GI Final Expense sold Exclusively on the phone?

myinsurebiz

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Anybody know any companies that markets GI Final Expense exclusively on the phone?

Agents work totally on the phones. No paper apps.

The calls are recorded.

No signature. No paperwork.

Just curious.

Tom
 
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There is a thread entitled "Selling Over the Phone" just a few threads down. You might want to look at that one as it is very similar to this one.
 
I saw that thread - but not much help.

I'm aware of Senior Life - but anybody have a clue about any others that can be written over the phone?

Tom
 
Anybody know any companies that markets GI Final Expense exclusively on the phone?

Agents work totally on the phones. No paper apps.

The calls are recorded.

No signature. No paperwork.

Just curious.

Tom

Baltimore Life has 3 final expense products, all of which can be done on the phone with no paperwork needed. They have the Silver Guard I, II and III. The II and III are return of premium and graded benefit with a 3 and 4 year graded period. SG I is consisent with other companies I represent with the SG II and SG III being a little higher. Let me know if you are looking to get contracted with them.

Thanks,
TC25530
 
Baltimore Life has 3 final expense products, all of which can be done on the phone with no paperwork needed. They have the Silver Guard I, II and III. The II and III are return of premium and graded benefit with a 3 and 4 year graded period. SG I is consisent with other companies I represent with the SG II and SG III being a little higher. Let me know if you are looking to get contracted with them.

Thanks,
TC25530

It would seem to me that FE would be a difficult sale over the phone considering the market is mainly seniors. How are the apps handled----by computer? Again I would think not many seniors are computer savvy. How do you prospect for this no in-person call? Please explain. It certainly sounds better than racking up the miles in this era of expensive gasoline.
 
First you have to have leads, most times telemarketing leads from what I have seen. Where you don't have the face-to-face presentation it will be much easier for the potential insured to blow you off or to simply say no. You can make a lot of money selling over the phone simply by the volume of potential insureds you can contact in a given day.

Once contacting them, you want to qualify them. Using the Baltimore Life application you ask them the questions as they are on the app until you find out where they fall, SG1, SG2 or SG3. Get them sold before you even begin to conference call the IN-Speed processing center for Baltimore Life. Get them comfortable with them not having to open their home or inconveniencing them with an appointment. They must have a checking account to complete the phone application.

You simply record their basic information as outlined in the IN-Speed application and after the customer is comfortable you conference Baltimore Life in on the call. You will suply the basic information at which point they will ask the medical questions from the insured. When complete, they will get their checking account information from them. At this point they are finished with the insured. They will give you a verification number and tell you the policy is approved and inforce. Almost always, the insured is approved. You must ensure to ask the prequalifying questions to ensure the customer knows the cost etc. After receiving the the verification number the IN-Speed agent can be dropped off the call and you proceed to close with the newly insured customer.

There is no paperwork that is needed to be mailed or faxed in. When the call is finished, your work is finished. I have done policies over the phone with Baltimore Life on a Wednesday and got my direct depost on that Friday. It almost seems too simple, many times in and out of a call in 20 minutes yet making $500 or more in that short time frame. Please let me know if you need any more information or wish to be contracted.

Tony
 
Thanks for the reply Tony. It almost seems too good to be true----but I am not implying anything negative. Currently I am selling health insurance but have been considering FE. I shall contact you if I decide to proceed. BTW, how does Baltimore Life stack up compared to the competition premium wise, underwriting, etc?
 
First you have to have leads, most times telemarketing leads from what I have seen. Where you don't have the face-to-face presentation it will be much easier for the potential insured to blow you off or to simply say no. You can make a lot of money selling over the phone simply by the volume of potential insureds you can contact in a given day.

Once contacting them, you want to qualify them. Using the Baltimore Life application you ask them the questions as they are on the app until you find out where they fall, SG1, SG2 or SG3. Get them sold before you even begin to conference call the IN-Speed processing center for Baltimore Life. Get them comfortable with them not having to open their home or inconveniencing them with an appointment. They must have a checking account to complete the phone application.

You simply record their basic information as outlined in the IN-Speed application and after the customer is comfortable you conference Baltimore Life in on the call. You will suply the basic information at which point they will ask the medical questions from the insured. When complete, they will get their checking account information from them. At this point they are finished with the insured. They will give you a verification number and tell you the policy is approved and inforce. Almost always, the insured is approved. You must ensure to ask the prequalifying questions to ensure the customer knows the cost etc. After receiving the the verification number the IN-Speed agent can be dropped off the call and you proceed to close with the newly insured customer.

There is no paperwork that is needed to be mailed or faxed in. When the call is finished, your work is finished. I have done policies over the phone with Baltimore Life on a Wednesday and got my direct depost on that Friday. It almost seems too simple, many times in and out of a call in 20 minutes yet making $500 or more in that short time frame. Please let me know if you need any more information or wish to be contracted.

Tony, does the company supply the leads? This sounds like a pretty good thing. Making sales from the comfort of my favorite chair at home is something I could certainly get used to. Do you know about how many calls you need to make before you get a sale on average? Something like 30-50 ?? I'm assuming it would be quite a few, like you said it's a lot easier for them to blow you off. But the thought of being able to talk to 10-15 prospects in the amount of time it would take me to drive from one lead to another is certainly appealing.
 
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The company doesn't supply the leads. You would have to get with a lead house or an outfit doing telemarketing leads. Typically, with 50 leads you should expect to close 5 apps. Most times you are looking at $10 per lead, with 50 leads running you $500. Breaking it down, each sale is costing you about $100. As we well know, FE sales start at around $500 AP, so you can see it leaves a lot of play room. Another advantage over phone sales is the whole "Sticker shock". You find out on the phone if the cost of the insurance is within their budget as opposed to driving to their house only to find out otherwise. I hope this helps.

Tony
 
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