Anyone Deal with Lifetel Web or Lifetelinsure.com?

[txspeck]

I sure do know, Redbeard. I'm pretty sure we've all been through it. I did something very similar for years and have certainly paid my dues. That's just another of the sweeter parts of the LifeTel deal is to be off the road finally. Truly, just follow the system, work smart, be realistic with your expectations and the results should be there for you. Good luck

So do you think a newbie with no insurance experience can actually close couple of deals a week? I have plenty of sales experience and I know from my past more people you see or talk to more sales you make. I assume its a numbers game with the leads? more leads more sales.

 

[mikeyv7]

So do you think a newbie with no insurance experience can actually close couple of deals a week? I have plenty of sales experience and I know from my past more people you see or talk to more sales you make. I assume its a numbers game with the leads? more leads more sales.

Yes, absolutely. And your assumption is completely correct. Honestly, I just think the key is not to try to dive into too much too quickly. I see and hear some newbie agents talking about and trying to write I.U.L.'s and some of the more complex add on's right out of the gate and I think that's a real mistake. Just start basic, initially. Simple product line (term), simple approach, easy to explain, etc. Get your mechanics down first and then you can try to get a little fancier maybe. That's my advice anyway and that's what worked for me

 

[JRoot]

No, in fact you're correct. I love the B Leads, I know how to work them intelligently and I can just about get all that I need out of them. Just from a "dollars and cents" standpoint, that's the best deal without question. It takes a little extra work, though. A few extra dials, a few more conversations, a few more "no's", sometimes some HARD "no's".LOL. Let's put it this way, the A Leads I buy are my reward to myself. It's just nice to be able to call someone who just filled that form out a couple of days ago and to not have to maneuver quite as much. Helps you keep your sanity to get to hit a "slow pitch" here and there. Makes the other calls easier. I learned a long time ago that you have to build in little rewards for yourself, try to keep it fun, try to keep it interesting, etc. It's just hard to run the motor at 9 thousand RPM's solid, if you know what I mean. That's the recipe for burnout!

Also from the other post, that's correct, that's the final number I actually close. I buy 4 leads, have 4 leads in front of me, 1 I never reach, 1 tells me to buzz off, 1 gives me the run-around and I give chase and 1 I close and usually it's right there on the first call or, at worst, a hop over day follow up

Mike, I find this hard to believe.

I've been working life insurance telesales for a long time and closing 1 out of 4 leads over the phone just doesn't happen with any consistency.

If any of the big life insurance call centers or even direct to consumer carrier models caught wind of those sorts of numbers, they would buy up everything...and pay a premium on it.

I believe this is a legit opportunity, but I don't believe those numbers.

 

[mikeyv7]

Mike, I find this hard to believe.

I've been working life insurance telesales for a long time and closing 1 out of 4 leads over the phone just doesn't happen with any consistency.

If any of the big life insurance call centers or even direct to consumer carrier models caught wind of those sorts of numbers, they would buy up everything...and pay a premium on it.

I believe this is a legit opportunity, but I don't believe those numbers.

Hello JRoot. Thank you for your post. You know, really it mostly is accurate. If you take a glance back at my earlier post, I said something to the effect of 1 in 4 on the better side of the equation and more like 1 in 5 on the cooler side. Ongoing, the ratio is really somewhere in between. I want to be very clear about something, though. I'm by no means saying it's a cake walk. It takes a good bit of work and it's certainly a full time job. That's why I'm trying to ease my way in more and more in the management, but I'm definitely seeing the limitations of my overall time and it has taken a small toll on my current production. Getting agents going is enjoyable in its' own way, but I have to keep my own lights on first and foremost. I was speaking with Elly today who was speaking to one of his other direct guys earlier in the day and he said something that's very right on. It might seem obvious, but in practice again it takes some doing. It's all about maximizing contacts. I've heard it described before as your "touch rate". I call, I vary up my call times, I send emails and anything else I can possibly think of to be talking to as many people every day as I possibly can. For me, it's about getting them on the phone, setting a relaxed but professional tone, stressing the advantage of not having to drive out there and I see if I can get in to some numbers with them and find a hot point to pounce on. Again, it takes work and a lot of thinking. If you look at one of my other posts on the A Leads, that's the reason I pepper those in because I just need some easier fish to pick off here and there LOL

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I want you to note also that I'm talking ONLY about mail leads here. Again, brand new A's and good quality B's. I know some of the bigger inside call centers also and I'm in no way saying you're going to close 1 in 4 or 1 in 5 on internet leads or on a dialer and so forth. I tried something prior to LifeTel and it was more that type of model and that's truly grueling work and a lot more dials, numbers and just a completely different animal. That's part of why I left it because I never really could find consistency and or put my finger on any real ratio I could depend on. As I've said before, I'm keeping my focus right on A and B Leads, staying mostly away from the internet stuff and these are my numbers. I'm a mail lead guy.

 

[broncos12]

Those conversion numbers for direct mail leads would be inline to expectation, whether you're working on the telephone or in person. I have a bunch of experience from past field MP selling and those are the numbers you go for. Even slightly better, if you can. With A leads costing in the neighborhood of $35-$40, depending on who you're getting them through, you simply have to close 1 out of 3 to be profitable. Also, with a good, not ancient B lead 1 out of 5 would be there inline as well. Like Mike said, you really can't compare direct mail conversation numbers to the conversation coming from internet stuff or a machine dialing for you. I don't think so, anyway. By the way, especially in the MP market, in doesn't matter if you're seeing people in person or doing it over the phone anymore. If anything, like's been said throughout and what LifeTel hangs their hat on, the market's changed a whole bunch and as long as you have a streamlined approach, which LifeTel does, you can be every bit as effective on the phone.

 

[pcbinsurance]

"With A leads costing in the neighborhood of $35-$40, depending on who you're getting them through, you simply have to close 1 out of 3 to be profitable."
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Simply not true at all. Do the math.

 

[mikeyv7]

"With A leads costing in the neighborhood of $35-$40, depending on who you're getting them through, you simply have to close 1 out of 3 to be profitable."
************************

Simply not true at all. Do the math.

Hello pcbinsurance Pcb, I live this "math" every day. I think what Broncos is trying to say is that A Leads are obviously the pricier leads and because of the difference in the cost and quality, those suckers have to be closed. Personally, I try to work every prospect hard, but especially when I know I have an honest to god A Lead in my hand and I know it's coming at a premium, it's ups the ante that much more, I know the clock is ticking that much faster and I make sure I give my best pitch and close. What you're selling and average premium of course matters always, but I know I sure try to make sure I'm closing in that same 1 out of 3 window when I'm working my A's. Gotta do it

 

[pcbinsurance]

I understand all that but he said he has to close 1 out of 3 to be profitable and that's simply not true.

Lead Cost for 3: $105-$120

Average commission on a term life policy: MUCH MORE THAN $105-$120

 

[mikeyv7]

I understand all that but he said he has to close 1 out of 3 to be profitable and that's simply not true.

Lead Cost for 3: $105-$120

Average commission on a term life policy: MUCH MORE THAN $105-$120

Okie dokie. How about this for math...

20 leads @ $35 per = $700 (a weekly batch of 20)
1 out of 3 sold is roughly 7 sales
Say $50 per month, $600 a.p. per case. Small, conservative premiums (term)
7 sales X $600 a.p. = $4,200 total written a.p.
Say 75% placement (fair) = $3,150 total placed a.p.
X 95% commission = $2,992.50 total first year commission
X 75% annualization = $2,244.38 total advance commission
- lead cost of $700
Net profit (advance only) = $1,544.38 for that batch of leads.

Obviously, the goal is not to break even or just profit a few bucks, but instead to earn an income level weekly R.O.I. Again, I believe what Broncos was trying to say is that "profitable" means being able to have a take home by the time everything is said and done that will pay a mortgage payment, car payment, put food on the table, etc. "Profitable" didn't mean just being "plus dollar" over the expense of the leads. That's all I'm sayin

 

[pcbinsurance]

Interesting that you are only counting the advanced portion. Good luck to you guys. Seems like an okay gig.