Marketing and Selling Annuities

[RonSmith1984]

Just a few questions hoping I can get some answers on.
How do todays successful annuity agents go about marketing? Is it something as easy as buying leads like in the Final Expense market? I imagine the market for annuities is a small % of the population.

Can someone do strictly annuities full time and make a good living? Or is it more of a sale that you trip over from cross selling other products?

Thanks for the info.

 

[goillini52]

Just a few questions hoping I can get some answers on.
How do todays successful annuity agents go about marketing? Is it something as easy as buying leads like in the Final Expense market? I imagine the market for annuities is a small % of the population.

Can someone do strictly annuities full time and make a good living? Or is it more of a sale that you trip over from cross selling other products?

Thanks for the info.

That's what I do...I trip over the occasional annuity. Seminars are one way to market annuities. There are also lead companies like RME that sell expensive leads. You can sell annuities full time, but I'm sure it might be tough at first.

 

[RonSmith1984]

That's what I do...I trip over the occasional annuity. Seminars are one way to market annuities. There are also lead companies like RME that sell expensive leads. You can sell annuities full time, but I'm sure it might be tough at first.

Thanks for your input.
Ball park figures, what do leads cost in this industry? Comparable to the FE industry? I imagine it would be more as I assume the market is much smaller..?

 

[Tahoe Ray]

Just a few questions hoping I can get some answers on.
How do todays successful annuity agents go about marketing? Is it something as easy as buying leads like in the Final Expense market? I imagine the market for annuities is a small % of the population.

Can someone do strictly annuities full time and make a good living? Or is it more of a sale that you trip over from cross selling other products?

Thanks for the info.

Q1: Seminars, referrals, cross sales, exisiting clients (fixed inventory)
Q2: No
Q3: That depends on your market. Assuming that the U.S. population isn't your market, your opportunity to position annuities may be very large (geography and demographics of your niche will dictate this).
Q4: Absolutely. But again, that will depend on your market. If you're trying to sell annuities to FE clients, you'll go broke. If you're in the middle market and up, it can be very lucrative.
Q5: A proper fact find out of the gate will help you identify future opportunities. You shouldn't find yourself "tripping over" a lot of sales after the initial client meeting (assuming that you're calling on clients that fit an annuity demographic in the first place).

Good Luck!

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Thanks for your input.
Ball park figures, what do leads cost in this industry? Comparable to the FE industry? I imagine it would be more as I assume the market is much smaller..?

Good ones (and I use that term loosely), can cost $100+

 

[goillini52]

Q1: Seminars, referrals, cross sales, exisiting clients (fixed inventory)
Q2: No
Q3: That depends on your market. Assuming that the U.S. population isn't your market, your opportunity to position annuities may be very large (geography and demographics of your niche will dictate this).
Q4: Absolutely. But again, that will depend on your market. If you're trying to sell annuities to FE clients, you'll go broke. If you're in the middle market and up, it can be very lucrative.
Q5: A proper fact find out of the gate will help you identify future opportunities. You shouldn't find yourself "tripping over" a lot of sales after the initial client meeting (assuming that you're calling on clients that fit an annuity demographic in the first place).

Good Luck!

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Good ones (and I use that term loosely), can cost $100+

I think it was RME that the leads were over $400 apiece...they said they were really good leads!

 

[Tahoe Ray]

I think it was RME that the leads were over $400 apiece...they said they were really good leads!

That would not surprise me...I've only used RME to fill seats at events but if an agent could close 1 out of 3 or 4, it would still be cheaper than running a seminar series.

 

[goillini52]

That would not surprise me...I've only used RME to fill seats at events but if an agent could close 1 out of 3 or 4, it would still be cheaper than running a seminar series.

That's what the average lead figured out to. You had to do a minimum mailing...It seems like $4,500 for a 1,000. I told them I'd pass.

 

[Stephen]

Just a few questions hoping I can get some answers on.
How do todays successful annuity agents go about marketing? Is it something as easy as buying leads like in the Final Expense market? I imagine the market for annuities is a small % of the population.

Can someone do strictly annuities full time and make a good living? Or is it more of a sale that you trip over from cross selling other products?

Thanks for the info.

What are you doing now if you don't mind me asking?

 

[RonSmith1984]

What are you doing now if you don't mind me asking?

I own a decorative concrete company. Its small scale but does well.
I am kind of burnt out of it lately, been looking for a change that can afford me an income that is consistent with where I am now.

I really feel like I should be in the insurance industry just trying to figure out where specifically. I took my try at Final Expense but reeeaalllll didnt enjoy that specific clientele. Nothing fun about hanging out in slums working with the poorest of the poor while surrounded by dozens of cats and dogs relieving themselves on the couch next to you. So I quickly got out of at just as fast as I got into it.
I feel like I might enjoy working with the annuity client much more. Or perhaps just a regular term or life client/

 

[Stephen]

I own a decorative concrete company. Its small scale but does well.
I am kind of burnt out of it lately, been looking for a change that can afford me an income that is consistent with where I am now.

I really feel like I should be in the insurance industry just trying to figure out where specifically. I took my try at Final Expense but reeeaalllll didnt enjoy that specific clientele. Nothing fun about hanging out in slums working with the poorest of the poor while surrounded by dozens of cats and dogs relieving themselves on the couch next to you. So I quickly got out of at just as fast as I got into it.
I feel like I might enjoy working with the annuity client much more. Or perhaps just a regular term or life client/

I will be honest with you and let you know that you are *probably* not going to be able to come out of the gate and start hanging annuity premium. Since annuities are typically a senior product, you need to dedicate your practice to mastering your craft and the issues that concern seniors.

I have been at it for 7 years now and I am not even close to where I want to be, in income or knowledge. Here are some questions and food for thought.

what problems can an annuity solve?
who typically has this problem?
who does this person ask for help?
when do they ask for help?
what value can I add to be a trusted resource for these problems?