the more chance you get to close the deal. Being generous and informative is another factor that can soothe the process of conversion. You should convince your lead about the goodness of your product or service.

  • Understanding the strategy – You must understand that every lead can’t be transformed into a buyer. However, for better closing ratio, it would be better to buy 40 leads from each of the 5 vendors instead of buying 200 leads from a single vendor. This strategy is also applicable to the leads for insurance. If you can make at least 10% conversion, you’re very likely to make profits.

Tips for better closing ratio

Even the best insurance leads don’t work, if you can’t use them properly. Here are some important and effective tips that could help you close more numbers of deals and also get referrals.

  • Draw attention – As an insurance agent, you must comprehend your prospects’ requirements so that you can help them accordingly. At the same time, you have to let the customer understand how your service can help him, and this way you can build a good business foundation.  In order to do that, you need to build a rapport with the lead and understand his problems and requirements. Now, tell him how you can help him solve his issues and meet his requirements. You should be very careful and generous at this stage, as this is the most important step to draw the attention of the lead. Unless you can draw the attention of your prospect, you can hardly close the deal.
  • Be attentive to the prospect – Instead of depending on the theoretical sales techniques, put your effort and energy to understand your prospect and help him by all possible means. You must be attentive to your prospect and let him feel that you’re really interested in helping him; this is the key to a successful conversion. This step includes some behavioral techniques and those are:
  1. Stay relaxed – While talking to the insurance leads, you must not hurry or show any sign of tension or anxiety. Stay relaxed and be in a mood of personal conversation. It would help your prospective client to depend on you.
  2. Know something personal – Since insurance is something which is directly related to a person’s well-being, you must understand the individual closely and let him feel privileged. You should talk to the person like a friend instead of an agent. It would let him share his personal information with you.
  3. Call the lead by his name – Instead of addressing the lead professionally, call him by name. It helps to build a good relationship with the lead and consequently covert him into your client.
  4. Make eye contact – While talking to the prospective buyer, look at his eyes as it helps to draw attention and build his confidence on you.
  5. Be a good listener – Don’t keep talking about your products or services; rather be a good listener so that you better understand your lead. It also helps the lead to pour his heart out.
  • Ask trial questions – To know how the prospective client feels about the meeting as well as you and your services, you need to ask some trial questions like,
  • Do you find shared information useful?
  • Do you think our service can help you fulfill your financial requirements?
  • Do you need any more information?
  • Do you have any concern about our service?
  • Close the sale – Even after you build up a good rapport with the prospect and get affirmative answers to your trial questions, you can’t be sure that the prospect is likely to be converted into a sale. There are something more to confirm the conversion of quality insurance leads into loyal clients.
  • Give him a deadline – As a wise professional, you can give you prospect a deadline date by which a good scheme will be expired. It would help you assess the lead’s interest in your services.
  1. Keep a track of what others offer – You must keep yourself updated about the market offerings. You must know what other insurance agents offer to their clients. By knowing this, you can talk to your prospects more confidently and intelligently, and let them understand why your services are more useful than others.
  2. Explain what he would lose – Now the final step comes. Explain your prospect what he would lose by not purchasing your insurance products.  The explanation may include anything like the sky-high healthcare costs or spending an arm and a leg with other agencies. However, this step should be conducted very carefully and strategically. The prospect should not feel that you’re insisting him to buy your products or services. After all, it’s absolutely the prospect’s sole discretion to buy or not to buy your products.

Like any business skill, you must learn the techniques of closing an insurance deal successfully. Remember, you won’t always get the chance of talking to exclusive insurance leads. Therefore, whenever you get a chance, try to get the most out of it.

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Basics Reasons for Sky High Cost of Health Insurance

‘Health is wealth’ – We all know that. ‘Health is the most precious asset of our life’ – We acknowledge that. Even after knowing all these things, today we often tend to ignore this precious asset just because we don’t have enough money for taking care of it.  We know that hospital bills can be extremely painful if we don’t take care of our ailments from the beginning. We also acknowledge that only adequate health coverage can help us tackle any medical emergency without burning a hole in savings. Still we avoid buying health coverage just due to the skyrocketing costs of health insurance. In present economic downtrend, average Americans don’t have adequate health insurance to protect their health. I admit that our reluctance plays an important role, but I am sure that the cost-factors involved in buying health insurance is the main cause of this mindset.

Reasons for avoiding health insurance

There are a number of reasons for which Americans avoid health insurance. However, all reasons somehow relate to the exorbitant cost of health insurance. Here are the reasons for avoiding health insurance.

  • Unemployment
  • Inflation
  • Employer’s decision to cut back insurance
  • Strict eligibility criteria imposed by the health insurers

Causes of escalating cost of health insurance

The cost of health insurance has increased dramatically after 1980s. As of 1980, the expenditure towards healthcare was about 253 billion USD; whereas, during 2008 the cost of healthcare surpassed 2.2 trillion USD. There are so many reasons behind the escalating cost of healthcare. I have listed some of them here, according to my observation.

  • Administrative costs

About 7% of health insurance costs are not spent for medical purpose. Rather, those are spent for administrative reasons including billing and marketing. Government-aided health programs usually spend less on such expenses than the private insurance companies. For example, Medicare program spends only 2% for administrative purpose.

  • Rising population of baby boomers

One of the very important reasons behind costly healthcare is the rising population of baby boomers. Now people live longer than before and as a result they suffer from more diseases and thus incur more expenses. In addition, elderly people usually have more health issues than the younger ones.

  • Prescription medications

Prescription medications have become much more expensive than ever before. The costs of such drugs are inflating every year and that has made the cost of health insurance swelling.

  • Fees of doctors

The fees of doctors in America have grown much faster than other countries. For example, an America-based doctor makes about 200,000 USD to 300,000 USD yearly, while a European physician makes up to 120,000 USD per year.

  • Needless treatments

As per a report by Dartmouth University, over 1/3rd of the total healthcare expenses are made for needless medical procedures. Compensation system of managed healthcare plans may be one of the reasons for this. The system pays physicians by the procedures, instead of the results.

  • Chronic diseases

As the average lifespan of people has increased, chance of incurring chronic diseases has also increased rapidly. Over 4/5th of the total healthcare costs are generated just due to 1/3rd of population suffering from chronic conditions. According to a statistics furnished by Emory University, 20% of the healthcare costs will relate directly to chronic diseases like obesity, by 2018.

  • Healthcare for uninsured Americans

Due to extravagant costs of healthcare, today millions of Americans go completely uninsured. Instead of receiving preventive healthcare, most of these people get required healthcare in emergency rooms, and as we know healthcare in emergency rooms is very expensive. This expense often passes on to the tax-payees.

The bottom-line is healthcare in America has gone out of reach for average Americans. If federal government still doesn’t take any necessary action on urgent basis, the situation will go worse in coming days.

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Importance of buying a term life insurance policy

Global economy is going through a topsy-turvy situation and thus America’s economy. We have just recovered from the steepest recession of previous 50 years, but only on paper and technical chart. The reality says something else. We, the low and middle income families, are simply striving to run our family as well as meet inevitable financial requirements without any luxury. In fact, today there is no place for luxury in our life. We are making hard decisions to trim our household budget by all possible means and in due course life insurance comes up on our budget-radar. It is our nature to put off our future for now. Instead of buying a life insurance policy, we drop an existing one to cope with the financial hardship. We forget that having a life insurance policy is very important as it helps our family in case of the premature death of the bread earner or the main earning member of the family.

Importance of term life insurance – In a nutshell

A family would be coiled into delinquent debts, if the primary caregiver of the family passes away prematurely without leaving enough savings for the family to meet the financial requirements. However, if the person has had a life insurance policy, the family or the beneficiaries would get a lump sum as death benefit which they could use to take care of their future financial needs. A life insurance policy ensures that the policyholder’s family would be taken care of in his absence. However, in present economic downturn, limited numbers of people have that financial soundness to buy an expensive whole life insurance policy. So, what about others? We, the average Americans, need something which is less pricey but provide adequate coverage. Under such circumstances, a term life insurance policy would serve well. The best thing about such a policy is that it is much affordable if compared to a whole life insurance policy. In fact, in terms of today’s economy, it is the best option that offers protection for less when it is required the most.

Benefits of term life insurance

A term life insurance provides many benefits to the policyholders. It has a number of useful features and some of them are:

Cost effective – Term life insurance is less expensive than whole life insurance. While a whole life insurance policy costs thousands of dollars per year, a term life insurance policy merely costs some hundreds of dollars every year.

Easily understandable and customizable – The features of term life insurance is easily understandable. Moreover, it is customizable. You can customize your premium depending on the length of the term and coverage amount.

Investment option – You don’t need to depend on the insurance company for where to invest your money. If you know how to invest your money to get the best return out of it, buy an affordable term life insurance policy and save money that you can invest in anywhere as per your preference.

Short term benefits – Unlike a whole life insurance policy, a term life insurance policy provides short term financial benefits. If you’re a parent, you can buy a policy which completes its terms after your child’s graduation to ensure that the child’s full education will be paid for even if you die prematurely. Similarly, term life insurance would cover your mortgage loan in case of your untimely death.

A little bit of carelessness may ruin our family. So why should we take the risk? Let us purchase a term life insurance policy now and secure our family’s finance even in our absence.

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