Advantage's For Prospects

[noah]

As Indy agents,we often hear things from prospects like "I'm with Aarp" or "I'm talking with Colonial Penn,or Met Life", so on and so forth.

What are some good responses that ?

What do you tell clients about TV/mail/telemarketer insurance vs. buying from an agent ?

Sent from the FE Universe

 

[mmike160]

I bring a laptop and show them the fine print on each of those company's websites. Aarp, term to 80, no cash value, increasing premium.

Metlife is a two year wait as most colonial Penn along with their super high $15 a unit pricing. All that said, I tell them I like Alex trebec too, but I dont recommend those TV call center companies.

 

[noah]

I bring a laptop and show them the fine print on each of those company's websites. Aarp, term to 80, no cash value, increasing premium.

Metlife is a two year wait as most colonial Penn along with their super high $15 a unit pricing. All that said, I tell them I like Alex trebec too, but I dont recommend those TV call center companies.

Do you think it's a good idea to show them this ?

Settlement reached in Death Master case with NY Life
News: 2013 Press Release
For Release: October 24, 2013
Media Calls Only: 916-492-3566
Settlement reached in Death Master case with NY Life
California Department of Insurance leads multi-state investigations into life insurers' use of Social Security Administration's Death Master File
SACRAMENTO, Calif. - Insurance Commissioner Dave Jones announced today that the California Department of Insurance has, with other state insurance regulators, reached a settlement agreement with New York Life Insurance Company over the insurer's use of the Social Security Administration's Death Master File database to ensure policyholders and beneficiaries are protected.
New York Life has agreed to a number of business practice reforms, including using the Death Master File database (DMF) to search its records for deceased life insurance policyholders so that its beneficiaries may be paid. In addition, New York Life agreed to pay $15 million to insurance regulators. The principal lead state in this investigation was California, with support from insurance regulators from Florida, Illinois, New Hampshire, North Dakota and Pennsylvania.
"This agreement advances our nationwide effort to reform life insurance industry practices regarding the use of the Death Master database," said Commissioner Jones.
For many years, life insurers have used the DMF to search for and stop payments to annuity holders, but did not use the database to identify their own deceased life insurance policyholders whose beneficiaries are owed life insurance proceeds. It is estimated that through this practice, insurers avoided paying billions of dollars in life insurance proceeds to beneficiaries and also failed to turn over unclaimed proceeds to state controllers throughout the United States. New York Life has demonstrated that it has been using the DMF symmetrically with quarterly DMF runs since regulators commenced examinations in 2011.
New York Life ranks third in sales of life insurance and annuities with over $21 billion in annual premiums. With the New York Life agreement, life insurers representing over 50 percent of the total national market have conformed or agreed to reform their business practices and use the Death Master to search for deceased policyholders and make benefit payments.

 

[JoshC]

As Indy agents,we often hear things from prospects like "I'm with Aarp" or "I'm talking with Colonial Penn,or Met Life", so on and so forth.

What are some good responses that ?

What do you tell clients about TV/mail/telemarketer insurance vs. buying from an agent ?

Sent from the FE Universe

I tell them that a lot of folks assume prices are lower when they don't have an agent involved, which is false. The insurance company requires me to sign off stating that I have seen you in person and if you were able to answer all the medical questions. They will also ask me if I believe that you are medically qualified for the product. In doing so we are giving the insurance company more information so they can feel confident in offering first day coverage at an affordable rate.

 

[PA Bill]

I bring a laptop and show them the fine print on each of those company's websites. Aarp, term to 80, no cash value, increasing premium.

Metlife is a two year wait as most colonial Penn along with their super high $15 a unit pricing. All that said, I tell them I like Alex trebec too, but I dont recommend those TV call center companies.

This is good advice. The old salesmen always said to know your product and your competition. This stuff is our main competition. Much more than LH, etc. We sell a better product at a lower price. Prove it to them.

 

[rousemark]

Do you think it's a good idea to show them this ?

Settlement reached in Death Master case with NY Life
News: 2013 Press Release
For Release: October 24, 2013
Media Calls Only: 916-492-3566
Settlement reached in Death Master case with NY Life
California Department of Insurance leads multi-state investigations into life insurers' use of Social Security Administration's Death Master File
SACRAMENTO, Calif. - Insurance Commissioner Dave Jones announced today that the California Department of Insurance has, with other state insurance regulators, reached a settlement agreement with New York Life Insurance Company over the insurer's use of the Social Security Administration's Death Master File database to ensure policyholders and beneficiaries are protected.
New York Life has agreed to a number of business practice reforms, including using the Death Master File database (DMF) to search its records for deceased life insurance policyholders so that its beneficiaries may be paid. In addition, New York Life agreed to pay $15 million to insurance regulators. The principal lead state in this investigation was California, with support from insurance regulators from Florida, Illinois, New Hampshire, North Dakota and Pennsylvania.
"This agreement advances our nationwide effort to reform life insurance industry practices regarding the use of the Death Master database," said Commissioner Jones.
For many years, life insurers have used the DMF to search for and stop payments to annuity holders, but did not use the database to identify their own deceased life insurance policyholders whose beneficiaries are owed life insurance proceeds. It is estimated that through this practice, insurers avoided paying billions of dollars in life insurance proceeds to beneficiaries and also failed to turn over unclaimed proceeds to state controllers throughout the United States. New York Life has demonstrated that it has been using the DMF symmetrically with quarterly DMF runs since regulators commenced examinations in 2011.
New York Life ranks third in sales of life insurance and annuities with over $21 billion in annual premiums. With the New York Life agreement, life insurers representing over 50 percent of the total national market have conformed or agreed to reform their business practices and use the Death Master to search for deceased policyholders and make benefit payments.

Probably very confusing for your average senior client. Besides while NYL is named in that settlement they weren't the only company that had to change their way of doing things as a result of it.

 

[Big Stick]

I bring a laptop and show them the fine print on each of those company's websites. Aarp, term to 80, no cash value, increasing premium. Metlife is a two year wait as most colonial Penn along with their super high $15 a unit pricing. All that said, I tell them I like Alex trebec too, but I dont recommend those TV call center companies.

This is good advice. The old salesmen always said to know your product and your competition. This stuff is our main competition. Much more than LH, etc. We sell a better product at a lower price. Prove it to them.

Very good advise to know the competition and point out the flaws. And anything you SHOW will have credibility. Anything you SAY won't. But bringing a laptop is a bit much in my opinion.

Just go online and sign up for "free quotes" From these companies. You'll have the information you need. Hi-lite the flaws and add to your bag. Granted, you won't have cash value details, but I can't imagine that being a deal breaker.

Some people I know have actual policies copied from them, or got a policy and cxl'd it. I would think that would be about as strong as you can get on credibility. But, in my personal experience, the information on the apps are enough.

Draw attention to the wording and that they are marketing companies. "You can't be singled out for a rate increase" is marketing at work. Explain it and let them see that's not helping them. Or, "you're guaranteed to be accepted"...explain what that is saying. Do they want to pay the same rate as somebody who is on kidney dialysis or has cancer?

Normally, when I get that response, your reply has to be short and meaningful enough to make them want to hear more. I'm not a vet...so I would love to see other responses. If you can grant yourself a couple extra minutes, then you can walk em through a SMART decision.