How did woodmen of the world get so big?

[Survivor]

I run into a decent number of people with Woodmen of the World policies. A lot of those policies are crashing, especially in the older folks that had it written a while back. Maybe its just here is Georgia, but I would say one in every five people I talk to that just don't say "oh, I have it through work" say that they have a woodmen policy.

Being a fraternal organization (and IIRC, a frat org is only suppose to be able to sell to members), how did they get so big? How were they marketing themselves?

 

[somarco]

Rent the movie About Schmidt . . .

You can also click here.

Sounds like you need a new prospecting game. I can only think of one person I have run into that has WOW, and he is a cousin I don't speak to . . .

 

[Survivor]

Just wondering....


Why would something be wrong with my prospecting "game" if I keep running into people with woodmen policies?

 

[gradyinsurance]

I've ran into the same problem. Lots of people around here are WoW insureds, usually always having bought whole life at a young age. I've had two people this week tell me that they were with WoW.

Merry Christmas,
Dave

 

[somarco]

WOW is not a major player in the game. If you were to tell me you were running in to NYL, Mass, NWML or one of the biggies that would not be a surprise.

But WOW is such a minor player that it would seem you are running in to folks who either have a juvenile policy bought by their parents or someone who has relatively low face amounts. They are not competitive when compared against the big boys.

If they are relying on a plan purchased by their parents, even if they are paying the premium, to take care of their needs then they are most likely woefully under insured. Time for them to step up to the plate and show their family they really love them.

I don't actively prospect for life insurance, but when someone tells me they have all the coverage they need through their employer and it cost them nothing, I usually follow up with a comment that hits them between the eyes.

"So what you are saying is your employer, who knows nothing about your family or their needs, is providing more coverage for them than you are? What happens when you leave that employer and go to work for someone who doesn't really care about your family"?

If they tell you they have WOW do you stop at that or do you ask how much coverage they have and when was the last time their insurance needs were reviewed?

If you are stopping in your tracks then you need to press harder. When I talk to prospects and it seems there is some level of interest, then I always ask if they have an agent. If the answer is yes, then I ask if they are happy with the agent. If the answer is yes, I move on.

Most folks have no idea who their agent is and, especially in life insurance, have probably never heard from them since the policy was delivered.

Life insurance rates have been steadily coming down for the last few years. Many times it is possible to replace old plans with newer plans for the same money (but higher face or longer terms) or less money (same face, same term). Some folks with old UL or WL policies might prefer a ROP term over the plan they have.

You have to get inside their head & walk around. Sometimes dropping casual comments will get the job done.

"Most folks don't realize that life premiums have dropped by 20% or more in the last few years."

"Just last week I saved a guy/gal almost $100 per month and gave them more coverage."

You have to disturb them about what they have if you want to get anywhere. If they are happy or complacent you will never get anywhere.

"WOW is certainly a fine company. Many of my clients keep their old fashioned WOW policies and double the amount of coverage for just a few dollars more and get back everything they paid in for the new policies."

Most of my clients currently have insurance, but what they have isn't getting the job done and costs too much. If you are talking to adults who are carrying juvenile policies you need to upgrade your market or do something to rattle their cage.

 

[Delta76]

Good post Somarco. Here is a simple question that works:

"When was the last time you reviewed your coverage with a life insurance agent?"

Simple. Most people don't have a main life insurance agent. My experience is in line with Somarco, most are dreadfully underinsured and don't even know it. Term insurance is so cheap these days, there is no excuse not to have the right amount.

 

[HomeService]

I have always mixed up "modern woodmen" and "woodmen of the world". Sometimes, I see a person about life, and they just say "woodmen", so I don't know which one we are talking about.

In TX, there are lots of folks with these policies , from these two companies.

here's one for 'ya: Woodmen Accident and Life Company, a company founded in Lincoln, Neb., in 1890. { now assurity}

 

[Survivor]

Nice replies. Thanks for the info.

Somarco:
Believe me, I press even after I hear it. I describe the nightmare that I come across with people with older Woodmen policies. I like that line about "the company that knows nothing about your family." I'll have to use that.

I guess we are in much different markets. WoW has lots of coverage in force in this area. I run across some NYL, but no Mass or NWML.

I'm contacting mainly business owners, btw.

 

[somarco]

Dont suppose you are in Omaha . . .

If so, that might explain it.

 

[Newby]

I run into a decent number of people with Woodmen of the World policies. A lot of those policies are crashing, especially in the older folks that had it written a while back. Maybe its just here is Georgia, but I would say one in every five people I talk to that just don't say "oh, I have it through work" say that they have a woodmen policy.

Being a fraternal organization (and IIRC, a frat org is only suppose to be able to sell to members), how did they get so big? How were they marketing themselves?

In southern Indiana WoW would have to stand for "What of the Who?" They're nothing around here. I've heard of them but that's about all.