$1000/week - Good For A Rookie

[Crabcake Johnny]

Wouldn't know - my job is to fit the proper product for my client - not sell "simplified life." What do your agent do when simplified life isn't the proper fit after a needs analysis. Do they perform a needs analysis?

 

[Paradigm]

Between 5% and 11% - depends on the carrier.

Wonder if there are any legit comparisons on the persistency rate of health insurance versus life insurance. What say you . . .

Tom

Sure simple- health stays on books for 1-2 years on average with the national carriers. Life insurance 10+ years.

Life insurance because

1) premiums never go up.
2) only one claim and no one to complain about policy and drop it because they are dead.

 

[myinsurebiz]

Wouldn't know - my job is to fit the proper product for my client - not sell "simplified life." What do your agent do when simplified life isn't the proper fit after a needs analysis. Do they perform a needs analysis?

On the SIL side - we already know they have a "need" - because 90% of them have zero coverage. We don't over sell them - we start them at $50 a month premium and let them decide whether they want more or less.

Now if a young buck wants One Million in Term, etc - and they qualify for fully underwritten plans - then we advise our agents to pass it up to their upline if they aren't "focusing" on all types of life . . .

#1 - Sure simple- health stays on books for 1-2 years on average with the national carriers. Life insurance 10+ years.

Life insurance because:

1a) premiums never go up.
2a) only one claim and no one to complain about policy and drop it because they are dead.

1) Is this recorded somewhere so I can use it in training as a credible quote?

1a) We use that as a closing point.

2a) Yes, it's hard to complain when dead.

Tom

 

[Paradigm]

Probably not recorded anywhere but it is common industry knowledge

 

[rawannam]

I would have to agree, life in most cases will stay on the books longer and requires much less service. Best to have both life and health on the books!

 

[GreenSky]

Life might well be a great idea, but you don't need to learn from someone like Tom who has no idea about what constitutes quality and value in an insurance program.

Whether you use the services or not, www.pjpce.com has a wealth of information (especially the webcasts) on life insurance sales - all ethical and legitimate. You get get into the site by using the "live demo" button at the upper right.

Rick

 

[djs]

Sure simple- health stays on books for 1-2 years on average with the national carriers. Life insurance 10+ years.

Life insurance because

1) premiums never go up.
2) only one claim and no one to complain about policy and drop it because they are dead.

This statement, though I agree it's probably accurate, is very misleading.

Health policies are designed to be replaced every 3 years. Insurance companies prefer it that way, they get to reunderwrite individuals, and get them rated more effectively for the associated risks (you can argue if its fair or not, just the reality). Life policies are designed to never be rewritten, though perhaps added to.

Just because a person changes health plans / carriers, doesn't mean they change agents. Also, if you do the math, you probably make more in the 3 years with the health policy than you do with 10 years on the life policy (we are not talking hi value life policies here).

It really is what is best for you, and what fits your personality. Neither of these are hard to sell.

If Tom had more experience in the field of insurance, his approach wouldn't bother me so much. I wouldn't recommend it for anyone, but I could understand where he's coming from. Without the experience, it bothers me. I've learned the hardway, if I'm going to learn something about this (or any) business, I want to learn it from someone who stands a chance of knowing more than me. I know he covers this by only taking on new people, but that is a bit scary, he doesn't know what he doesn't know, and nobody with him knows either.

Dan

 

[Paradigm]

This statement, though I agree it's probably accurate, is very misleading.

Health policies are designed to be replaced every 3 years. Insurance companies prefer it that way, they get to reunderwrite individuals, and get them rated more effectively for the associated risks (you can argue if its fair or not, just the reality). Life policies are designed to never be rewritten, though perhaps added to.

Just because a person changes health plans / carriers, doesn't mean they change agents. Also, if you do the math, you probably make more in the 3 years with the health policy than you do with 10 years on the life policy (we are not talking hi value life policies here).

It really is what is best for you, and what fits your personality. Neither of these are hard to sell.

If Tom had more experience in the field of insurance, his approach wouldn't bother me so much. I wouldn't recommend it for anyone, but I could understand where he's coming from. Without the experience, it bothers me. I've learned the hardway, if I'm going to learn something about this (or any) business, I want to learn it from someone who stands a chance of knowing more than me. I know he covers this by only taking on new people, but that is a bit scary, he doesn't know what he doesn't know, and nobody with him knows either.

Dan

True I typically move healthy clientele to another plan about 1-2 years from initial acceptance date. The reason is simple rates have gone up and a comparable new plan is actually cheaper for the client. Its just a bonus that I get a new first year commission. In a typical 5 year period I will move a client 2 or 3 times due to rate increases which are inevitable.

You can actually keep a client longterm in health insurance the key is contact and service.

Its actually not a hard thing it is far easier to keep a client with simple correspondence and a timely maintenance call than it is to create a new client... cheaper too

 

[jdeasy]

Life might well be a great idea, but you don't need to learn from someone like Tom who has no idea about what constitutes quality and value in an insurance program.

Whether you use the services or not, www.pjpce.com has a wealth of information (especially the webcasts) on life insurance sales - all ethical and legitimate. You get get into the site by using the "live demo" button at the upper right.

Rick

Thank you for posting that link. There is indeed a wealth of information there.

 

[psrayburn]

The BIG BUX are in the Team building.

Example:

Tom achieves the 25% Bonus Level and his average Bonus spread is 15%.

Tom has 12 Team Agents (recruited two a month with 50% attrition) that average $200 in monthly premium sales a week. Tom earns a 15% Bonus advanced at 9 months = $3,240 a WEEK !!

$200 x 15% = $30 x 9 months = $270 x 12 Agents = $3,240 income for just a WEEK . . .

Again - this program isn't for an experienced agent on the personal side. However - anyone can Team build . . .

Tom

Tom,
I've built an agency before I can most assuridly tell you, If you recruit 12 independent agents, You will almost never have all produce in a given week, I once have over 200 recruited agents and I was very lucky to get 10 to 12 to produce in a given Month.

Maybe your numbers are better than mine!

Scott