With the right marketing skills and insurance knowledge, you can sell life insurance and build a financially rewarding and purpose-driven career.

In this Blog we will explore

  • Benefits of choosing Life Insurance selling as a career
  • Life Insurance Selling Strategies
  • FAQs

A National Insurance Academy study revealed that only 45.13 crore Indians (around 32% of the population) have life insurance. Despite its benefits, life insurance's reach in India is limited. To bridge this gap and reach more customers, Indian insurance companies need a strong network of trusted and skilled insurance agents.

5 Reasons to Consider Choosing Life Insurance Selling as a Career

Here's why selling life insurance can be an excellent career option for many.

1. Financial growth

The earning potential in an insurance selling business depends on your skills. If you have a good local network, effective communication skills, and strong knowledge about life insurance, there's no upper limit to your earning potential.

2. Easy to Start

You don't need a degree in insurance or marketing to start selling life insurance policies. You only have to pass a licensing exam, which can often be completed within a few months. Even retired professionals, homemakers, and youngsters looking to switch careers can enter this business easily.

3. Flexible timings

When you start selling life insurance, your earnings rely on your performance, not on the number of hours worked. You can work on your own time and at a comfortable pace. You can work from home and digitally market your business or you can meet clients in person, as per your preference.

4. Potential as a Side Hustle

You don't have to leave your full-time job or profession to sell life insurance. Thanks to this profession's flexibility, you can work on this in your free time. This can turn into a great side hustle that supplements your main source of income.

5. Impactful Work

By selling life insurance, you essentially help secure the future of many families. Life insurance provides significant financial help during a crisis, making it socially impactful as well.

Also Read: How to Become Life Insurance Agent

6 Steps to Sell Life Insurance Policies Successfully

Here's the step-by-step guide on how to start selling life insurance.

1. Enroll as a Point of Sales Person (PoSP)

The first step is to enroll yourself as a PoSP with the insurance company whose policies you wish to sell. You can also partner with PBPartners and get the required training and support to start selling life insurance.

2. Clear the IC-38 Exam and the Mandatory Training

IC-38 is a mandatory licensing exam that you need to clear to work as an insurance agent or advisor. The Insurance Regulatory and Development Authority of India (IRDAI) conducts this exam and also arranges mandatory training before appearing for it. You need to answer multiple-choice, scenario-based, and fact-based questions and get at least 35% marks to pass this exam.

3. Reach Out to Your Network and Start Marketing Activities

Contact your family, friends, and acquaintances to let them know you are now a licensed insurance agent. Building awareness and trust within your network can be a quick way to secure your initial clients. Later, you can start expanding your client base through social media, local events, cold outreach, and other strategies.

4. Answer Queries and Recommend Policies Based On The Customer's Needs

When someone shows interest in life insurance policies, take the time to understand their family situation and financial position before recommending policies. Tailoring your advice shows that you’re committed to helping them, which can build trust and increase the likelihood of a sale.

5. Follow-up on Enquiries

Potential clients may not immediately agree to take a policy from you. You need to follow up on enquiries and answer further questions before closing your sale. Consistent follow-up shows your commitment and keeps you at the top of mind for potential customers.

6. Close the Sale

The final step is to help your customers through the process of applying for life insurance policies. Inform them about the application process in simple language and provide help wherever required.

Tips to Acquire New Clients and Build Trust for Your Life Insurance Business

Here are some simple strategies to help you attract new clients and expand your business:

1. Use Social Media Platforms

Social media platforms allow you to reach a large number of potential customers for free or at a lower cost. Use posts, stories, and even live videos to educate your audience about the importance of life insurance and inform them about available policies. You can create helpful content like 'debunking life insurance myths' or share success stories to build trust.

2. Create a Website

Having a professional website is essential for building credibility, especially when you are trying to market your services online. Invest some money in creating a well-designed and easy-to-navigate website to leave a good impression on potential customers. Make sure it’s optimized for search engines (SEO) to attract organic traffic looking for life insurance.

3. Partner with Other Professionals

You can build strategic partnerships with Chartered Accountants, financial advisors, and real estate agents to market your insurance policies. These professionals often have a network of clients who may be looking for investment and insurance opportunities.

4. Get Customer Testimonials and Ask for Referrals

Request your first few clients to refer you among their friends, family, and professional network. Ask for their feedback after closing a sale and document it for use in further marketing activities.

Bottom Line

Selling life insurance can create an impactful yet financially rewarding career path for you. You can quickly become a successful life insurance agent with effective marketing strategies and a genuine commitment to building trust. You must upgrade your knowledge and skills to satisfy your customers.

Frequently Asked Questions

How to approach a customer for life insurance?

Approach a potential customer by highlighting the benefits of life insurance. Understand their needs through polite questions, address any concerns, and recommend life insurance policies that suit their needs.

Why is insurance hard to sell?

Life insurance is difficult to sell because it is perceived as complex and is related to uncomfortable topics like death. Customers may take a while to see any immediate value in it. Additionally, many people delay buying due to a lack of urgency.

How to succeed in life insurance sales?

To succeed in life insurance sales, you must have excellent communication skills, genuine empathy for people, marketing skills, and insurance knowledge. You can succeed by providing excellent customer service, marketing effectively, and building trust among customers.