403b Market & Life Insurance

[STIBROKER]

HAHAHAHAHA.....that good.........when did you hit the net.....

what does MILF stand for anyways I never had anyone to ask thanks

 

[annuityseller]

I still don't know what it means????????

 

[Norwayguy]

I am looking to go work for a IMO out of Texas that works with the Teacher Market. The only concerns are this; they want $35 per Pre-Set appointment a minimum order of 20 appointments=$700. They do the mailings, contact the ones that replied and set appointment.Also, total of $850 to start; $150 more for all supplies, presentation manual and training. They have a local office in my town where you can go to and train,etc.. so it doesn't look like a scam. They say their Agents do well rolling 403B's into fixed annuities and selling them a IUL Policy. My main concern is the Agent's Agreement would have me as a Sub-Agent and clearly states if you leave, or are terminated all Commissions, renewals, etc. stop. They are talking $100K, or better in first year commissions.Is this a good deal?

LOA contracts in the Life and Health field never end well.

 

[grod]

I am looking to go work for a IMO out of Texas that works with the Teacher Market. The only concerns are this; they want $35 per Pre-Set appointment a minimum order of 20 appointments=$700. They do the mailings, contact the ones that replied and set appointment.Also, total of $850 to start; $150 more for all supplies, presentation manual and training. They have a local office in my town where you can go to and train,etc.. so it doesn't look like a scam. They say their Agents do well rolling 403B's into fixed annuities and selling them a IUL Policy. My main concern is the Agent's Agreement would have me as a Sub-Agent and clearly states if you leave, or are terminated all Commissions, renewals, etc. stop. They are talking $100K, or better in first year commissions.Is this a good deal?

Nope. I bet they have a fair amount of turnover. Your commissions don't just disappear if your quit. They continue to be paid to the IMO who owns the book.

 

[just some f.e.llow]

I am looking to go work for a IMO out of Texas that works with the Teacher Market. The only concerns are this; they want $35 per Pre-Set appointment a minimum order of 20 appointments=$700. They do the mailings, contact the ones that replied and set appointment.Also, total of $850 to start; $150 more for all supplies, presentation manual and training. They have a local office in my town where you can go to and train,etc.. so it doesn't look like a scam. They say their Agents do well rolling 403B's into fixed annuities and selling them a IUL Policy. My main concern is the Agent's Agreement would have me as a Sub-Agent and clearly states if you leave, or are terminated all Commissions, renewals, etc. stop. They are talking $100K, or better in first year commissions.Is this a good deal?

Hey secret agent, not to resuscitate an old thread, but I know a company that does the same thing, same products, everything... But you aren't going to drop a grand to come aboard. Let me know if you want their contact info.

 

[anthonygathitu]

I'm putting a question out here to all of you working the 403b market. I would like to know the general mix of annuities vs life insurance sales you perform in this market? I'm always shocked to learn I'm the only guy I know that produces huge life insurance numbers in this market. I have developed a methods to do this but figured I wasn't alone in doing this. Now I'm starting to wonder. So let's hear those ratios fellas! And is it mainly term or perm?

As many of you know I've worked the 403b market hard for years. But what I've found is that most agents have NO CLUE how to sell life insurance in this market. It just blows my mind. (Maybe some of you are different in this forum?) I'll admit, here in California though, the 403b flow sales alone you can make a very good living off of. In California where I'm at I'd say my average client is doing 500-600 monthly into their annuities. Many of the teachers are married to business owners or silicon valley types so many like to max out their 403b's - this is of course the easiest annuity sale ever that just keeps giving every year.

But again, I've noticed that virtually NO agents are selling life insurance (aside from the normal family need for a term or perm policy here and there).

The fact is this market is phenomenal for life sales! Even for single or divorced teachers it's super easy. I've never made easier life sales than I have in this market - and the premiums average 3,000-5,000 per policy. It has to do with understanding exactly their pensions work. You can certainly sell IUL's / UL's as an annuity alternative too. This is easy if you know what you are doing. It also helps to have a good software illustration system. One of the companies I deal with provides this and it makes life extremely easy and puts it in a visual for the client to see.

Many times I have a client already doing let's say $800.00 per month into an annuity...and when I'm done with them I've gotten them to reduce their annuity to $450 and give me a check for $350 for a life policy. Again if you know what you're doing it will make complete sense to the client. Do the math on those commissions!

The best part about this market (as shown in my example above) is that you often don't have to ask for anything!! Many either will just throw money at you because they are desperate to save - or, they are already saving - so you just have to show them a better use for those saving they are already putting away. You don't have to effect their net take home pay at all. Just redirect the funds and reap the big rewards. Nothing could be easier!

If I sit down with any agent in this market for 2 hours I would literally explode his/her commissions by incorporating life sales into their 403b business.. There are so many clear opportunities to sell TONS of life insurance in this niche but it blows me away how few agents do it. I'm not sure if it's laziness, or just ignorance?

--If you need help in this I am available for consult.

Intriguing news however can you teach an agent who has very little experience? I am a rookie agent looking to expand my horizons.
Regards,
Anthony
813-409-6522

 

[Deanna]

I really didn't mean to say i wouldn't work it. I wouldn't work it if what the previous commentators were saying were true across the board (of course this is probably not the case). They made it sound as if teachers were on welfare in Florida. Of course I also tried to shed light on the fact that there is a lot of GOLD in there....but you did a better job at doing that for me with your examples of the big hitters.

The key is becoming a big hitter. Any market 'sucks' if you suck - plain and simple. If you aren't willing to invest in yourself, learn from the best, read, study, practice - then you may as well sell italian ice and make up excuses why people won't buy (if it makes your feel better).

I had an agent who seemed to be unable to sell free water in the desert. So in one last ditch effort I sat down with him as 'the client'. I had to see how he was this BAD. And let me tell you he was awful. Besides his general salesmanship being terrible he demonstrated a clear lack of knowledge about product - and his prospects must have seen this. I gave him some tough love that day and put him to study. Once he applied himself and followed what I knew worked he made a complete 180 turn. It didn't take much to right the ship- but his rudder was definitely broken. I just think many agents learn to live with their 'limp' and make excuses..... Agents with excuses are a dime a dozen.

I've failed many times in my marketing attempts...but it's learning to go that extra mile where the few will usually reap the rewards. When I first started in the 403b market - my first 2 seminars were horrible. I was fumbling and dumbling my way out the door. I felt like quitting. But I KNEW there was a lot of money to be made so I tweaked and tweaked until I had a great presentation and could do it in my sleep. There's a bit of a learning curve but the money is very much THERE in the 403b market for sure.

As far as the Life insurance is concerned - good point about 'asking for it'. That alone will net you lots of sales. I have lead form at my seminars I hand out to get the attendees contact info. I have checkboxes on the lead form that they can check for areas they need 'help' in. It's amazing how many check off the Life Insurance box. And when they check that box I know I'm on my way to a 4 or even 5 figure sale (life plus annuity).

But aside from asking for the life insurance I think it's great to show the permanent insurance as a great alternative to their current annuity. When you illustrate an EIUL next to an EIA over 20+ years it's amazing how (if you are using the right company/product) the indexed life will outperform the indexed annuity! Higher Caps, Higher participation rates, and tax-free distributions during their lifetime, plus the insurance. It's hard to beat. The key is in how you present it. It's pretty typical for me to find the teacher already doing $500.00 a month and get them to redirect $250.00 of that into a life policy - it just takes showing them why it's beneficial. But of course you have to know why it's beneficial first. Most agents in this market do not know how to do this...but that doesn't mean they can't easily learn.

I know guyswho are doing this & doing very well. My question is, how do you get to the teachers? Do you go thru HR & do a presentation. Do you try to get their email addresses. How do you get to the people? Thanks