How to Be a Master at Niche Life Insurance Sales

“The jack-of-all-trades seldom is good at any. Concentrate all of your efforts on one definite chief aim.”  — Napoleon Hill

It is likely that you are familiar with the old phrase, “Jack of all trades, master of none.” And, although it can at times be beneficial when you’re well rounded, for the most part, when it comes to succeeding in the insurance or financial arena, being able to provide expertise in a particular area can attract more, and longer lasting, client relationships.

The Merriam-Webster dictionary defines a niche as being, “A specialized market; A place, employment status, or activity for which a person or thing is best fitted.” A niche can be in any number of areas, such as:

  • Life Stage – There are many different areas of life stage that insurance and financial advisors can focus on. These may include working with just Millennial’s, working with small business owners, or revolving the practice around only those who are post-retirement.
  • Industry – Segmenting yourself by industry is another way to work in a niche market and to differentiate yourself from other advisors. For instance, you could choose to work with those who are teachers, those who are engineers, or those who work or in any other specific line of work or industry segment.
  • Type of Planning – Many successful insurance and financial advisors will focus on a certain type of planning, such as Estate Planning, or college planning for those who want to ensure that their children and / or grandchildren will have money available for their future education expenses.

By establishing yourself in a niche such as college planning, you can set yourself apart from the plethora of other advisors who may be knocking on your client’s and prospects’ doors and who are offering only general insurance or financial advice.

When you are a specialist, you can also more easily get referrals. This is because your current clients are likely to know others who are in their same position, and who have the same needs – and in turn, they will automatically refer these individuals to you. This can cement your position in the industry, and it can also help you to move away from having to make “cold” prospecting calls much earlier in the process of starting or expanding your practice.

 

Become a Life Insurance Sales Master

Offering a wide range of products can certainly allow you to solve more client needs. However, when you are known as the expert in a particular topic, you will often find that your referral base expands exponentially – particularly in terms of those who have a specific need to be solved.

By educating clients and prospects on how to use permanent life insurance as a way of growing funds tax-deferred for college savings, and by having the death benefit on the policy available to be used in order to ensure that money will be there “just in case,” you can not only become the go-to advisor in this niche, but you can also increase your commission income by thousands of additional dollars per month.

Why chase potential clients when you can instead generate a predictable and consistent flow of additional leads for life insurance on a regular basis? Want to know more? Give us a call now, toll-free, at 1-800-643-6143 and we’ll help to get you on your way.

 

 

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Brian J. Kay, Executive Director, Leads4Insurance
921 Port Washington Blvd., Suite # 3 Port Washington, NY 11050
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