Looking for direction on what life products to sell

[dbab]

I just got my life agent license and I am trying to decide what I would like to focus on starting out. Initially, my plan was to sell IULs and annuities. I found a very promising IMO that only focuses on IUL and annuities, and my plan was to just go d2d getting appointments in a city a few miles south of where I am located. It's a pretty wealthy area.

Now, I am starting to rethink everything. I'm not sure how wise it would be to start off selling such high cost products.

My other option is to door knock in the city I live in (less wealthy area) and focus on selling term. Focusing on term would allow me to get my feet wet just starting out. Plus, I could always suggest an IUL or annuity to term clients later on down the road if it would be beneficial to them.

A couple things to note, I'm starting off part time with the hopes of going full time asap. I don't mind going d2d or cold calling but prefer not buying leads until I get some income from sales. I would rather not go the final expense route. I appreciate any and all help/advice!

 

[DHK]

I'm not sure how wise it would be to start off selling such high cost products.

If you believe they are high cost... then you simply don't understand them well enough to know and communicate their value.

 

[DHK]

Focus on an ideal client profile and the problems you can help them solve, rather than selling products.

 

[mickeyma]

Based on your description, I assume you're not going to market to businesses or do estage planning.

Therefore, you probably will be dealing with mortgage protection and individuals. The market will determine the product.

Teachers and government employees will want cash-value policies to add to their retirement.

Mortgage owners will want term insurance - but, if they make a good income and expenses are not real high - show them how to pay off their mortgage early using cash values in a life policy.

If you do come across business owners, talk to them about using cash values as a tax-deferred retirement account. STRESS that it is a life insurance policy with surrender charges.

Good luck.

 

[TampaHound]

Mortgage owners will want term insurance - but, if they make a good income and expenses are not real high - show them how to pay off their mortgage early using cash values in a life policy.

.

Funny you should bring that up. I was just talking to a friend of mine the other day about that exact option. I wish I knew about before.

 

[somarco]

I don't mind going d2d or cold calling but prefer not buying leads until I get some income from sales.

Paying for leads of any kind is an INVESTMENT in your business, not a COST.

Understand the difference.

Other than FE in (generally) low income neighborhoods, my guess is you will waste a lot of time knocking on doors to sell life insurance. This would be especially true in "wealthy" neighborhoods.

I suppose some would consider my area to be wealthy. I would say upper middle class.

Regardless many homes have doorbell cameras. No one answers the door without checking the cam. We also have a number of folks who stay at home and keep an eye out for strangers.

Like many areas, we have neighborhood watch and email/text notifications of issues of concern. My wife gets a text notice whenever a "suspicious" person is in the area. One lady took pictures of a man who parked his car on the street, got out and walked to a house a few doors down, took pictures then returned to his car. The woman posted the series of pictures in the alert, asking if anyone knew who this person was and why he was acting strange.

Point is, I really don't think you will have much success going D2D in upscale neighborhoods. Even if you get in the door you might meet with resistance to buy.

Mickey had a good suggestion . . . going D2D calling on businesses. That is a different kind of sale but you MIGHT get in more doors vs working residential areas.

What is your full time job? What kind of selling experience do you have? Why focus on life insurance and annuities?

 

[dbab]

If you believe they are high cost... then you simply don't understand them well enough to know and communicate their value.

You are very correct. I have a basic understand of IULs and I can say their benefit far out weight their cost. On the other hand, some people just aren't able to afford an IUL. Then again, maybe they are able to afford an IUL but that will consist of restructuring retirement account contributions, pulling money from other places etc. etc. and that's what I don't have enough knowledge about to feel comfortable suggesting. Hopefully, I will be at that place of knowledge soon, but it's not today.

Paying for leads of any kind is an INVESTMENT in your business, not a COST.

Understand the difference.

Other than FE in (generally) low income neighborhoods, my guess is you will waste a lot of time knocking on doors to sell life insurance. This would be especially true in "wealthy" neighborhoods.

I suppose some would consider my area to be wealthy. I would say upper middle class.

Regardless many homes have doorbell cameras. No one answers the door without checking the cam. We also have a number of folks who stay at home and keep an eye out for strangers.

Like many areas, we have neighborhood watch and email/text notifications of issues of concern. My wife gets a text notice whenever a "suspicious" person is in the area. One lady took pictures of a man who parked his car on the street, got out and walked to a house a few doors down, took pictures then returned to his car. The woman posted the series of pictures in the alert, asking if anyone knew who this person was and why he was acting strange.

Point is, I really don't think you will have much success going D2D in upscale neighborhoods. Even if you get in the door you might meet with resistance to buy.

Mickey had a good suggestion . . . going D2D calling on businesses. That is a different kind of sale but you MIGHT get in more doors vs working residential areas.

What is your full time job? What kind of selling experience do you have? Why focus on life insurance and annuities?

Thanks for the great response! I'll try to respond to everything in a somewhat organized fashioned:

Paying for leads of any kind is an INVESTMENT in your business, not a COST.

Yes, I absolutely understand that and agree! At this point, I would rather invest time and sweat than money for lead.

Other than FE in (generally) low income neighborhoods, my guess is you will waste a lot of time knocking on doors to sell life insurance. This would be especially true in "wealthy" neighborhoods.

This isn't the first time I have heard this and after some thought it does make sense. It seems like the better bet for that type of client would be referrals and networking.

On the other hand, Van Mueller talks about how one of his prospecting methods that works really well is to just strike up a conversation with random people. I realize that's somewhat different than door knocking but it sounds like it has more less the same foundation.

What is your full time job? What kind of selling experience do you have? Why focus on life insurance and annuities?

I currently work in advertising, but work remote from home so I'm available for phone calls/email pretty much anytime. Selling insurance? No experience. I do have experience selling warm leads and cold calling for web developer/marketing services though. I primarily want to focus on IULs and annuities because I think they are fantastic products that can help a lot of people. I think there is a large percentage of the population who either doesn't know about IULs or has misconceptions about them.

 

[somarco]

At this point, I would rather invest time and sweat than money for lead.

If your time has no value then "working" for leads . . . cold telephone calls, door knocking, wearing a sandwich sign . . . is great.

Life insurance and annuities are SOLD, not bought. Cold calling to find someone who has an interest in discussing either of these products . . . and then getting them interested in talking to YOU about what the product will do for them . . . and then getting them ready to BUY from you will be a real challenge.

Good luck!

 

[dbab]

If your time has no value then "working" for leads . . . cold telephone calls, door knocking, wearing a sandwich sign . . . is great.

Life insurance and annuities are SOLD, not bought. Cold calling to find someone who has an interest in discussing either of these products . . . and then getting them interested in talking to YOU about what the product will do for them . . . and then getting them ready to BUY from you will be a real challenge.

Good luck!

Thanks but I'm not sure what you are trying say. Clearly my time has value. If I decide to use my time going door to door instead of buying leads than that means my time is less valuable than what leads cost. Also, wouldn't buying leads take time + money? I live in the Dallas TX area. Any leads that aren't within five miles of me is going to take at least a 30 minute drive one way.

I'm not saying purchasing leads aren't a good idea or that I will never purchase leads. I'm saying, at this point, it's more cost effective for me to door knock than it is to purchase leads.

Life insurance and annuities are SOLD, not bought. Cold calling to find someone who has an interest in discussing either of these products . . . and then getting them interested in talking to YOU about what the product will do for them . . . and then getting them ready to BUY from you will be a real challenge.

100% agree. I won't be cold calling though.

 

[WinoBlues]

. . . and then getting them ready to BUY from you will be a real challenge.

Getting them Wanting to buy and Wanting to buy from us is golden.