In Over My Head - or Am I

[MeInsGuy]

New Agent Seeking Advice

I am a newly licensed life/annuities agent. However, I'm not new to insurance. I've been in insurance for the past 12 years working in underwriting for a major health insurance carrier and most recently I was a sales agent for a direct p&c carrier.

In July I lost my position with that p&c carrier and have been unemployed since. I decided to get my life license to open up opportunities for myself. Which led to my decision of being self-employed being an independent annuities/life agent. I am working from home and do not have an office to meet clients.

This leads to my problem. I have been in sales before and did very well. Just not selling annuities/life. I am a quick learner and have taught myself as much as I can on annuities and life policies along with some excellent training from my wholesaler.

Because I don't have an office I would either 1) go thru script/fact finder on the phone - then meet them to show options 2) meet at their home to go thru fact finder. My strong points are uncovering needs and emotions on the phone due to the fact the past 12 years that's what I have done. So I would rather get as much info on the phone - then go back to my wholesaler to run some illustrations - and then meet with the clients at their home.

I asked questions, quoted, sold and bound auto, home and umbrella policies completely over the phone for 3.5yrs to people from coast to coast. Meeting people face to face will be new to me.
My major concern is not having any kind of official presentation. I've made up my own PowerPoint slides and put them in a binder to show prospects the basics of annuities along with their illustration ...do you think that will be all I may need?

I've searched the Internet tirelessly to find a good generic annuities overview that I could use but can't find anything - without having to pay hundreds of dollars for someone elses. Do I really need a presentation? Can I just use the illustration of the annuity to explain the concept and answer their questions from there?


Thanks for the advice in advance.

 

[somarco]

Life and annuity sales take a while to cultivate. Exception is the non-med life sale to new mortgage holders.

Life can be sold over the phone if you have enough activity. I have no idea how, or if, annuities can be sold by phone.

Sounds like you need some things to boost revenue a lot quicker than these lines of coverage.

 

[agentexhorter]

Somarco gave you some good advice. The quickest sale and commissions come from getting in front of prospects that have had some "life event", like a new mortgage, new spouse, new baby, newly divorced, etc. and target that group of people that all the stockbrokers and insurance agents geared up for the affluent don't solicit. Simple sales process which doesn't require but one visit to make the sale. Low entry costs to this market also.

Here's an interesting side note also, you will sell some of these people annuities if you just ask one question before you leave their home, "by the way, do you have a 401K or IRA account?" then go from there. the stockbrokers aren;t after the middle income families making less than $100,000 a year.

you might want to look at final expense also, becaue its a simple sales process also requiring only one home visit to get or not get the sale. Low entry cost here also

With a longer term view, enter the medical supplement market which will soon explode and cross-sell annuities to those people which most of them have some kind of CD, 401K, IRA, etc.

It's easier for people to trust someone with their 401K or CD after they've trusted them with medical supplements or life insurance.

 

[HarryRenard]

My Opinion is that it is really really hard to just "sell" an annuity, you really have to have a good presentation, there is NOTHING emotional about annuity illustrations.

I find most people buy the benefits of the annuity not the rates or even the company.
You have to bring something to the table other then a little more interest each year in the account.

I would suggest talking with some fmo/imo's who specialize in annuity biz, I have worked with FIG and Bhc marketing for awhile an have been happy with them I am sure a few others will be suggested that also have good programs but that is where I would start.

 

[somarco]

Can't say if it is legal or not, but went to a seminar on annuities some time ago where the opening line was a Columbo-like delivery.

"By the way, do you have a 201(k) . . .?"

The idea was to sell a bonus annuity.

 

[bill3173]

Can't say if it is legal or not, but went to a seminar on annuities some time ago where the opening line was a Columbo-like delivery.

"By the way, do you have a 201(k) . . .?"

The idea was to sell a bonus annuity.

There are so many agents out there slamming people into annuities and life policies that don't fit their situations, that it is unbelievable.

Just helped a client avoid a costly mistake, suggested by his Financial advisor. The man was one pen stroke away from signing a contract that was not in his best interest, only a fat commission for his "financial advisor". He suspected this and a mutual acquaintance asked him to give me a call.

If you have a good brain and no conscience in this industry, you can do very well. If you do a lot of "thank you" business, as I do, you have to work harder for less money.

 

[Full Throttle]

If you have a good brain and no conscience in this industry, you can do very well. If you do a lot of "thank you" business, as I do, you have to work harder for less money.

Maybe in the short run. I'm convinced that even if you have zero ethics and simply want to make the most money in the long run regardless of whether it helps people, you will still make the most money doing what is in the client's best interest. The short run is a different story.

 

[somarco]

If you do a lot of "thank you" business, as I do, you have to work harder for less money.

I haven't heard that expression in years. That's what my grandmother said about her husband who died when she was in her 30's, leaving her with 4 small children.

He was a mechanic who, according to her, could fix anything with an engine. She said, fondly I might add, that they never had much because Ike did a lot of "thank you" jobs.

When he died she found out how much he meant to a lot of folks in that small Tennessee town.

I never knew my grandfather, but if she married him and spoke so highly of him he must have been a helluva guy.

Like you, I do a lot of business that doesn't put money in my bank. But those folks reward me with referrals that pay and pay and pay.

 

[Crabcake Johnny]

I can tell you when I go to my chamber of commerce meets I'm the odd duck. All of the insurance pros do not really use the internet and none buy leads. They are all community based and get involved in...well, everything.

These are the guys handling all of the insurance needs of the parents, then their children, then their children's friends. All of these guys seem to have one thing in common; extremely high ethical standards and most are in their 50's. All are deeply involved in local charities.