A NEW PostCard Idea!!

[Rearden]

Maybe my situation's different (or maybe Jacob has replaced all the ones I eventually come behind -- LOL), but replacing policies has been much tougher in my personal experience.

Called a lead two weeks ago... couple has Primerica and was pissed they trusted the agent decades ago who convinced them to drop their permanent coverage. Both had $15000 in coverage, both in their late 70s, and were paying no more than $60 each per policy.

The best I could present them was $7,000 in coverage for the same premium. They both had no urgency to switch based on my offering. Should I have showed up randomly, or begged for a meeting with them to convince them otherwise?

The same happened for a couple that had an Americo UL blowing up -- $20,000 in coverage each. Both smoked and one had COPD -- the best I could do was $7,000 each. No-go there, too -- even after sending in multiple cards and seeing them 2 times over a 4 month period.

I even came behind a guy that had a CP policy 3 months old I could get him Day 1 coverage through Americo (because he pipe-smokes) -- wouldn't budge (though I wonder if there was more to that one than meets the eye.).

Do I suck as a salesperson because I didn't replace these guys' policies? I don't think so. I can't make somebody want what I have -- it either makes sense or it doesn't. And every time I've hard-balled someone I end up getting a charge-back.

Obviously a replacement like the one Jacob did makes more sense -- hopefully you got it cancelled before you left and AARP won't call back to offer their WL conversion, which tends to beat out everything, plus be out of the 2 year contestability period.

 

[jdeasy]

Maybe my situation's different (or maybe Jacob has replaced all the ones I eventually come behind -- LOL), but replacing policies has been much tougher in my personal experience.

Called a lead two weeks ago... couple has Primerica and was pissed they trusted the agent decades ago who convinced them to drop their permanent coverage. Both had $15000 in coverage, both in their late 70s, and were paying no more than $60 each per policy.

The best I could present them was $7,000 in coverage for the same premium. They both had no urgency to switch based on my offering. Should I have showed up randomly, or begged for a meeting with them to convince them otherwise?

The same happened for a couple that had an Americo UL blowing up -- $20,000 in coverage each. Both smoked and one had COPD -- the best I could do was $7,000 each. No-go there, too -- even after sending in multiple cards and seeing them 2 times over a 4 month period.

I even came behind a guy that had a CP policy 3 months old I could get him Day 1 coverage through Americo (because he pipe-smokes) -- wouldn't budge (though I wonder if there was more to that one than meets the eye.).

Do I suck as a salesperson because I didn't replace these guys' policies? I don't think so. I can't make somebody want what I have -- it either makes sense or it doesn't. And every time I've hard-balled someone I end up getting a charge-back.

Obviously a replacement like the one Jacob did makes more sense -- hopefully you got it cancelled before you left and AARP won't call back to offer their WL conversion, which tends to beat out everything, plus be out of the 2 year contestability period.

AARP doesn't have a whole life to convert it to. It's hard for me to believe that you are having so much trouble replacing those policies. Those are the situations I love to run across. Man, Primerica? I love those!!

Are you presenting what you can do for them face to face or over the phone? If you are giving them rates and coverage information on the phone I can see where it would be a problem.

 

[Rearden]

JD -- it's in person, mostly (one was done over the phone).

AARP DOES have a whole life plan they convert to -- maybe it's not in your state, but I have talked to AARP several times and the agent over the phone presents it as such.

With that said, I have easily replaced AARP policies, Primerica policies, and Globe policies for people who didn't know what they were getting into and are presented the facts versus what they really want out of an insurance program, or are FED UP with price increases.

But I have failed to replace an equal amount where the prospect was completely unmotivated to switch, or completely turned off by reducing coverage in half when switching to whole life and keeping premium levels the same.

If you and the rest of you life guys are convincing your prospects to willingly take half the coverage they have in exchange for permanent coverage, please... tell me what it takes to move an unmotivated prospect to a willing buyer ready to throw his checkbook at me, knowing he's losing half his coverage and was totally turned off prior to the idea before you presented whatever approach you use.

AARP doesn't have a whole life to convert it to. It's hard for me to believe that you are having so much trouble replacing those policies. Those are the situations I love to run across. Man, Primerica? I love those!!

Are you presenting what you can do for them face to face or over the phone? If you are giving them rates and coverage information on the phone I can see where it would be a problem.

 

[Newby]

Maybe my situation's different (or maybe Jacob has replaced all the ones I eventually come behind -- LOL), but replacing policies has been much tougher in my personal experience.

Called a lead two weeks ago... couple has Primerica and was pissed they trusted the agent decades ago who convinced them to drop their permanent coverage. Both had $15000 in coverage, both in their late 70s, and were paying no more than $60 each per policy.

The best I could present them was $7,000 in coverage for the same premium. They both had no urgency to switch based on my offering. Should I have showed up randomly, or begged for a meeting with them to convince them otherwise?

The same happened for a couple that had an Americo UL blowing up -- $20,000 in coverage each. Both smoked and one had COPD -- the best I could do was $7,000 each. No-go there, too -- even after sending in multiple cards and seeing them 2 times over a 4 month period.

I even came behind a guy that had a CP policy 3 months old I could get him Day 1 coverage through Americo (because he pipe-smokes) -- wouldn't budge (though I wonder if there was more to that one than meets the eye.).

Do I suck as a salesperson because I didn't replace these guys' policies? I don't think so. I can't make somebody want what I have -- it either makes sense or it doesn't. And every time I've hard-balled someone I end up getting a charge-back.

Obviously a replacement like the one Jacob did makes more sense -- hopefully you got it cancelled before you left and AARP won't call back to offer their WL conversion, which tends to beat out everything, plus be out of the 2 year contestability period.

The step you are missing is taking them into the future. And calling their own company and making their company give them the bad news.

I've never had anyone stick with AARP that I can ever remember. You just call them up and ask what the premium is going to be when they are 78 years old. MAKE them tell it to their customer. Ask them what happens if they live past 80. Oh, they can convert? What's the price of that at age 80? Is that rate GUARANTEED to never increase? Oh, it IS? That's great! Can you send us that in writing because all your brochures on that plan say "the rate is NOT guaranteed." oh, I see, there is a VERBAL guarantee only but not a written one.

Once you expose that product for what it is and force their OWN company to give them the facts, they will NOT put a false trust in AARP ever again.

Primerica...same thing. What is the rate on this at age 91?

When replacing be EXTRA careful that they health qualify for what they are buying. Contestability should only be a problem if they lie on the app or commit sucide IF the agent does a thorough job and is completely honest. When in doubt...use Settlers or another company that REALLY checks them out BEFORE approving them.

 

[jdeasy]

JD -- it's in person, mostly (one was done over the phone).

AARP DOES have a whole life plan they convert to -- maybe it's not in your state, but I have talked to AARP several times and the agent over the phone presents it as such.

With that said, I have easily replaced AARP policies, Primerica policies, and Globe policies for people who didn't know what they were getting into and are presented the facts versus what they really want out of an insurance program, or are FED UP with price increases.

But I have failed to replace an equal amount where the prospect was completely unmotivated to switch, or completely turned off by reducing coverage in half when switching to whole life and keeping premium levels the same.

If you and the rest of you life guys are convincing your prospects to willingly take half the coverage they have in exchange for permanent coverage, please... tell me what it takes to move an unmotivated prospect to a willing buyer ready to throw his checkbook at me, knowing he's losing half his coverage and was totally turned off prior to the idea before you presented whatever approach you use.

AARP does not have a whole life in any state. Now, maybe the *** on the phone said it was, but it's not. It's clearly stated on the website and on the policy that "premiums are not guaranteed". Their "permanent" insurance is UL.

They are coming out with a whole life product, but it is way over priced. The "permanent" they have now is decently priced, but once showing people that the premiums are not guaranteed it's an easy switch. Better yet, as newby said, hav ethe marmadon on the AARP phone line tell them that the premiums are not guaranteed.

As for convincing people to switch. I don't believe I have ever "convinced" anyone to do anything. Educating them usually works much better. They already had interest or they wouldn't have sent in the card.

 

[Rearden]

Oh I take them to the future, alright.

The blowing-up UL couple I talked about... they're paying $30 a month for their coverage each... for $20,000. Both smoke and one has COPD -- their minds were open to looking at the alternatives both times.

I told them their policy WILL continue to skyrocket in price. I told them they will probably end up dropping it anyway because it will be so expensive, so why wait 5 years down the road when you might have WORSE health and not qualify for ANYTHING? I even showed them in their policy how the prices will go up and NOTHING's guaranteed.

They saw all of it and understood everything, rationally. But, as far as I could gather, the emotional loss of losing 60% of their current coverage in exchange for permanent coverage at a fixed rate did not match the picture I painted for them -- AFTER I painted it.

But... I'm working on an 85 year old RNA fully underwritten policy now that will replace a Primerica $1000/month term policy. The concept made perfect sense to him to switch to permanent coverage, and he had the urgency to switch because (a) his health was still good, and (b) his birthday's in July.

The step you are missing is taking them into the future. And calling their own company and making their company give them the bad news.

I've never had anyone stick with AARP that I can ever remember. You just call them up and ask what the premium is going to be when they are 78 years old. MAKE them tell it to their customer. Ask them what happens if they live past 80. Oh, they can convert? What's the price of that at age 80? Is that rate GUARANTEED to never increase? Oh, it IS? That's great! Can you send us that in writing because all your brochures on that plan say "the rate is NOT guaranteed." oh, I see, there is a VERBAL guarantee only but not a written one.

Once you expose that product for what it is and force their OWN company to give them the facts, they will NOT put a false trust in AARP ever again.

Primerica...same thing. What is the rate on this at age 91?

When replacing be EXTRA careful that they health qualify for what they are buying. Contestability should only be a problem if they lie on the app or commit sucide IF the agent does a thorough job and is completely honest. When in doubt...use Settlers or another company that REALLY checks them out BEFORE approving them.

 

[WinoBlues]

I would guess I write more people that already have insurance than do not. On the Americo UL, AOR it and order an inforce and a copy of the last annual report. Both easy to do with a quick phone call. Sometimes when they see the numbers on the Americo paper it moves them. Also it shows them that they have cash values today. They will not tomorrow. Did two just like that on Monday. The surrender values will fund the new Oxford policies for several years.

Even if they do nothing today you will get notice when it blows up. Future business that you have already done the work on. They will older so the price and commission goes up.

Oh I take them to the future, alright.

The blowing-up UL couple I talked about... they're paying $30 a month for their coverage each... for $20,000. Both smoke and one has COPD -- their minds were open to looking at the alternatives both times.

I told them their policy WILL continue to skyrocket in price. I told them they will probably end up dropping it anyway because it will be so expensive, so why wait 5 years down the road when you might have WORSE health and not qualify for ANYTHING? I even showed them in their policy how the prices will go up and NOTHING's guaranteed.

They saw all of it and understood everything, rationally. But, as far as I could gather, the emotional loss of losing 60% of their current coverage in exchange for permanent coverage at a fixed rate did not match the picture I painted for them -- AFTER I painted it.

But... I'm working on an 85 year old RNA fully underwritten policy now that will replace a Primerica $1000/month term policy. The concept made perfect sense to him to switch to permanent coverage, and he had the urgency to switch because (a) his health was still good, and (b) his birthday's in July.

 

[jacobtn]

How do u AOR that over the phone?

I would guess I write more people that already have insurance than do not. On the Americo UL, AOR it and order an inforce and a copy of the last annual report. Both easy to do with a quick phone call. Sometimes when they see the numbers on the Americo paper it moves them. Also it shows them that they have cash values today. They will not tomorrow. Did two just like that on Monday. The surrender values will fund the new Oxford policies for several years.

Even if they do nothing today you will get notice when it blows up. Future business that you have already done the work on. They will older so the price and commission goes up.

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Have you Ever had them actually issue the essentials whole life even table rated? I have not had them issue a single case. They take 2 mths and decline everybody I sent them so I quit using them. I use genworth and north american generally for fully under written cases.

Oh I take them to the future, alright.

The blowing-up UL couple I talked about... they're paying $30 a month for their coverage each... for $20,000. Both smoke and one has COPD -- their minds were open to looking at the alternatives both ti

I told them their policy WILL continue to skyrocket in price. I told them they will probably end up dropping it anyway because it will be so expensive, so why wait 5 years down the road when you might have WORSE health and not qualify for ANYTHING? I even showed them in their policy how the prices will go up and NOTHING's guaranteed.

They saw all of it and understood everything, rationally. But, as far as I could gather, the emotional loss of losing 60% of their current coverage in exchange for permanent coverage at a fixed rate did not match the picture I painted for them -- AFTER I painted it.

But... I'm working on an 85 year old RNA fully underwritten policy now that will replace a Primerica $1000/month term policy. The concept made perfect sense to him to switch to permanent coverage, and he had the urgency to switch because (a) his health was still good, and (b) his birthday's in July.

 

[WinoBlues]

How do u AOR that over the phone?


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Couple ways. A three way call to the company or I email them the form and have the fax, email or mail back to me.

I have done hundreds that way.

 

[jdeasy]

How do u AOR that over the phone?


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Have you Ever had them actually issue the essentials whole life even table rated? I have not had them issue a single case. They take 2 mths and decline everybody I sent them so I quit using them. I use genworth and north american generally for fully under written cases.

Are you asking about RNA's Essential Life being rated? If so I have had many, many of them rated. had a fair share declined a few years years ago. Almost none declined anymore. Of course I'm more selective with it myself.

I have i\had it rated as high as a table 6 and accepted at that. Most are rated a table 2 or 3. I probaly have as many issued as applied for as I do rated. I can't remember a client not taking an OTAF from them.