100 Lives Per Year

[wln417]

Using your previous example of M 45 YO, $500k @ $83 mo, you'd have to double the doubled average (from $300k to ~$600k) policy to get to $100/mo premium.

IOT have a good living selling 100 lives/yr, you would have to, weekly, average 1 white collar 45 year old couple who each make $50,000, each buy a $600,000 term policy.

Now that we've defined the target market we can better address the OP question about what marketing methods works to be able to do this type of business.

Oui, or non?

 

[scagnt83]

Using your previous example of M 45 YO, $500k @ $83 mo, you'd have to double the doubled average (from $300k to ~$600k) policy to get to $100/mo premium.

You obviously missed the point of that example.

LFG is much more competitive than NYL on Term rates. (as most agents who sell Term already know)


So by using that example I was illustrating that NYL would be more than $83/m. Most likely around $95-$100. (I dont have NYL software on my computer anymore)


And to illustrate my point even more; I left out the WOP Rider in my example.

So when I go back and add that to my example, guess what the Premium comes out to????? $100 !!

That means that a NYL policy would be more than $100/m if you included the WOP Rider (which most all agents do hopefully)

Also, I initially ran the example using Annual premiums... so when I changed it to Monthly for a more accurate example, it kicks it up to $87. ($100 with WOP)

Also I said that he pushed 10 & 15 year term. That doesnt mean he didnt sell 20yTerms as well. As most any agent who sells Term knows, most people want 20 year. And it is by far the most often sold Term policy.


The math holds up.... as any experienced term agent knows...

----------

IOT have a good living selling 100 lives/yr, you would have to, weekly, average 1 white collar 45 year old couple who each make $50,000, each buy a $600,000 term policy.

"A good living" is all a matter of opinion.

And how many term policies it takes to make a living all depends on what structure the agent is selling under.

Under a captive environment such as NYL or as the OP mentioned NWM; it is a lot different than a true indy. The captive gets advances, monthly production bonuses, expense allowance, benefits, etc.
Usually the indy works as earned, but gets a higher comp %.

That is one reason a captive environment can be attractive for a new agent.

 

[wln417]

I knew you'd find something to argue about.

I guess the answer is No.

I didn't "obviously" miss your point any more than you missed mine. I basically granted all of your premises.

Didn't you say earlier that $80,000+ is a good living in most places?

You have to define your market before you do anything else. That's what I did.

I'll grant you can add things to a policy to make it more expensive. You forgot term riders for the little kiddies. Oh, and what about a little double indemnity in case they die in an accident? Oh, and some even come with common carrier riders. How much for that?

I tried to be civil but I see that isn't going to work. I remember once before you couldn't handle me disagreeing with you. Apparently it wasn't an isolated incident.

 

[scagnt83]

I'll grant you can add things to a policy to make it more expensive. You forgot term riders for the little kiddies. Oh, and what about a little double indemnity in case they die in an accident? Oh, and some even come with common carrier riders. How much for that?

I tried to be civil but I see that isn't going to work. I remember once before you couldn't handle me disagreeing with you. Apparently it wasn't an isolated incident.

I have no clue when I disagreed with you before, but after seeing the way you have acted in this thread I do not doubt it at all...


1.

A WOP Rider is a very common Rider. Most experienced agents add it automatically. Especially ones who work white collar markets.

Most agents who target the white collar crowd would agree.


2.

I have no problem with anyone disagreeing with me. I have been called out and proven wrong plenty of times before on this forum.

But if you say I am wrong, especially that I am not being truthful about a firsthand experience, then you better have your facts correct.


At this point all you are doing is being argumentative & attempting to prove me wrong or make my post look bad. It is juvenile and petty.

I have responded very professionally to you. Even my last post was fairly professional minus the "any experienced agent knows" statements...


Posts like your last only show you to be a petty inexperienced agent who is making a very feeble attempt to make themselves look smarter than someone else...


- You questioned my post. I gave you an example to help illustrate the facts and numbers behind it.

- You continued to question my post by giving misleading facts... so I provided the true facts that were relevant to the discussion. (being professional the whole time)

- You continued to question my post, but your statement clearly showed that you did not understand the example I provided.... so I explained the example, and even provided more facts and background to back it up.

- The only thing I said that could be conceived as condescending would be the "any experienced agent would know" part.


All I have done is refute your statements with FACTS, math, & logic.

If you dont like being proven wrong, then stop trying to prove others wrong when you dont know what the hell your talking about.

It is very clear you are not very familiar with life sales in general and the industry surrounding them. Which is ok. But instead of trying to prove experienced agents wrong, you would be wise to listen, learn, & ask questions.

 

[wln417]

To Full Throttle: I apologize for my part in changing the focus of your thread. To those who are still with us, here is what he was originally asking:

'How many producers on here place 100 life insurance policies annually? For those that do or are close, what is your primary prospecting method? What is your typical daily structure? '

I will now cease commenting. I hope others will help Full Throttle find the answers to his questions.

 

[scagnt83]

I remember once before you couldn't handle me disagreeing with you. Apparently it wasn't an isolated incident.

Now I remember! It was the Ameritas discussion!

I tried to explain why Ameritas ratings mattered when compared to a highly rated mutual when buying a Par WL policy.... you didnt listen then just like you didnt listen this time.

You went into the discussion not knowing all of the facts and logic behind what we were discussing.... but continued to assert that you were correct... I believe your statement was:

Ameritas: S&P A+ (Strong) AM Best A (Excellent)

Why does it matter what they are in relation to other companies?

Statements like that are why you need to talk less and listen more.

 

[CFP83]

I've always heard this as the major driver of success for a new life insurance agent. I know the local NML office preached 40 your first six months, 60 in the second six months. When I look at the number of people who qualify for the century mark on the year with my primary company, the list of producers is short.

It seems to me a life agent who spends 7 to 8 hours a day seeing people could manage to write three applications per week. That would easily get someone to 100 lives on the year accounting for underwriting drop off and cancellations.

That got me thinking. How many producers on here place 100 life insurance policies annually? For those that do or are close, what is your primary prospecting method? What is your typical daily structure?

I definitely think that building a "lives practice" is the only way to go in your first ten years. I was at NML for my first 5 1/2, and thanks to good training and learning the One Card System by Al Granum inside and out, I was able to accomplish the "first 40" and "second 60" goal. Since then, I have written over 100 lives each year of my career, with my highest lives total being 174.

Since leaving NML though to start my own practice you could say my focus has changed somewhat as the investment and fee-based planning side of my business has grown.

To have a lives focused practice, Al Granum wrote the Bible on this....it's all about a laser focus on activity and knowing your numbers. Some examples are:
-A goal each week for fact-finders taken
-A goal each for Closing meetings held.
-A goal each week for Referrals obtained, and knowing ahead of time how many you would like to obtain from each person on the calendar for that week.

My primary method of obtaining people to talk to is referred leads. This is one of the rewards to building a high lives practice.....referrals are so much more plentiful. Having people just call and say "tom jones told me he was your guy so I would like to talk to you" are things that happen more and more often with the more lives you write.

16 appointment kept each week is my typical week, 20 kept is a great week. 4-5 appointments a day mon/tues/thurs/fri, and on wednesday of each and every week I have a "buffer day" to meet with staff, handle client emails, run illustrations, build plans, prepare for meetings, etc. This buffer days is huge as it allows me to focus on just seeing people on focus days, and on buffer days I can just focus on preparation.
Doing a little bit of seeing people, a little bit of paperwork and illustrations each day is a death sentence to mediocre activity.....it makes you "feel" busy. I look at it as it's either a "gameday" or a "preparation" day......gamedays all you should do is perform, which is seeing the people.

 

[scagnt83]

I definitely think that building a "lives practice" is the only way to go in your first ten years. I was at NML for my first 5 1/2, and thanks to good training and learning the One Card System by Al Granum inside and out, I was able to accomplish the "first 40" and "second 60" goal. Since then, I have written over 100 lives each year of my career, with my highest lives total being 174.

Since leaving NML though to start my own practice you could say my focus has changed somewhat as the investment and fee-based planning side of my business has grown.

To have a lives focused practice, Al granum wrote the Bible on this....it's all about focus on activity and knowing your numbers. Such as:
-A goal each week for fact-finders taken
-Closing meetings held each week.
-Referral obtained each week.

My primary method of obtaining people to talk to is referred leads. This is the key to having a high lives practice.....referrals are so much more plentiful and having people just call and say "tom jones told me he was your guy so I would like to talk to you" are things that happen more and more often with the more lives you write.

16 appointment kept each week is my typical week. 4 appts a day mon/tues/thurs/fri and on wednesday I have a "buffer day" to meet with staff, handle client emails, run illustrations, build plans, prepare for meetings, etc. This allows me to focus on just seeing people on focus days, and on buffer days I can just focus on preparation.

This is classic Big Mutual training. NYL had a very similar mindset.

NYL used to say you needed to:
"make 3 appointments a day for some time in the future"

They would say that it didnt matter when in the future. It could be a day, a week, or even a month or two away.

Just make calls every day, during any free time you have, until you have made 3 appointments for some time in the future. It didnt matter if they were referrals or cold calls, just set 3 appointments a day for some time in the future.

I remember that there was this legend over at NYL who had that as his mantra. I used to listen to his training CDs in the car. I cant for the life of me remember at the moment (it wasnt Ben Feldman). But he claimed that was the key to his success, and the reason he was a multimillion dollar producer with thousands of clients and an office full of staff.

 

[lovin the job]

You're referring to Tim Fitzgerald. I'm not with NYL anymore but there were many great takeaways from his book. It all comes down to seeing as many people as possible.

 

[scagnt83]

You're referring to Tim Fitzgerald. I'm not with NYL anymore but there were many great takeaways from his book. It all comes down to seeing as many people as possible.

Yes! Thank you!

I thought the last name was Fitzgerald, but I couldnt remember the first last night.

I had a bunch of audio CDs of his and would constantly listen to them my first year in the business.