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Discussion in 'Insurance Cold Calling Forum' started by Whirleybird, May 9, 2017.

  1. Mike Siegal
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    Mike Siegal Well-Known Member

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    Whirley...thanks very much for sharing your results and efforts.

    From the looks of things, i would say your AP reflects "FE Insurance" or TERM insurance---am i right?

    ALSO, you said you are d-t-d between 12-sunset:
    1. How do you handle the Heat? Where i'm at its Dayum Hot during those hours.
    2. What are you wearing when you walk d-t-d IN that heat?

    Thanks very much...!

    M
     
  2. DHK
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    DHK Well-Known Member

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    He's with NYL with a financed plan - which means NYL gets "first right of refusal" for all new business during a NYL agent's first 3 years. No FE, but plenty of term insurance, I believe.
     
  3. Mike Siegal
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    Mike Siegal Well-Known Member

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    Yes...He must be selling Term at those rates. But he's probably getting 90%. ALSO if its financed, i wonder what the break point is before he gets charge backs? (not trying to be negative but that's a reality).

    He must be very young to be able to handle that Heat walking from 12-sunset (either that or he lives in Alaska).

    I assume that he's doing older neighborhoods and lower income neighborhoods where he probably has to go back and do mthly collections (I hope not) but i'd be interested in knowing???

    M
     
    Last edited: May 19, 2017
  4. DHK
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    DHK Well-Known Member

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    He's probably getting 45% THEN a 'bonus' on top of that for his new agent financing. (Standard for a mutual insurance company.)

    He's in the Arizona/California area, so he's got an extra dose of heat. I don't recall the kinds of neighborhoods though.

    And no, he won't have to do any monthly debit collections. Large mutual companies don't do that.
     
  5. Justin Bilyj
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    Justin Bilyj Well-Known Member

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    I remember the new agent bonus being an extra 20+% came out to around 75%
     
  6. Whirleybird
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    Whirleybird Well-Known Member

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    My chargeback rate is sub 10% as I let them know the first years is where the cash accumulates, and I don't take advances pre underwriting. Anyone who gets term converts some, even if it is only a 10K block of WL for FE on a 25 year old. I get 55% FYC, knock neighborhoods in brand new subdivisions, get an 80% bonus on submitted business (43% after next month), and am not including bonuses in my tracking at all. I sell term on the initial meeting, letting them know how products work and that they know on delivery they will be getting permanent insurance post UW. I'm in southern Arizona, so to deal with the heat I carry a pair of man stones around my frontal pocket area and wear white dress shirts and light gray pants. Sunscreen and Water, stand in the shade. If it gets unbearable (read:august) then I will knock 45 minutes and go blast AC in my car and call for 15-20 until I cool down and get back on the doors. I'm 29, but have knocked doors for years here in the heat since I was about 22, and before that I worked in Iraq so the heat doesn't bother me. I grew up in Phoenix so I'm used to it. Knocked 88 doors for 33 leads and 3 appointments set. Saw 3, sold 4 policies AP is 1800/990/1340 but they have committed to at least +250/80/120 per month more in WL post UW. One has an old 401k from a shut down mine worth about 130 as well. All families are under 40 with children. I can't share the lead card as it is proprietary to NYL.

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    I also sell decent amounts of LTC and M/F as well, just haven't yet as I back pocket those for annual reviews. Talking about everything I do in the first year, selling it over multiple years to build client loyalty.

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    I can text it to you Bilyj.
     
  7. Justin Bilyj
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    Justin Bilyj Well-Known Member

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    How are you presenting life that you're selling wl after underwriting?
     
  8. Whirleybird
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    Whirleybird Well-Known Member

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    That's hard to explain succinctly, but I show it as a conservative after tax financial vehicle that can access tax free income in retirement(1 of only 3 under current IRS tax code); I show them the Roth IRA is better placed in aggressive vehicles, and that because of the nature of municipal bonds, they are better purchased in large shares by older clients due to FINRA regs and sales charges. And once you explain all of the ancillary benefits of WL, on top of it earning like a VERY GOOD muni bond fund that it's one of the finest compliments to a holistically planned portfolio because of it's liquidity after 15-20 years. Once I sell the term and it leaves UW, I just convert a chunk to WL/UL/VUL. So 1M term becomes 990k term and 10K WL. That's about as good as I can explain really, it takes 25 min to do face to face.
     
  9. DHK
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    DHK Well-Known Member

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    I've created two proprietary pieces that are similar to what you've described.

    One compares "investment grade" life insurance to 401(k)/IRA, Roth IRA, 529 plans, and Brokerage Mutual Funds on 23 different points. The biggest disadvantage to life insurance is that premiums are not tax-deductible outside of a qualified retirement plan. Everything else is either similar or is less effective compared to life insurance - when properly structured.

    The other compares "investment grade" life insurance to owning a home on 22 different points. Some areas are just difference, such as the underwriting process. I still show that premiums are not tax-deductible, but also that buying a home or buying life insurance only work LONG-TERM. If you cancel your plan within the first few years, you have little chance of getting anything back - just like buying a home.

    I created these 1-page comparison sheets because clients have selective memories. If they only remember things when I explain them, then that won't help when they come across a "Ramsey-ite" or some other person/website who convinces them that they were "sold" (sold having the connotation of having been "duped" into buying).

    However, even if THAT comes up, I show them a "rent vs lease vs own" type of comparison where I show a minimum-funded policy and how long it takes for the cash values to exceed cumulative premium payments... and compare it to a properly structured policy. This also helps because I can say that "Ramsey is right - I wouldn't buy this plan... but I am also right because I recommend life insurance structured in this way."
     
  10. Whirleybird
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    Whirleybird Well-Known Member

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    See, that really shows the encompassing aspect of my process. I take about 20 minutes on the investment grade life, and another 5 min on renting vs owning life insurance. Then I show everyone 1000 a month WL policy and work them to gauge long term premium tolerance. As well as usually starting a Roth and recommending they contribute up to their match on the 401k. After I do my full presentation I leave them with a book that explains everything we went over and has my contact info on it. So anytime someone challenges them on it I have them call me first to make sure they remember everything.

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    That's the other part, and my biggest take away from my mentor. Life insurance requires you to pay your dues up front like anything in life. Would you call medical school a scam if you quit in year 2? No, but you didn't retain any value because of the long term nature of the venture. That's why we call it whole life, because it only works if you keep it forever. And most of my WL policies are short term (read:25-30 year premium paying policies) that require no more premiums after the age they are looking to retire. So on a 30 year old you're looking at a 36 pay.
     

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