10 Tips for Selling Insurance During Financially Challenging Times

Fran Majidi August 1, 2022
Selling Insurance During Financially Challenging Times

We all have had the experience of not paying for something, only to end up with far more exorbitant losses due to poor decision-making. Insurance is one of those products that no one wants to buy. The consumer can’t touch, see or smell it. It’s this invisible bubble that is supposed to protect you but you get nothing after you pay for it, unless you’re unlucky enough to have to file a claim at some point.

Essentially, insurance is something no one wants to use but feels compelled to buy. With good reason. But when things go sour financially, it’s tempting to cut back on this invisible expense to save a few dollars. This is the challenge insurance agents are facing all over the country during the pandemic.

Whether it’s car insurance or health insurance that you’re selling, people who’ve suffered financial setbacks and are living on unemployment (if they are lucky), are considering going without any insurance at all. What’s an insurance agent to do? We’ve got ideas!


Gather a series of anecdotes about how the product you sell has saved someone from a huge expense. For instance, when upselling policy limits or selling an umbrella policy, all you have to do is share a story about any client who may have been in a car accident and their limits were not high enough and they ended up having to pay money out of pocket, losing their home or business even. If you’ve been in the business long enough, you should have no problems finding a story about someone who owed a lot more than their policy covered.

If your client owns a home or a business, tell them they are jeopardizing everything they’ve worked so hard to have if they are not insured or are underinsured. Most are not doing as well as they were prior to the spread of COVID-19. Business owners, especially, may be tempted to buy less insurance, but is that really the best place to save money?

Far too often, people just ask for the minimum of what they need to carry. Again, using car insurance as an example, customers will ask for the legal requirements only, especially now that times are tough and incomes have fallen or are nonexistent. Very bad move. Convince your client why this is not a good idea.But preaching does little good. Even though people largely learn from their own mistakes, offering real-life anecdotes will help convince your client that they should not take any chances by going uninsured or underinsured. It’s okay to put a little scare into people sometimes, when you have the best intentions.

Raise Deductibles

The fastest and easiest way to bring down monthly costs for people is to raise their deductibles. If they are buying health insurance because they have no option through work, offer a bronze plan or another high-deductible plan. Be sure to let them know they may have higher out-of-pocket expenses but that it’s better than having no health insurance at all, especially during a pandemic.

With homeowners insurance and car insurance, raise your client’s deductible to lower their monthly payments. While this is still a gamble, especially if they do not have an emergency fund, it’s much better to scramble for a deductible than have no insurance at all. Tell them it’s a much wiser option than dropping all coverage. Not protecting assets can make a financial downturn turn into a financial sinkhole if they go uninsured. You never know if you suddenly need to have your pipes replaced. Ask them, “What if you total your car and you were the at-fault driver?” Do they have the money to buy a new car? Remind them that liability won’t pay out a cent if that’s the case. You’d be surprised how many drivers do not know this until the unexpected happens.

Revisit Discounts

See what discounts they don’t have. While it may seem like you’re bringing down the price and that’s the end of it, the smart insurance agent will use this opportunity to entice their clients to bundle as many products as possible for the steepest discounts. Look at affiliations and organizations. Really dig deep to see where you can save your client even ten dollars a month. You would be surprised what a difference that may make today.


Selling insurance during the COVID-19 pandemic will mainly focus on convincing consumers that this is not the place to skimp. If they do, explain that it could have devastating consequences. In order for your client to really hear you, though, you’ve got to build trust so that when you tell them that insurance is not where you should be saving money, they won’t assume you’re just out to make a sale. Stress that insurance is non-negotiable and is as essential as water and food. Explain why all of their assets must be covered. If they’re not fully covered for an accident, explain that their paychecks can be garnished.

Buy Leads

We’re all quarantining and isolating. The biggest hurdle you have during the pandemic is meeting new people. Consumers are using SmartFinancial’s services to buy affordable insurance of all kinds. So, if you sell home insurance, car insurance, health insurance, life insurance or commercial insurance, we have shoppers looking to buy policies at a good value.

You have the option of meeting folks by purchasing data leads or live transfer calls. Both are good options, and your account manager will explain the differences so you can decide which method of contact makes more sense for you and your budget. Buying leads from SmartFinancial is like revamping your marketing plan without lifting a finger. And if you’re worried about the cost, the account manager assigned to you is invested in your success. Each month, you should see an increase in your ROI. SmartFinancial has the reputation for the best customer service and best contact rates available and a generous refund policy. This may just be the ticket to closing this quarter strong!