Cold Calling Script For Life Insurance

*1st time poster*

I enjoyed reading this thread as it brought back memories of how I started selling term life insurance by cold calling. My book is now over 1500 policies over the past 10-12 years, and has been done 100% by phone (I never meet clients face-to-face).

Cold calls do work, but it can be a tough grind for some people. I'm lucky I was a little bent and actually liked cold calling. My strategy 10 years was:

#1 - buy a CD Phonebooks disk and import the names of people by street address into a MS Word mail merge sales letter.

#2 - print out a personalized "Dear (imported name)" pre-approach sales letter (I called this my million dollar letter).

#3 - go for a 60-90 minute walk each morning hand delivering about 100 personalized letters in a labeled envelope (looked like a piece of mail except no stamp), street by street. Btw great exercise!

#4 - cold call from 7:00pm to 8:45pm every Monday to Thursday night except when I've booked appointment to write apps.

#5 - use my actual script I used from over 5,000 cold calls...

May I speak to Mr. (or Mrs.) (Real Name) please? Mr. (Name), my name is ___ ____ from ______, and this is a cold call :) (say it with a cheeky voice and smile on my face). (pause)

At this point the person on the phone either starts laughing (which is great), or says '"yes" (with upward inflection in their voice as they are curious) and allows me to continue, or says "what's that"? to which I reply "I'm calling to sell you something :)" (again with a grin, and add small chuckle if it comes naturally), which either got someone laughing or ended the call real fast. Sometimes someone firmly said "not interested", to which I politely replied "thank you, sorry to bother you" and hung up.

Basically this first few seconds either establishes some humor and rapport with the prospect, or it doesn't. As I'd make about 100 calls a night, and actually spoke with 40ish people per night, it was a pure numbers game, and any one phone call isn't a big deal to blow or lose.

From that point the script is easy :

"The reason for my call is that I sent you some information about term life insurance a few days ago, and I'm calling to ask if you'd like a free, no-obligation quote".

Now I know a lot of sale trainers say don't ask a "yes" or "no" question. But this quick, easy to deliver, and straight to the point script worked for me and my personality. And it quickly weeded out those who were not interested, so I could quickly move to the next call (dialing for dollars).

One thing I've learned selling term life by phone is that people usually buy during a transition or period of change in their life (bought new home, had a baby, exiting insurance coming up for renewal, etc...) So the sale really isn't about me ... it's about the client and his or her situation at the time. A prospect is either receptive, or he's not. And it's not something I control. The more you "try" or work to convince, the more desperate you sound on the phone, and the less success you have.

Now if someone says "sure, I'd like a quote", I ask them a few quick questions, plug the numbers in Compulife, and say "if you have a pen handy I can give you the numbers right now".

If someone says "no" in a firm way, I say "thank you, sorry to bother you, have a good night".

However if someone says something somewhat negative, but which makes me think they might be a little interested, I'd say:

"Mr. ____, I understand. Rates for term like insurance have fallen by approximately 40% in the past 3 years due to fierce competition in the marketplace (which was very true at the time here in Canada), and many people with existing coverage are paying much more than they need to. To make sure you're not overpaying, would you like a quick comparison quote?"

Yes/No

I'd keep data sheeting of each evenings worth of call (one sheet per evening). I'd make a game of circles and crosses of the outcome of each call. I averaged speaking to about 40 actual people every night of which about 1 in 6 said they'd like a quote. This generated about 8 quotes per day which I worked on sending out the next day by mail. I sent out about 20-30 quotes a week.

My closing ratio was about 1 in 8 or 1 in 10. So this generated about 3-5 apps a week (of which probably 3-4 settled). Back then my average case size was about $500 a year. So it was about $75K a year in premiums. Btw the average commission per phone call (whether I actually spoke to someone or not - busy, got no answer, voicemail, etc...) was something like $5.

Later on I moved to a lead gen website and continued to cold call, but the leads were a little warmer as the prospects provided me their name and phone number through my site. I'd still call them up and sell by phone using a modified script.

Thanks for the trip down memory lane :) I look back fondly of my starting years selling term life. Cold calls do work for some people, and with a good approach.
 
*1st time poster*

I enjoyed reading this thread as it brought back memories of how I started selling term life insurance by cold calling. My book is now over 1500 policies over the past 10-12 years, and has been done 100% by phone (I never meet clients face-to-face).

Cold calls do work, but it can be a tough grind for some people. I'm lucky I was a little bent and actually liked cold calling. My strategy 10 years was:

#1 - buy a CD Phonebooks disk and import the names of people by street address into a MS Word mail merge sales letter.

#2 - print out a personalized "Dear (imported name)" pre-approach sales letter (I called this my million dollar letter).

#3 - go for a 60-90 minute walk each morning hand delivering about 100 personalized letters in a labeled envelope (looked like a piece of mail except no stamp), street by street. Btw great exercise!

#4 - cold call from 7:00pm to 8:45pm every Monday to Thursday night except when I've booked appointment to write apps.

#5 - use my actual script I used from over 5,000 cold calls...

May I speak to Mr. (or Mrs.) (Real Name) please? Mr. (Name), my name is ___ ____ from ______, and this is a cold call :) (say it with a cheeky voice and smile on my face). (pause)

At this point the person on the phone either starts laughing (which is great), or says '"yes" (with upward inflection in their voice as they are curious) and allows me to continue, or says "what's that"? to which I reply "I'm calling to sell you something :)" (again with a grin, and add small chuckle if it comes naturally), which either got someone laughing or ended the call real fast. Sometimes someone firmly said "not interested", to which I politely replied "thank you, sorry to bother you" and hung up.

Basically this first few seconds either establishes some humor and rapport with the prospect, or it doesn't. As I'd make about 100 calls a night, and actually spoke with 40ish people per night, it was a pure numbers game, and any one phone call isn't a big deal to blow or lose.

From that point the script is easy :

"The reason for my call is that I sent you some information about term life insurance a few days ago, and I'm calling to ask if you'd like a free, no-obligation quote".

Now I know a lot of sale trainers say don't ask a "yes" or "no" question. But this quick, easy to deliver, and straight to the point script worked for me and my personality. And it quickly weeded out those who were not interested, so I could quickly move to the next call (dialing for dollars).

One thing I've learned selling term life by phone is that people usually buy during a transition or period of change in their life (bought new home, had a baby, exiting insurance coming up for renewal, etc...) So the sale really isn't about me ... it's about the client and his or her situation at the time. A prospect is either receptive, or he's not. And it's not something I control. The more you "try" or work to convince, the more desperate you sound on the phone, and the less success you have.

Now if someone says "sure, I'd like a quote", I ask them a few quick questions, plug the numbers in Compulife, and say "if you have a pen handy I can give you the numbers right now".

If someone says "no" in a firm way, I say "thank you, sorry to bother you, have a good night".

However if someone says something somewhat negative, but which makes me think they might be a little interested, I'd say:

"Mr. ____, I understand. Rates for term like insurance have fallen by approximately 40% in the past 3 years due to fierce competition in the marketplace (which was very true at the time here in Canada), and many people with existing coverage are paying much more than they need to. To make sure you're not overpaying, would you like a quick comparison quote?"

Yes/No

I'd keep data sheeting of each evenings worth of call (one sheet per evening). I'd make a game of circles and crosses of the outcome of each call. I averaged speaking to about 40 actual people every night of which about 1 in 6 said they'd like a quote. This generated about 8 quotes per day which I worked on sending out the next day by mail. I sent out about 20-30 quotes a week.

My closing ratio was about 1 in 8 or 1 in 10. So this generated about 3-5 apps a week (of which probably 3-4 settled). Back then my average case size was about $500 a year. So it was about $75K a year in premiums. Btw the average commission per phone call (whether I actually spoke to someone or not - busy, got no answer, voicemail, etc...) was something like $5.

Later on I moved to a lead gen website and continued to cold call, but the leads were a little warmer as the prospects provided me their name and phone number through my site. I'd still call them up and sell by phone using a modified script.

Thanks for the trip down memory lane :) I look back fondly of my starting years selling term life. Cold calls do work for some people, and with a good approach.

Hello Bowling. Really glad you posted this. Can you share with us the letter you used? I have been putting together a plan and your post confirmed things and really helped pull it all together. Thank you!
 
Hello Bowling and thanks for the post. Can you share what was in the letter you used? I have been trying to pu ll together a plan and this one connects the dots for me. Thanks again!
 
*1st time poster*

I enjoyed reading this thread as it brought back memories of how I started selling term life insurance by cold calling. My book is now over 1500 policies over the past 10-12 years, and has been done 100% by phone (I never meet clients face-to-face).

Cold calls do work, but it can be a tough grind for some people. I'm lucky I was a little bent and actually liked cold calling. My strategy 10 years was:

#1 - buy a CD Phonebooks disk and import the names of people by street address into a MS Word mail merge sales letter.

#2 - print out a personalized "Dear (imported name)" pre-approach sales letter (I called this my million dollar letter).

#3 - go for a 60-90 minute walk each morning hand delivering about 100 personalized letters in a labeled envelope (looked like a piece of mail except no stamp), street by street. Btw great exercise!

#4 - cold call from 7:00pm to 8:45pm every Monday to Thursday night except when I've booked appointment to write apps.

#5 - use my actual script I used from over 5,000 cold calls...

May I speak to Mr. (or Mrs.) (Real Name) please? Mr. (Name), my name is ___ ____ from ______, and this is a cold call :) (say it with a cheeky voice and smile on my face). (pause)

At this point the person on the phone either starts laughing (which is great), or says '"yes" (with upward inflection in their voice as they are curious) and allows me to continue, or says "what's that"? to which I reply "I'm calling to sell you something :)" (again with a grin, and add small chuckle if it comes naturally), which either got someone laughing or ended the call real fast. Sometimes someone firmly said "not interested", to which I politely replied "thank you, sorry to bother you" and hung up.

Basically this first few seconds either establishes some humor and rapport with the prospect, or it doesn't. As I'd make about 100 calls a night, and actually spoke with 40ish people per night, it was a pure numbers game, and any one phone call isn't a big deal to blow or lose.

From that point the script is easy :

"The reason for my call is that I sent you some information about term life insurance a few days ago, and I'm calling to ask if you'd like a free, no-obligation quote".

Now I know a lot of sale trainers say don't ask a "yes" or "no" question. But this quick, easy to deliver, and straight to the point script worked for me and my personality. And it quickly weeded out those who were not interested, so I could quickly move to the next call (dialing for dollars).

One thing I've learned selling term life by phone is that people usually buy during a transition or period of change in their life (bought new home, had a baby, exiting insurance coming up for renewal, etc...) So the sale really isn't about me ... it's about the client and his or her situation at the time. A prospect is either receptive, or he's not. And it's not something I control. The more you "try" or work to convince, the more desperate you sound on the phone, and the less success you have.

Now if someone says "sure, I'd like a quote", I ask them a few quick questions, plug the numbers in Compulife, and say "if you have a pen handy I can give you the numbers right now".

If someone says "no" in a firm way, I say "thank you, sorry to bother you, have a good night".

However if someone says something somewhat negative, but which makes me think they might be a little interested, I'd say:

"Mr. ____, I understand. Rates for term like insurance have fallen by approximately 40% in the past 3 years due to fierce competition in the marketplace (which was very true at the time here in Canada), and many people with existing coverage are paying much more than they need to. To make sure you're not overpaying, would you like a quick comparison quote?"

Yes/No

I'd keep data sheeting of each evenings worth of call (one sheet per evening). I'd make a game of circles and crosses of the outcome of each call. I averaged speaking to about 40 actual people every night of which about 1 in 6 said they'd like a quote. This generated about 8 quotes per day which I worked on sending out the next day by mail. I sent out about 20-30 quotes a week.

My closing ratio was about 1 in 8 or 1 in 10. So this generated about 3-5 apps a week (of which probably 3-4 settled). Back then my average case size was about $500 a year. So it was about $75K a year in premiums. Btw the average commission per phone call (whether I actually spoke to someone or not - busy, got no answer, voicemail, etc...) was something like $5.

Later on I moved to a lead gen website and continued to cold call, but the leads were a little warmer as the prospects provided me their name and phone number through my site. I'd still call them up and sell by phone using a modified script.

Thanks for the trip down memory lane :) I look back fondly of my starting years selling term life. Cold calls do work for some people, and with a good approach.

Did you have do not call laws to contend with?
 
Here's the letter. I tried posted it before but it didn't post for some reason. The formatting and spacing of the rate table looks much better on the original MS Word version letter. Hope this helps.

August 23, 2004

Ellis W
2061 Headon Forest Dr
Burlington, ON L7M 4H3

Dear Mr. Ellis,

Are you paying too much for your life insurance?

You bet you are if you’re paying more than the rates you’ll see on this page. You wouldn’t knowingly overpay for a car or a magazine or a computer. Why overpay for insurance?

The table below shows how inexpensive term life insurance can be. Just compare these rates against other term policies, bank mortgage insurance, employer group, and association plans - and stop wasting your hard-earned money. Effective August 1, 2004:

New Monthly Rates for a Male, Preferred, Non-Smoker

Age $100,000 $250,000 $500,000 per $1,000,000

30 10.35 13.50 24.75 42.75
35 10.53 15.53 25.65 44.55
40 12.15 19.58 33.75 60.75
45 15.03 27.45 48.15 89.55
50 20.07 40.05 73.35 139.95
55 27.54 58.73 110.70 214.65
60 40.32 90.68 174.60 342.45
65 66.33 155.70 304.65 602.55

The above rates are based on 10-Year Renewable & Convertible term insurance plans. These plans provide guaranteed level initial & renewable rates to give you exceptionally low-cost coverage. These premiums are lower than life insurance available through banks (mortgage & creditor plans), employers (group plans), and associations (affinity plans).

For a personal & customized quote by mail, call (Company Name) at toll-free (#). For a quick quote online, go to (website) and click on “Shop Life Insurance”. Thank you for your interest.

Sincerely,


Broker
E.&O.E.
 
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