Best Ways To Find Life Insurance Leads – For a life insurance agent, the toughest part of the job is finding good leads. Even if you’re an expert at explaining life insurance and its details, you can’t succeed without quality leads.
Today, it’s even more important to know how to find and use leads effectively, especially as sales increasingly move online.
The life insurance industry is highly competitive, with countless agents vying for the attention of a small group of qualified prospects. Getting in front of these prospects before your competitors is key to building a successful, long-term career.
While the average salary for an insurance agent is around $57,860 per year, it’s considered a moderate earning potential.
In this article, we have compiled Best ways to find life insurance leads, each with its own set of advantages and challenges.
What Are Life Insurance Leads?
Leads for life insurance are people who might be interested in buying life insurance. These are potential customers who have shown some interest in the product and are considered qualified prospects.
These leads can be reached out to through different methods like phone calls, emails, direct mail, or even in person, either at their home or workplace. The goal is to connect with these individuals to offer them life insurance options that suit their needs.
Best Ways To Find Life Insurance Leads
The following methods show the best ways for finding life insurance leads. Just as I have mentioned above, each of these methods explanation contains how it works, along with its advantages and challenges;
Company Life Insurance Leads
Working for a life insurer company that offers leads can be the best way to acquire quick flow of potential customers. The main benefits include not having to pay for leads upfront, which saves you from spending your own money on leads that may not convert.
You also get more time to focus on selling instead of searching. Plus, the company has a vested interest in helping you succeed, so they’re likely to offer support when needed.
However, company-provided leads aren’t truly free. The company usually reduces your commission in exchange for these lead. While this can be helpful for beginners, experienced agents may find they lose more in commission than they would if they paid for leads themselves.
Company lead often comes with the downside of being outdated and repeatedly worked by other agents, making them less likely to convert.
Third Party Life Insurance Leads
You can also buy sales leads from third-party companies that specialize in generating them, often through online ads and search engine marketing. These are sold directly to you, so they don’t affect your commission.
When buying from third party, you have two options:
- Shared leads: Sold to multiple agents, so there’s more competition. They cost less.
- Exclusive leads: Sold only to you, with less competition but at a higher price.
Lead generation companies often let you target specific types of customers, like those with active life insurance policies or certain credit scores, though this usually comes with an extra cost.
The main downside of buying from third party is the risk, you pay upfront, and if you don’t close any sales, you lose money. However, some companies offer a return policy if the leads are inaccurate or uncontactable, which helps reduce that risk.
Social Media
LinkedIn is a powerful tool for finding potential clients, but you need to know how to use it effectively. A strong LinkedIn profile can help you establish yourself as a reliable expert in your field, which can attract more clients looking for your services.
Optimize Your Profile
Start with a professional photo, avoid casual pictures, selfies, or group photos. A simple, high-quality headshot from a reputable photographer will work best.
Next, write a compelling summary. This is your chance to share who you are, why you chose life insurance, and what you’ve achieved in the industry. A well-written summary will encourage people to keep reading.
When listing your work experience, don’t just add job titles and dates. Instead, highlight your achievements in each role using bullet points. Keep the tone conversational, as if you’re chatting over coffee, rather than writing a formal resume. This makes your profile more engaging and professional
Don’t Just Join Groups, Ensure You Engage
The group search feature on LinkedIn helps you find groups related to your industry, school, or even your hobbies. But just joining these groups isn’t enough to grow your network or get leads.
To really make an impact, participate in discussions and share insightful comments. This will help you build trust and establish yourself as an expert in your field.
When people see you as an expert, others in related industries are more likely to refer clients to you, knowing that being connected to you reflects well on them too.
Ensure that you offer your knowledge for free, maintain good relationships with your contact list and watch out for important life changes.
Run A Referral Program
Your happy customers can be a valuable source of new leads. To encourage them to refer others, start by offering excellent service that they’ll want to talk about. Make the referral process easy by being clear and providing shareable tools.
You can also motivate customers by offering rewards like discounts on premiums or gift cards for successful referrals. Timing is key, ask for referrals when customers are feeling pleased, such as after a positive experience or when they renew their policy.
Networking With Other Professionals
Networking with other professionals is a great way to find life insurance leads without cold calling or spending money on leads.
In most cities, there are networking groups where professionals from various fields meet regularly to connect, share marketing tips, and refer business to one another. These groups can be a valuable source of leads without the pressure of traditional sales tactics.