If you sell life insurance, you know that good, affordable leads are key to your success. It turns out that with online life insurance leads, both what you sell and where you sell it have a big impact on your lead costs.
Many factors go into your lead costs. Fortunately, if you market online via pay-per-click, you can adjust these factors to greatly improve both your cost per lead and the quality of your leads, resulting in more sales at a lower cost. According to data we at insurance website builder AgentMethods collected in August 2015, simple changes in your target location and the specific life product you market can cut your lead costs by as much as 77%.
There are two parts to this. First is the state you focus on. There is a dramatic difference between the most and least expensive state when doing pay-per-click advertising for the phrase “life insurance.” What’s the most expensive state? Georgia – coming in at $49.23. Compare this to the least expensive state, Maine, coming in at $11.15 per click.
The second part is the specific product. When looking at the cost per click for the phrase “term life insurance” compared to “whole life insurance,” we’d expect to see some differences. But what we found was surprising – the less expensive phrase varied by state. In fact, there are 19 states where the phrase “term life insurance” is less expensive than “whole life insurance.” In North Dakota, for example, you can save almost $12 per click by advertising for term life leads instead of whole life leads.
As the insurance industry continues to move online, agents need to use information to their advantage to gain a competitive edge. With the data we’ve gathered in this infographic, you can make smart decisions about where to focus your online advertising dollars to get the best results.
Please take a minute to review the infographic Life Insurance and Pay-Per-Click.