L
luke4275
Guest
Is anyone doing telesales for final expense.. please pm me if you want to.. thanks
- 172
I will save you the rapid response that is almost guaranteed by some people on here...
You posted this twice, be careful because that irritates some people.
Also, there are probably several threads available for "search" on the forum about tele-sales in FE. All you have to do is search for the thread or posts, kinda like you would do in the google bar for a search about Mexican restaurants in your area
There are going to be lots of people who are on this forum who have most likely discussed just about any topic in detail. Good luck in your sales and in your new marketing strategy of telesales!
You posted this twice, be careful because that irritates some people.
Also, there are probably several threads available for "search" on the forum about tele-sales in FE. All you have to do is search for the thread or posts, kinda like you would do in the google bar for a search about Mexican restaurants in your area
There are going to be lots of people who are on this forum who have most likely discussed just about any topic in detail. Good luck in your sales and in your new marketing strategy of telesales!
I will save you the rapid response that is almost guaranteed by some people on here...
You posted this twice, be careful because that irritates some people.
Also, there are probably several threads available for "search" on the forum about tele-sales in FE. All you have to do is search for the thread or posts, kinda like you would do in the google bar for a search about Mexican restaurants in your area
There are going to be lots of people who are on this forum who have most likely discussed just about any topic in detail. Good luck in your sales and in your new marketing strategy of telesales!
Most, not all, will say that you'll have better luck doing f2f.
What's your purpose for doing it over the phone? Most agree that it is not the best way to sell final expense... some will disagree.
Unless you have a solid reason for going in that direction, I'd try to do face to face. And, the op is right, search the forum and you'll find a lot of information.
- 608
Do you already have experience selling FE f2f? It can be sold effectively over the phone, but it certainly helps if you have f2f experience. For me, the key is a system with a phone signature and where the agent does not have to record the call.
- 4,875
I've been doing tele-sales for FE exclusively for 4 1/2 yrs. I also have 7 yrs. experience face 2 face prior to tele-sales. I know both sides of this coin. Call me 252-292-3350....Greg.
Selling on the phone is just as difficult as face 2 face. But it is much more efficient.
Selling on the phone is just as difficult as face 2 face. But it is much more efficient.
- 1,311
Yes, my agents and I do final expense sales over the phone.
However, when that is your only product and you are targeting the typical final expense demographic, you will expense two things. First, the persistency with final expense-only sales to those folks over the telephone will be bad.
This is due to a number of factors, not the least of which are:
1) The typical FE client has very low income and they must prioritize their monthly premium payment. It is a high priority when you are talking to them, based on the fact that they sent in a lead card, etc. But that wanes quicker than with other demographics because that $40-$60 monthly premium is a much larger piece of their total monthly income.
2) These folks have no relationship with you, and when they are making financial decisions based on the emergency-of-the-month that comes from poor financial decisions that led them to a social security-only existence to begin with, they will not have any qualms about disappointing YOU and dropping your policy. The relationship is built, usually, upon one telephone call where you have "sold" them, in their mind, on something and they usually have a less than high regard for the sales process where their money is coming out of their wallet to the satisfaction of a faceless salesperson.
The solution? Lead with a Medicare Supplement.
Why?
You are dealing with a higher income crowd - those that have the ability to pay for their own quality healthcare.
You are not convincing them to purchase a Medicare Supplement policy - they already have one. They just need your guidance as to where to go now, based on all available options and your recommendation.
You are positioned as a professional that can save them money. This is key. In every case, I now put money BACK into their monthly budget instead of straining it. This positioning makes me a hero instead of the typical connotation of a "salesman" that took their money and makes each month a little harder on them.
After you have saved them $50 to $100, to even $200+ per month with a couple - then you show them that you do effective follow-up by staying in touch with them on a regular and frequent basis - you have earned the right to discuss their other needs. You can even do this automatically with an effective follow-up campaign.
This not only can bring in final expense, but also LTC, annuities, etc., and mostly - REFERRALS.
Ask any final expense agent that sells over the telephone how many referrals they typically get from a sale. I bet you'll find a number very close to zero. Seniors do not like discussion which burial plan they just purchased when they're down at the senior center. What they do discuss ALL THE TIME is their healthcare, their doctor, their health plan that they're happy with.
Lastly, with the Medicare Supplement prospect, you are much more likely to find seniors that are on the internet. They have e-mail, they know how to surf the web, etc. This opens up the ability to do a very easy screen share with them to show them what you are proposing.
This builds instant trust and rapport when they can actually see the application you are filling out and "look over your shoulder" during the process. This eliminates the challenge that final expense-only agents have oftentimes of gaining their personal information (social, checking acct#, etc) because the client can see the real application right there on their computer screen. It makes the entire process MUCH easier!
I made a short video that explains this transition from being a final expense-only agent to going for the Med Supp sale as the door opener. It's worth watching to reinforce the point that final expense, alone, is a much tougher road to take, especially by phone.
See the video here: www.myunlimitedleads.com
.
However, when that is your only product and you are targeting the typical final expense demographic, you will expense two things. First, the persistency with final expense-only sales to those folks over the telephone will be bad.
This is due to a number of factors, not the least of which are:
1) The typical FE client has very low income and they must prioritize their monthly premium payment. It is a high priority when you are talking to them, based on the fact that they sent in a lead card, etc. But that wanes quicker than with other demographics because that $40-$60 monthly premium is a much larger piece of their total monthly income.
2) These folks have no relationship with you, and when they are making financial decisions based on the emergency-of-the-month that comes from poor financial decisions that led them to a social security-only existence to begin with, they will not have any qualms about disappointing YOU and dropping your policy. The relationship is built, usually, upon one telephone call where you have "sold" them, in their mind, on something and they usually have a less than high regard for the sales process where their money is coming out of their wallet to the satisfaction of a faceless salesperson.
The solution? Lead with a Medicare Supplement.
Why?
You are dealing with a higher income crowd - those that have the ability to pay for their own quality healthcare.
You are not convincing them to purchase a Medicare Supplement policy - they already have one. They just need your guidance as to where to go now, based on all available options and your recommendation.
You are positioned as a professional that can save them money. This is key. In every case, I now put money BACK into their monthly budget instead of straining it. This positioning makes me a hero instead of the typical connotation of a "salesman" that took their money and makes each month a little harder on them.
After you have saved them $50 to $100, to even $200+ per month with a couple - then you show them that you do effective follow-up by staying in touch with them on a regular and frequent basis - you have earned the right to discuss their other needs. You can even do this automatically with an effective follow-up campaign.
This not only can bring in final expense, but also LTC, annuities, etc., and mostly - REFERRALS.
Ask any final expense agent that sells over the telephone how many referrals they typically get from a sale. I bet you'll find a number very close to zero. Seniors do not like discussion which burial plan they just purchased when they're down at the senior center. What they do discuss ALL THE TIME is their healthcare, their doctor, their health plan that they're happy with.
Lastly, with the Medicare Supplement prospect, you are much more likely to find seniors that are on the internet. They have e-mail, they know how to surf the web, etc. This opens up the ability to do a very easy screen share with them to show them what you are proposing.
This builds instant trust and rapport when they can actually see the application you are filling out and "look over your shoulder" during the process. This eliminates the challenge that final expense-only agents have oftentimes of gaining their personal information (social, checking acct#, etc) because the client can see the real application right there on their computer screen. It makes the entire process MUCH easier!
I made a short video that explains this transition from being a final expense-only agent to going for the Med Supp sale as the door opener. It's worth watching to reinforce the point that final expense, alone, is a much tougher road to take, especially by phone.
See the video here: www.myunlimitedleads.com
.
- 113
Chris,
Do you sell FE off of direct mail cards at all or you do 100% lead in with med supps?
Do you sell FE off of direct mail cards at all or you do 100% lead in with med supps?
- 1,311
I used to do the direct mail lead cards for FE sales by phone, but the cost per acquisition of each case, minus the 20-30% drop off rate, made it a LOSING proposition.
It's great to be in business, but the #1 goal of your business should not be to keep the lead companies in operation, but to actually make a profit!
No, I don't use direct mail cards for final expense that's done over the phone anymore.
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Your med supp market - is it about 68+, and do they respond to a mailer or do you cold call on phone or door knock?
I think I remember seeing in another thread that you doorknocked and created your own leads for med supps, which is awesome, and something which I'd like to do someday.
Not to get off the subject, but I know that I want to make the transition from FE to Med Supp as the lead-in product...
- 1,311
I posted on here the experience of one of my FE agents that door knocks as a cold calling method for final expense and it works out well for he and his wife.
When I'm doing final expense, I buy mail leads (370 per 1,000) from a fantastic source here in FL where I get leads back in 6 to 7 days. I then alternate between calling for appointments or showing up at their door. I typically will spend one day a week in the field with FE - one successful day, let me put it that way. If the first day was not successful, it might take two in a week. It breaks up the monotony of being on the phone in the office all day, and generates great, quick cash flow (with Foresters issuing in <48 hours and paying daily.)
That said, the transition to Med Supps has been a great one. For that business, I use internet leads exclusively right now and will be moving to using this same great mailing house for direct mail for it soon - as they're doing a great job for my agents in that regard.
I talk extensively about making the transition from 100% final expense to Med Supps as the door opener in this video.
The challenge here in Florida is that we have a Medicare Advantage HMO on every street corner at $0 premium. Almost everyone has one of the HMO's or a PPO that's in the $60 per month range and includes Part D. It's not competitive in the urban areas to market a Med Supp that's almost twice the national average for premiums here. So, all of my Med Supp marketing is conducted in 25 states OTHER than Florida. Door knocking or direct mail for Med Supps would not be warranted here - that's my take, anyway.
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When I'm doing final expense, I buy mail leads (370 per 1,000) from a fantastic source here in FL where I get leads back in 6 to 7 days. I then alternate between calling for appointments or showing up at their door. I typically will spend one day a week in the field with FE - one successful day, let me put it that way. If the first day was not successful, it might take two in a week. It breaks up the monotony of being on the phone in the office all day, and generates great, quick cash flow (with Foresters issuing in <48 hours and paying daily.)
That said, the transition to Med Supps has been a great one. For that business, I use internet leads exclusively right now and will be moving to using this same great mailing house for direct mail for it soon - as they're doing a great job for my agents in that regard.
I talk extensively about making the transition from 100% final expense to Med Supps as the door opener in this video.
The challenge here in Florida is that we have a Medicare Advantage HMO on every street corner at $0 premium. Almost everyone has one of the HMO's or a PPO that's in the $60 per month range and includes Part D. It's not competitive in the urban areas to market a Med Supp that's almost twice the national average for premiums here. So, all of my Med Supp marketing is conducted in 25 states OTHER than Florida. Door knocking or direct mail for Med Supps would not be warranted here - that's my take, anyway.
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