life insurance pivots

Guest Blog by Kalum Chaparro

It gives me pleasure to share that I have done very well with getting people to apply for Life insurance this year.

Our office has “issued and paid” 85 policies this year as of today. I am responsible for about 70 of those.

How do I do it?

With simple life insurance pivots. And, I mostly focus on the Instant Answer policies.

Anytime anybody calls in to make a payment, I ask about their Life insurance. My favorite simple Life insurance pivot is when people will call to add or replace a vehicle.

In this scenario, I work up a quote for the vehicle, and then I say, “I have worked up a quote for our premier package which includes a $50k death benefit where if you were to pass away in the next 10 years we will pay this $50k to your family to help pay off the loan on your car, or any other debts up to $50k that you leave behind.

Then I share the premium for the package.

“In this package, we are coming in at $XXX (the total price including the Instant Answer).”

Next, I stop and listen for their response.

The cool thing is that most of the time, people don’t even ask about the price without the death benefit coverage. If they do, I tell them the premium for just the vehicle change.

The next thing is I explain the questions I need to ask regarding the death benefit coverage and I make sure to keep them on the phone until they are done signing their application. This is the easiest way I have found to get the policy in force.

What’s my success rate using this pivot? I would say that about 60% of the people I offer this to with a replacement car will take me up on the offer.

I have also been working on building bigger premium. I have done this by simply asking more customers: the more I ask, the better my results have been.

In a recent example, I had a lady call in to change a card she had on file. I did a simple ask… did she have Life insurance outside of work. She told me that she doesn’t think they do. I explained the benefit of having Life insurance outside of work, like getting laid off, retiring, quitting, etc.

In this example, I emailed her several quotes. I followed up the next week to learn they were interested but had questions. After waiting a month for them to think about it, we made an appointment for them to come into the office. While they didn’t buy during the appointment, they are coming back to complete an application for both her and her husband. The total premium on these two applications is $1100/month!

As the IAO Team has taught me, I have not found any secret other than asking. Had I never asked the question, from a very brief and simple service transaction call, I would not have secured these two huge policies. It didn’t happen immediately and took several additional interactions, but my Life insurance pivot is ending in success.

If we don’t ask, we don’t succeed… and the customer doesn’t benefit either.

Lastly, I want to emphasize that you don’t need to make outbound calls to make Life insurance sales. If you take advantage of inbound calls like I have it makes your job so much easier. I haven’t made a single outbound call specific to Life insurance and I am 70 Life policies… and counting!

Bonus: Check out this related article, Life In Numbers: How to get $100,000 in Life Insurance Premiums, about numbers that hold a lot of value for building your Life portfolio.

Kalum Chaparro is a Team Member at Angel Chaparro State Farm in Ogden, Utah.