Marketing Whole Life Via Telephone - Advice Needed

Mrboone2

Expert
I'm in a job as an on-site year round blitz enroller. One of my products I have to market to employees of the company I'm assigned to is Level Premium Whole Life.

The company offers employees three term policies (one is company-paid; 1.5x salary) including AD&D. Because my WL has such low dollar value (ex - 55 y.o. in Texas, non-tobacco has $12,133 at $20 per paycheck), I'm having a hard time getting the value across to employees who see only dollar signs (even the cash value isn't resonating).

Any advice on how to do this?


Also, the company - my client - has prohibited me from being "salesy", so I have to do this from a customer service/advisor standpoint.

Thanks for your help.
 
I'm in a job as an on-site year round blitz enroller. One of my products I have to market to employees of the company I'm assigned to is Level Premium Whole Life.

The company offers employees three term policies (one is company-paid; 1.5x salary) including AD&D. Because my WL has such low dollar value (ex - 55 y.o. in Texas, non-tobacco has $12,133 at $20 per paycheck), I'm having a hard time getting the value across to employees who see only dollar signs (even the cash value isn't resonating).

Any advice on how to do this?


Also, the company - my client - has prohibited me from being "salesy", so I have to do this from a customer service/advisor standpoint.

Thanks for your help.

Do you want temporary insurance that's cheaper or permanent insurance that costs a little more?
 
I'm in a job as an on-site year round blitz enroller. One of my products I have to market to employees of the company I'm assigned to is Level Premium Whole Life.

The company offers employees three term policies (one is company-paid; 1.5x salary) including AD&D. Because my WL has such low dollar value (ex - 55 y.o. in Texas, non-tobacco has $12,133 at $20 per paycheck), I'm having a hard time getting the value across to employees who see only dollar signs (even the cash value isn't resonating).

Any advice on how to do this?


Also, the company - my client - has prohibited me from being "salesy", so I have to do this from a customer service/advisor standpoint.

Thanks for your help.


How often do they get paid? If that's $20 a month, that's a good deal. If it's $20 a week or $20 every 2 weeks then it's high.
 
"This policy is portable - which means that you can keep it when you leave the company."

"Also, the premiums are guaranteed to remain level, so you won't have to re-qualify like with other programs to keep this coverage as long as you pay the premiums."

Basically, don't talk about "whole life"... talk about a guaranteed benefit that's portable and that premiums will never increase.

Now, if you have different levels of coverage, always start with talking about the maximum coverage... then go down from there. "The most we can start you out with... is $X per paycheck for $XX,xxx of coverage. Now we can go down to $x, but I wanted you to know the absolute most that we do."

Talking about the "most" helps separate you as a consultant because people are afraid of being 'sold'... so tell them the highest price first, and let them tell you if it's acceptable or not.
 
First learn (if you have not already) the term plans they offer now. Base vs Optional term usually have different options at retirement. Then talk about the pros and cons of those. Then speak to the problem at retirement. I do not compete with today's premium I address the looming problem and help find a solution to that problem. One solution maybe a short pay or reduced paid up policy at retirement assuming they have enough years till retirement.

Explain that they have a great asset in the term, as long as they are an employee. Term is for a term of time, Whole Life is for their whole Life. Also I would keep a copy of the current conversion options they have. Usually pretty poor.


I'm in a job as an on-site year round blitz enroller. One of my products I have to market to employees of the company I'm assigned to is Level Premium Whole Life.

The company offers employees three term policies (one is company-paid; 1.5x salary) including AD&D. Because my WL has such low dollar value (ex - 55 y.o. in Texas, non-tobacco has $12,133 at $20 per paycheck), I'm having a hard time getting the value across to employees who see only dollar signs (even the cash value isn't resonating).

Any advice on how to do this?


Also, the company - my client - has prohibited me from being "salesy", so I have to do this from a customer service/advisor standpoint.

Thanks for your help.
 
How often do they get paid? If that's $20 a month, that's a good deal. If it's $20 a week or $20 every 2 weeks then it's high.

It's $20 every two weeks; guaranteed issue for rates between $3 and $30 per week and EOI for rates between $31 and $40 per week.

During Open Enrollment 5% took it without speaking to us enrolled. Of that 5%, 30% enrolled at $20 per week and up; the other 70% at $4-$10 per week.

I know it's high just for being WL without incentives (like how Universal through Minn Life in 2011 had a clause policyholders would never lose money if the market tanked but wouldn't earn more than 10% in a bull), but with an average population age of 45 and up with at least one pre-ex, these people jumped at it. I just haven't been able to capitalize on it.

I used the portable vs term tactic, but that met with almost no success, but I figure it's how I present it on the phone versus in person.
 
If YOU, as the selling agent, can't see the incentives of buying your product... your prospective customers don't have a chance at buying... because you are not convinced that it's a good value yourself.

You need to find something else to sell, or someone else to sell for.

The same thing happened to me at Combined Insurance. I got started and made some sales. As I began to study more about these products (compared to their required premiums)... I only liked 2 products out of a portfolio of 7.

It was time to leave. I think it may be time for you to leave too... unless you can find something about your product that can excite and entice you to want to buy it.

If you like the other products... then you can be a true consultant and simply say "We have a low-cost, low face amount permanent life insurance plan. The premiums stay level for life. It's available, but it's not my favorite... unless you can't medically qualify for anything else. Then something is better than nothing."
 
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