Question

This question regards life insurance:

1. What makes someone a candidate for the product? (age, life circumstances, income, etc.).  
2. How can you find a pool of potential customers for this service? What information can you find or purchase, such as lists? How many prospects could you come up with to start a conversation (f2f, phone, email)? Recognize that most of the prospects will (a) not need, (b) not be able to buy, or (c) already have insurance. That is why developing a very large pool of leads is so important to selling success.
3. What questions would you ask to verify if there is both need and ability to purchase the product?

Answer 1

1.What makes someone candidate for the product?

To find potential customers for purchasing Life Insurance, correct type of promotion is necessary.

First we need to identify the customers.

Who is fit for the insurance, For a term plan of 35 years youths from the age of 30-34 can be approached.

They would gladly get this insurance which would provide coverage for any unexpected happenings.

These days young people are getting so many heart attacks, or terminal diseases that many youths will take up this kind of insurance to protect their families.

So age is a criteria, Also a persons life circumstances for example if the person is an average earning person, insurance can be sold to them asking if any unwanted mishapp takes place then life insurance will come handy to take care of their families.

If there is only one bread earner in the family and not enough savings, then life insurance can be sold to them because after their death, the insurance company will take care of their family.

2.How can you find a pool of potential customers for this service?

To find a pool of potential customers you will need to do proper promotions and marketing for the product.

Emails, whatsapps and social media is a nice way to create awareness.

Once awareness is created people will automatically contact you.

Door to door marketing is also an aggressive but effective method.

3.What information can you find or purchase such as lists?

With correct marketing you will get a list of prospective customers for this service.

you must take their names, phone numbers, email address to begin with and follow up with them regularly

Then with the prospects you need to call and start the conversation but should be polite asking if you could take their 10 mins of time or 5 mins.

If they are interested then you can explain in detail the service provided.

Alternatively, you could also mail them their specific requirements.

What questions would you ask to verify if there is both need and ability to purchase the product?

Most customers will directly say that they dont need the product but we need to be persuasive and ask them to at least listen to the plan, then maybe they can opt for the product.

For those who wont be able to buy, we should offer them minimum premium policy or one time premium policy and explain that this is a lesser cost that you have to bear today for a better tomorrow.

And for those who already have insurance, we will need to sell the product explaining the unique features of our product so they may buy it again.

The questions to ask for the need and ability to put=rchase the products can be many.

some examples are..

We can start with as simple as do you need an insurance policy?

2. its tax deductible and a nice savings option

3.what is your yearly income( to know the ability)

4.How many cars do you own?

5.do you have a mortgage?

6. What insurance do you already have?

7.What plans have you made for your family if you are gone?

The list is endless.

These and many other questions will help you decide if there is both need and ability to purchase the products.