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26Feb, 2018 0
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Top 5 Best Selling Types of Insurance

Insurance coverage is essential because you are protected from various types of damage. Insurance agents deal with the sale of the different insurance types. As an insurance agent, you may face stiff competition in this industry. You should stay positive and employ methods that will see you outsmart other agents. One thing you can do is make good use of the principle of demand and supply in the market. Once you meet people’s needs, you will spend less time trying to coerce them into buying because they have what they require. You should sell insurance products that are in high demand to raise your chances of getting higher commissions. Most of them are a requirement of the law, which explains the increase in their need. The following are some of the five best selling insurance products.

Auto Insurance

It is among the best selling insurance products. There is a huge number of car owners with the figures increasing each day. In most countries, it is compulsory for every car owner to purchase an insurance cover to protect other motorists from injuries when using the road. Monitor the trends in your area and find out who are the potential car buyers. It might be the college students who are almost graduating or new employees. You can also reach out to new entrepreneurs or freight companies because they are likely to add a new car to their fleet and will need car insurance coverage regularly. Car dealerships can also refer some of their clients to you.

Home Insurance

This is a type of property insurance which covers any loss or damage to someone’s house. It also provides responsible coverage for accidents that do happen in one’s home or establishment. There are other forms of coverage you can sell depending on your location. Those in areas prone to hurricanes can sell one that explicitly covers that calamity. Such disasters are one reason home insurance is one of the best-selling types.

Life Insurance

Life insurance is popular because many want to leave their family members in a good state in case they pass away. A recent study showed that 6 out of every 10 households in the US have a member signed up for life insurance with the type of occupation and level of education being a determinant. Keeping the family members protected even after one’s death is the reason many are going for life insurance.

Health Insurance

This type of insurance is meant to cater for one’s full or partial medical costs in case they fall ill. Items covered include drugs, consultation fees, surgeries, and checkups. Health insurance is a legal requirement in most states and occupations. Studies show 7 out of 10 employers in the formal and casual sector require one to have proper health coverage before working with them. The fact that one cannot be employed without it makes it one of the best-selling types of insurance.

Product Liability Insurance

Manufacturers may expose different people to injuries through their products. This type of insurance is essential to them because they are protected from bankruptcy in case they are slapped with a lawsuit. Some of the potential clients in this type of insurance include suppliers, distributors, product designers, and manufacturers.

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