CEO of SELL-U, Edward Karram, Sheds Light on the Psychology of the Average Life Insurance Buyer
Wednesday, September 18, 2019 11:45 AM
HOUSTON, TX / ACCESSWIRE / September 18, 2019 / Edward Karram is a highly accomplished life insurance agent who has devoted his time to mastering the art of the business and now earns a seven-figure income. Eager to share the wealth, he founded SELL-U; a training program, quite unlike any other in the country, aimed at walking registered agents through insurance fundamentals, marketing, branding, and social media.
To date, Karram has trained over 1,000 agents to access quality leads and 10x their book of business.
For the businessman, completing a life insurance sale is more than just sounding off from a script. It requires nuance and a deeper understanding of the individual's journey from prospect to customer.
"Remember Maslow's hierarchy of needs?" the businessman questions. "It provides a basic representation of human needs from physiological to self-actualization. These largely dictate human behavior. The need for the kind of safety and security that insurance provides typically arises when the physiological needs have been met." Karram continues, "Income plays a large role in this equation."
Edward Karram makes an excellent point. Research has shown that one of the most popular approaches to purchasing insurance is income replacement. With this approach, a formula of anything between five to ten times a person's salary is used to calculate the amount of coverage people ought to invest in.
In some cases, insurance can be tied to the top tier of the pyramid, viz. self-actualization. If an individual is concerned with the legacy they leave behind, life insurance will follow in the footsteps of self-actualization rather than physiological needs."
Another thing to consider, per the businessman, life insurance is, by and large, an emotional purchase. Most people don't feel obligated to put down their money on coverage unless they experience the personal loss of someone close to them.
So what are his tips for closing a sale? "For starters," Edward Karram explains, "build value that goes far beyond the price. Determine what is valuable to your prospect. Is it their family, happiness, peace of mind, their assets?
Karram continues, "Once you figure that out, weave that into your pitch. You could touch upon the adverse effects of losing control of their assets, the pride involved in taking care of family, etc. These psychological hacks might seem manipulative, but they're essential in putting things into perspective for the prospect."
While most salespeople don't consider this, suspicion is a huge part of a life insurance transaction. Edward Karram provides an interesting insight.
"When it comes to large investments, people are naturally suspicious," Karram says. "So when you're pitching a new product, the prospect's mind is attempting a few gymnastics, mentally calculating the risks."
Your job? "Provide stories of past clients, families, and friends that have invested in the same coverage for the better," Karram advises. "Cite data from reputable sources and furnish testimonials if you must."
The life insurance agent acknowledges that fostering trust within the span of a phone call is not an easy thing to do, rather it's a skill gleaned through trial and error.
More on Edward Karram and SELL-U
Karram stumbled into the financial sector with very little guidance and, within the first 12 months, had already gone through three different IMOs. The entrepreneur realized that there was an abysmal lack of quality training in this industry, prompting him to create SELL-U: an effective training platform for agents to learn about all aspects of the life insurance business.
Agents receive professional instruction from the top leaders in the industry including personal mentorship from Edward Karram himself. The program empowers agents to elevate their online presence and access valuable leads on demand.
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SOURCE: Web Presence, LLC