Where to find the best leads for life insurance businesses

What if we said it was possible to bring a steady, scalable stream of life insurance leads to your business? Here are some of our favourite strategies for finding – and converting – leads for your life insurance company.

Before we dive in…

Listen closely. There’s an advertising expert out there that’s so confident in driving revenue for clients that they can offer to cover your ad spend. That expert is us.

We specialise in getting results – big results – from paid media. If we like the sound of your business, we will cover your ad spend so there’s zero financial risk on your side. Interested? Find out more.

“Since working with Adbetter, our digital paid media channels have grown to be one of our most consistent generators of high-quality leads. Our lead volumes from paid media channels have increased over 1,400% whilst maintaining a low cost per lead.”

Matthew Fawl, Director, Alesco Investment Property

Life insurance is one of a kind

Life insurance stands apart from many other types of insurance. With due deference to the fact that people can technically cancel their policies, life insurance is generally a product that people only buy once.

For your marketing campaigns, it means a single conversion could be worth 30 years of revenue. Which is obviously great.

But the flipside is you cannot rely on repeat customers like other businesses can. You need a steady stream of leads just to survive, let alone thrive.

More than many other industries, leads for life insurance businesses are mission critical.

Let’s hear it for pay per click advertising

Not too long ago, it was de rigueur for lead-hungry businesses to buy databases of prospects to reach out to. The problem with that is these databases are often of questionable quality – stuffed with old contact data and ‘leads’ who don’t want to hear from you.

Then there’s the other antiquated methods such as television ads (needing deep pockets), print media (zero tracking capability) or good old door-to-door flyering.

So far, so antiquated. No, in our opinion, the most effective way to generate reliable leads for life insurance is through pay per click advertising. Give us five minutes to explain why.

It’s super accountable

Firstly – as the name suggests – pay per click advertising allows you to only pay when someone clicks your life insurance ad. And why would they click unless they had a genuine interest in your policies?

Secondly, pay per click platforms (e.g. Google, Facebook, Instagram) give you clear data on how your ads are performing – allowing you to test, iterate and ratchet up performance over time.

You can run demand capture and demand generation campaigns together

Different platforms, different benefits. Google Search is fantastic for capturing interest in your services at the point of need – getting your brand in front of people just as they are searching for products that you provide.

The downside is that because of the lucrative nature of conversion, keywords related to life insurance are very expensive. Much like your customers, you will end up paying a premium.

Other pay per click platforms like Facebook, Instagram and TikTok are great at nurturing interest in your services. On these platforms, users aren’t actively seeking your services. 

But with smart audience targeting, you can weed out people who are likely to be interested in the future and begin nurturing them towards becoming a customer – showcasing your insurance policies and the service behind them. Read up on Facebook marketing for insurance agents here.

You can nurture your own prospects

With PPC campaigns you get to gather your own proprietary audience data – yours to interpret and nurture. And with Facebook and Instagram, you can even use your existing customer data to find new customers using the lookalike audience feature.

It works on the premise that your customers are likely to have some common denominators – such as their age, their income, their hobbies and interests and so on.

Facebook then scours its data to find users who share those criteria – giving you a pool of life insurance prospects who are likely to be interested in your services.

Leads for life insurance: best practice for pay per click advertising

Okay, so we’ve covered some why you should consider pay per click advertising. Now let’s take a look at how to do it successfully.

Beware of the regulations

Reading about red tape isn’t fun. But knowing the regulations can save you a lot of time, hassle and – potentially – money. Facebook is strict with ads related to financial services.

It’s a good idea to read up on what the Financial Conduct Authority and Advertising Standards Authority have to say about advertising correctly. Don’t have time? Ask us for the intel.

Track your audience through the funnel

There’s tonnes of detailed information online about how to set your ads up. What creative to include. How to target your audience. Much of it written by us. But none of that means much if you’re not tracking your insurance ads properly.

Your ad platform will serve you actionable data on how your ad is performing. Scrutinise this properly and you will be able to identify the strategies that are working best – helping you to iterate your ads and improve performance over time.

But for the really big wins, you need to know what’s happening after someone has engaged with one of your ads. Complicated code such as Facebook CAPI can be tricky to set up to create a holistic level of tracking but, but we can do it for you. 

In short, you need to be able to track a customer through your sales funnel – from the first click right through to their policy purchase.

>> Why Facebook Conversions API (CAPI) is so crucial for advertisers

Be patient

Buying a life insurance policy is rarely an impulsive decision. People like to compare policies and do their research. You may need to be patient – factoring an extended lead-to-sales time into your campaign planning.

That means being aware of your numbers: average customer values, average length of policy and so on.

That way you can set an appropriate budget for your PPC campaigns and optimise over time as you gather data on your campaign performance.

Skip to the part where you’re making money

Getting started with pay per click can involve a lot of trial and error. There’s no doubt you can get results with very little prior experience.

But to get the really transformative results, it pays – pretty much literally – to work with an expert.

We are paid media experts that specialise in the insurance sector. We know what levers to pull. We know the strategies that work. And we know we can generate revenue for your business. So much so that if we like your brand, we might even offer to cover your ad spend.

Are you ready to unlock revenue? Ask us for a free proposal.

>> Adbetter: officially an award-winning PPC agency

You may also be interested in:

>> Leads for health insurance: how to win big with pay per click
>> Is TikTok good for lead generation?
>> The no-fluff guide to Facebook ads for lead generation