Life Insurance Co W/ Offers of Giving Away Free Insurance

[El Capitan]

Was just talking w/ another agent who has decided to go captive w/ a life insurance company who caters to UNIONS.

Said they mail out cards w/ offers of FREE LIFE INSURANCE in amount of 4k just for being in the union and for mailing the cards back. Then their captive agents swoop in and contact the prospect and try to sell them more along w/ final expense etc.

But here is the kicker that struck me.......

They tell the prospect (whether they sign up or not) they will give away 4k in life insurance TO ANY REFERRALS they might recommend - so the referral would get the free 4k in insurance and the referral doesn't need to be in the union either.

4k is obviously not very much insurance but it SURELY seems like a good way to get referrals and to get ones foot in their door and get them listening to buy something else!


Anyone selling non captive for any insurance companies that do this???


btw he said he will be a captive agent w/ unlimited leads (6appts/day) gets a 75% commission on his business and owns his book and residuals even if he quits.

 

[lmspeir]

The Torchmark companies do this with a $3000 accidental death policy which is no cost for 1 year. After a year, it's $10. From my personal experience, not as hot a prospecting tool as you might think.

 

[Mattschmidt]

I'm not sure, but I doubt an insurance company could give someone free life insurance for a referral.... This doesn't pass the SNIFF test.

 

[Josh]

Plus one on Torchmark. I did that with AIL and did alright with it.

 

[El Capitan]

Plus one on Torchmark. I did that with AIL and did alright with it.

Does that mean you were captive w/ AIL at the time ?

thanks.


edit
AIL
American Income Life - this is the same company he is referring to

 

[Josh]

Yes. When I got out of college I went to go work for them and even on their "bad contracts" I made about $7k my first month. Not bad for a kid that just listened to what he was told to do and then went out and did it.

 

[Insuranceman]

Mark Rosenthal is offering $ 1000 free accidental death ins. to agents to use as a tool. You must contract contract under American Amicable to get them. I'm going to have my telemarketer start offering them to get life ins. quotes. I'll let you know how it goes.

 

[Mark]

Mark Rosenthal is offering $ 1000 free accidental death ins. to agents to use as a tool. You must contract contract under American Amicable to get them. I'm going to have my telemarketer start offering them to get life ins. quotes. I'll let you know how it goes.

Welcome Insurance Agents-Accidental Death & Dismemberment Lead System

 

[Frank Stastny]

Yes. When I got out of college I went to go work for them and even on their "bad contracts" I made about $7k my first month. Not bad for a kid that just listened to what he was told to do and then went out and did it.

There have been a lot of people new to something who have become successful because no one got to them and told them all of the reasons why it couldn't be done. Since they didn't know that they pursued it as though they knew what the were doing.

 

[jdeasy]

Mark Rosenthal is offering $ 1000 free accidental death ins. to agents to use as a tool. You must contract contract under American Amicable to get them. I'm going to have my telemarketer start offering them to get life ins. quotes. I'll let you know how it goes.

Yeah we have that available with AmAm, too. With us we can give $1000 free and up to $5000 costs the agent 50 cents per thousand. So, for $2 you can give a $5000 AD&D. It's only for one year.

I've used it a little. Not enough to have an opinion as to whether it's a good tool or not.