As a life insurance agent, you will sell life insurance policies to clients on behalf of a life insurance company. You are required to assist and advise clients or companies to purchase the perfect life insurance policy that fits their needs best. But do you have it in you to sell the right policy to your client? Let’s find out
Who is a life insurance agent?
A life insurance agent is an individual who works for a particular insurance company and sells life insurance policies offered by the company to various clients. However, he or she can only sell policies after he or she has successfully completed training and is certified as an insurance agent.
Your role as a life insurance agent will be to do the following:
● Assist clients and companies in selecting the right life insurance policy according to their needs and financial capability
● Understand the clients’ needs and explain what life insurance plans are available
● Help propose a plan or strategy for the monetary security of the clients
● Prepare and organize insurance documents on behalf of the client
● Formulate and analyse reports
● Maintain records
● Know the nitty gritty of life insurance policies. You need to explain to the clients every issue in detail and answer any question they have. You must inform them about the benefits, tax deductions, etc.
● Assist a client in receiving the insurance claim
Why be a life insurance agent?
1. One basic reason why being an insurance agent could turn out to be a good career choice for you is that the expertise needed for the job is very elementary. These skills are what most individuals innately possess and hence, you too could be a perfect fit for the job.
Skills required to be a life insurance agent are:
● Ability to persuade
● Good general knowledge and awareness of the insurance market
● Ability to sell policies
● Logical tackling of issues and inquiries
● Convivial and approachable
● Being a people person
2. Another reason why being a life insurance agent is a good career opportunity is because statistics state that above 80% Indians do not have a life insurance policy and hence, the chances of sales is relatively increased.
Advantages of a career as a Life Insurance Agent
A career as a life insurance agent will prove to be advantageous to you in various ways.
Below are some common benefits of being a life insurance agent:
Earning at a young age
You can become a life insurance agent at the age of 18, by merely completing your HSC, which is 12th standard.
You are your own boss
You work for yourself and hence, you can create your own method of gaining or attracting clients as well as work as per timings comfortable to you. Investing more time and hard-work will reap you higher returns. All you need to get right is the way in which you can sell life insurance policies effectively.
No need for investment
You are not required to invest a single money of your own. However, the only thing you need to duly invest in this career is your considerable time and effort.
Pliable timings of work
As a life insurance agent, you can choose your work timings as per your expedience or even begin with your very own office. You can thus choose the time and place to work as a life insurance agent. Additionally, you can also be a life insurance agent as a part time job as it works as a great income source if you are occupied with another job.
Build a solid income and guide its growth
The insurance industry has immense probable earning ability and the only thing that your income depends on, is you. Your desire to work and make sales is what matters. Putting in that extra effort will always be highly advantageous to you. On making a sale, you receive a commission. However, you will receive further returns on the policy renewal as well. The renewals can even go upto 30 years. Hence, in the long run, your income will stabilize and each time you do another sale, it will only increase your income.
Tips to help you sell life insurance policies effectively
Here are some tips for you that will help you in selling life insurance policies effectively:
Tip #1: Dress well.
Preferably wear formals as it is presentable and official. If you want the client to take you seriously, this is an important step.
Tip #2: Be honest
Be honest and gain clients’ trust as well as sustain the faith that the company you represent has in you.
Tip #3: Build a healthy professional relationship with your client.
Ensure you sound like you care. This assures your client that you are here to assist him.
Tip #4: Speak less, listen more.
This will help you actually understand the client’s situation and analyse his requirements. Thus, you will be able to help him or her in the best way possible by offering the best suited life insurance policy.
Tip #5: Follow up
Follow-up with your client and ensure that his or her life insurance policy requests are taken care of efficiently.
Tip #6: Sell the concept of life insurance before the particular plan
Try to sell a life insurance policy conceptually. This means instead of describing in detail the characteristics of different types of policies, first understand and determine what your client is focused towards. Following this, show him or her the policy that best suits him or her.
Tip #7: Use analogies
Rather than directly presenting facts and statistics of the consequences of not having a life insurance policy, as a life insurance agent, you can tell the client a personal story of a person who suffered as this would seem more realistic and relatable.
Tip #8: Motivate
Identify and comprehend what motivates clients to purchase life insurance policies.
Being a life insurance agent is an excellent job. It is definitely a good career option as it will not only help you earn a good amount of money, but also provide you with a sense of content. As a life insurance agent, you act as a financial advisor to many people. You guide them and assist them in understanding what’s best for them and their families in the long run. You need to maintain good lasting relationships with your clients as they will contact you first in case they need to file a claim or any other reason, you must respond quickly and professionally.