What Do You Need to Sell Life Insurance?

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Selling life insurance properly requires you to have access to a few key things. Find out what you need to sell life insurance with help from an assistant professor of insurance at The American College in this free video clip.

Part of the Video Series: Information About Insurance
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Video Transcript

Hello. My name is Kevin Lynch. I'm an Assistant Professor of Insurance here at The American College here at Bryn Mawr, Pennsylvania. Right now I'm going to talk about what you need to sell life insurance. And there are three things. Number one is legally you must be licensed. You must be licensed in every state in which you are going to do business. Number 2, from an emotional perspective you a strong ego. Lots of self confidence and a firm belief in the product and what it does. And number 3 from a technical perspective, sales training and product knowledge. And that product knowledge is going to depend on the products that you choose to use to professionally address the questions and the needs that your client bring to your attention. You may have heard life insurance is a product that is sold and not bought. What exactly does that mean? I'll give you an example. Most of us don't wake up on a nice sunny day and decide "what a great day to buy life insurance." After all it isn't new and shiny. It has no cubic inches, no leather seats, not even a moon room. But what it does have is a unique feature that no other product in the entire universe of financial services products shares. And that is the ability to guarantee the delivery of a certain sum of money to your loved ones and your survivors at a date in the future which is uncertain. But even with this unique feature believe it or not there are still people that wont set an appointment to talk with their agent about owning this product when they call. And I would bet there's a few of you out there in the audience today watching this video. But that's a subject we'll discuss on another day entirely. As I mentioned earlier, in order to sell life insurance, legally, you have to have a license. Well you also have to be appointed with a company or companies, depending upon how you practice. Many people come into the industry through a career agency company. And that would be a company that recruits, hires, trains, motivates, basically enables a new agent to become successful over their first few years. Other people come into the industry selling insurance as an associated responsibility of their primary function. This would include people like bank sales representative, stock brokers, financial advisers, etc. These folks aren't really trained the same way. They're licensed the same way, those requirements are the same for everyone but their technical training is provided by a group called Wholesalers. Wholesalers are specialists who go out on behalf of companies and train non-insurance professionals to be able to sell life insurance. Which ever path you take to position yourself in front of your clients, believe in the products and the knowledge of its value in your clients financial life is paramount.The real answer to this question is, once you know the why, or the reason your selling life insurance, the how or the method will manifest itself. Hello. I'm Kevin Lynch. at The American College in Bryn Mawr, Pennsylvania. We just talked about what you need to sell life insurance. For more information go to: www.theamericancollege.edu. Thank you.

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