Cold Calling for Both Term and UL Insurance

[adamantium]

I am looking for some insight on cold calling for term life and UL. What is the success rate for these lines with cold calling? What are the target markets for these lines with reference to age and income? I appreciate any guidance given and look forward to incorporating it into my marketing strategy.

 

[dgoldenz]

Waste of time....

 

[adamantium]

What factor makes it a waste? Why would it not work like health insurance cold calling?

 

[Death Cab For Tootie]

If you do it enough, it won't be a waste of time. However, you may run out of hours in the day to do other things like eat and bathe. That is, unless you are good on the phone. Asking this question leads me to believe you are not good on the phone. That's ok, we've all been there. A quick script that may work goes something like:

"Mr./Mrs. Prospect, this is DCFT, is this a good time? Great. I work with successful professionals like yourself who are concerned about what would happen to their family should they die prematurely. Is this a concern of yours?"

If "No."

"Thank you for your time." CLICK.

If "Yes.", then ask them what they are currently doing to correct this problem. If nothing, suggest you get together at their office for 15 to complete a fact finder. If they're working on it, ask them what steps they are taking to correct the problem. If something smells fishy in their response, offer a review of their current path. If they push back, thank them for their time and MOVE ON.

The key is volume, finding pain, and most importantly, asking for the appointment. I hope this helps.

 

[Death Cab For Tootie]

If you do it enough, it won't be a waste of time. However, you may run out of hours in the day to do other things like eat and bathe. That is, unless you are good on the phone. Asking this question leads me to believe you are not good on the phone. That's ok, we've all been there. A quick script that may work goes something like:

"Mr./Mrs. Prospect, this is DCFT, is this a good time? Great. I work with successful professionals like yourself who are concerned about what would happen to their family should they die prematurely. Is this a concern of yours?"

If "No."

"Thank you for your time." CLICK. Life is too short to fight with pikers who don't want to meet with you and/or don't care to take care of their loved ones.

If "Yes.", then ask them what they are currently doing to correct this problem. If nothing, suggest you get together at their office for 15 to complete a fact finder. If they're working on it, ask them what steps they are taking to correct the problem. If something smells fishy in their response, offer a review of their current path. If they push back, thank them for their time and MOVE ON.

The key is volume, finding pain, and most importantly, asking for the appointment. I hope this helps.

 

[VaDwayne]

If you do it enough, it won't be a waste of time. However, you may run out of hours in the day to do other things like eat and bathe. That is, unless you are good on the phone. Asking this question leads me to believe you are not good on the phone. That's ok, we've all been there. A quick script that may work goes something like:

"Mr./Mrs. Prospect, this is DCFT, is this a good time? Great. I work with successful professionals like yourself who are concerned about what would happen to their family should they die prematurely. Is this a concern of yours?"

If "No."

"Thank you for your time." CLICK. Life is too short to fight with pikers who don't want to meet with you and/or don't care to take care of their loved ones.

If "Yes.", then ask them what they are currently doing to correct this problem. If nothing, suggest you get together at their office for 15 to complete a fact finder. If they're working on it, ask them what steps they are taking to correct the problem. If something smells fishy in their response, offer a review of their current path. If they push back, thank them for their time and MOVE ON.

The key is volume, finding pain, and most importantly, asking for the appointment. I hope this helps.

This script is terrible. There will never be a good time to call, so don't ask. You are just setting yourself up for a NO answer.

Try this:

Good __________ Mr./Mrs. Jones,

My name is ______ _______, I PROMISE TO ONLY KEEP YOU FOR A SECOND!!

The reason I am calling is because I am a local independant insurance agent and I HELP families with their life insurance needs.

I would like to email you some information about my agency and the products that I sell. WOULD THAT BE O.K.?

if no- move on

If yes- Great, would you like me to include rates(not quotes) with that? (MOST WILL SAY YES)

If no- send info about you agency, and move on
If yes- In order for me to get an accurate rate for you I will need to ask you just a few questions.

1. Do you want rates for just you or for you and your family?
2. What is your current age, your spouse's, children?
3. What is your birthdate, spouse's, children?
4. Does anyone smoke in your family?
5. Any medical problems like diabetes, etc?
6. Height and weight? (tread lightly if it's a lady you are speaking to)

Send email and follow-up in a day to see what they thought of the rates.

 

[adamantium]

Thanks guys! Has anyone tried cold calling residential? If most agents do not do it, why not? Is there any other factor to consider besides the DNC registry?

 

[moonlightandmargaritas]

Thanks guys! Has anyone tried cold calling residential? If most agents do not do it, why not? Is there any other factor to consider besides the DNC registry?

Very few dials will actually result in talking to someone.

Why cold calling? Are you broke, or just opposed to doing some marketing that actually works?

 

[Justin Bilyj]

Paul, as tired as I am about hearing your views on cold calling, please, what books or resources would you recommend for "marketing that actually works"?
Maybe I will take a walk on the wild side...

 

[Death Cab For Tootie]

This script is terrible. There will never be a good time to call, so don't ask. You are just setting yourself up for a NO answer.

Try this:

Good __________ Mr./Mrs. Jones,

My name is ______ _______, I PROMISE TO ONLY KEEP YOU FOR A SECOND!!

The reason I am calling is because I am a local independant insurance agent and I HELP families with their life insurance needs.

I would like to email you some information about my agency and the products that I sell. WOULD THAT BE O.K.?

if no- move on

If yes- Great, would you like me to include rates(not quotes) with that? (MOST WILL SAY YES)

If no- send info about you agency, and move on
If yes- In order for me to get an accurate rate for you I will need to ask you just a few questions.

1. Do you want rates for just you or for you and your family?
2. What is your current age, your spouse's, children?
3. What is your birthdate, spouse's, children?
4. Does anyone smoke in your family?
5. Any medical problems like diabetes, etc?
6. Height and weight? (tread lightly if it's a lady you are speaking to)

Send email and follow-up in a day to see what they thought of the rates.

Guess we're going to have a difference of opinion. My script may suck, but yours BLOWS. That was something that I came up with off the top of my head, this sounds like something you actually use. Yeeesh. At least when I can ask if it's a good time, I'm showing some respect for interrupting their day. If it isn't, they'll tell me and I'll call back some other time. The normal response? "What's this about?". I then can go through my approach and ask for the appointment.

Send something? What for? Even if you get some upfront info about their height/weight, meds, etc., what makes you think they're being up-front about it? Why waste the postage and paper? Quotes? Screw that. Until someone is in underwriting, has put pen to paper, and is getting a paramed, quotes mean nothing. I can't tell you how often someone has come back rated when they look healthy (or they get ultra when they look like crap). I show people illustrations once a firm offer is on the table. If they don't like it, I explain my process and the two of us decide whether it makes sense to continue the conversation. If it doesn't make sense, so what? There's plenty of people out there I can help. There's no reason to waste time on someone who doesn't truly want my help and is open-minded enough to take feedback from a true professional.