Numbers Game in Final Expense Sales?

[Funguy]

1) If someone could elaborate on the "numbers game" aspect of this field? Does "numbers game" mean being in front of enough people who want to buy.
These people may or may not buy depending on the plan they may qualify for?
For example, they might buy if they qualify for an "immediate" benefit plan but may not buy if they find out they may only be eligible for more expensive plans.

2) What is your expectation and mindset when contacting a lead? in reference to "numbers game"

3) In Final expense sales, can a person's success be improved, simply by using a different lead vendor?

4) How soon do you guys "walk away" from a lead. For example, if a person is not willing to give an appointment at the first point of contact.
And says "I will call you" or "call me on Thursday at 2 pm to make an appointment", would you walk away from that lead?

5) In order to make a 6 figure income what is a reasonable monthly amount which one should spend on purchasing leads?

Sincerely,

Funguy

 

[PittAgent]

3. My production went up considerably when I started doing my own mail drops. I can't speak for other companies because I only used one but Chris at The Lead Connection takes good care of a lot of people.

 

[Rearden]

1) Assuming you are good at presenting and asking for appointments, maximizing the number of qualified people you see is the lynchpin to selling more policies.

Think of JD -- He takes 15 leads a week and makes more than 4000AP weekly. If were to double his leads, the likelihood of his AP doubling is pretty high, all else equal.

2) You should go with an assumption mindset; assume the appointment, because they requested the information.

3) Yes. Some shops resell new and aged leads to agents. Others send out and receive standard class, so your lead age is typically older.

4) Typically if they refuse an appointment, I quit it. I may call on it later when I'm in the area again.

6) Depends on your ratios and how much time per week you can invest in your business.

 

[RonSmith1984]

1 and 5.

I havent begun selling final expense yet but have been in business my entire working life.

when its referred to as a numbers game its exactly that. It cost XX number of dollars to do a mailing. It takes XX number of mail pieces to get XX number of leads. It takes XX number of leads to make a sale. Your sales average XX number of profit.

Once you know your average response rate, average close rate and average premium per sale its just a matter of increasing or decreasing your leads to fit the income you want/amount you want to work.

 

[Funguy]

Thanks for the responses guys.

@Rearden,

1) Quite often what happens is people like me & everything is going fine but they lose interest once they find out their premium would be higher than what they had in mind and they would not qualify for immediate coverage.

Any tips for such a situation?

2) Would tele-marketed leads be a better option compared to direct mail leads, because there is an opportunity of meeting more people?

 

[Rearden]

You need to learn how to pre-qualify budget, do a needs-analysis, and understand as well why they want it.

You also need to learn how to make an apples-to-apples comparison of a graded product versus, say, a 2-year ROP product like Mutual Of Obama.

Who is your upline?

 

[jdeasy]

I don't like to refer it to a "numbers game" but I see that reference all the time.

It's not really true though. For empale, if an agent is getting 10 leads per week and not selling anything then getting 20 leads per week will most likely not change the not selling.

In context it is somewhat true. I was telling Newby about a couple os sales I made Tues. When I got to the home the lady said for me to just come on in. The reason she said that was because she was bedridden. Paralyzed on one side from a stroke a few years ago.

As I was telling her that I could not her any coverage except for a 2 year waiting period another lady comes in. I'm assuming it's a friend. The lady in the bed tells me she has an LH policy for $10,000 face that she got before the stoke but really wanted more. I told her that there was nothing wrong with LH except they are just high priced. She said, "I know that's true". Then the other lady said, "that who I have my insurance with and they are high". Turns out she was a healthy 68 year old with a less than year old LH policy. I replaced that policy and got her $2000 more coverage for $6/mo less. Then the lady in the bed wanted me to give her a quote for her 34 year old daughter that lives in Tn. RNA's EL was just the ticket and I am to write that one up too. I have to call the daughter and get all the info.

The lady that I thought was a friend had never met the bedridden lady before that day. The reason she stopped by was because she is a housesitter for people just like that and she was told that this lady might need her services.

So, while I didn't sell the lady I was there to see I did make 2 sales just because I was there. That's where I agree it's numbers game, [for lack of a better description}.

Just being out there seeing people and being in the right spot at the right time. Stuff like this happens more often that you can imagine after you have been in this business a while.

Just like today. I was delivering a policy in a small town about 25 miles from me. A client of 4 years lived in the next apartment building so after delivering the policy I just stopped by the other client's apt to say hello and see how she was doing. She called her neighbor over and I wrote a $60/mo 5 Star right on the spot.

That's 3 applications this week just by being there. The last one was not just coincidence. The 4 year client has been very high maintence. Changing banks, changing beneficiaries, missing payments where I had to help her get her policy current. Tons of sevice work over the years which I do for my clients. Most of my clients do not call the companies for anything. Just today I sent out 2 PAC forms with self adddressed envelopes, {sent back to me not the company}, for clients that changed banks.

All that work over the years is why the lady went and got her neighbor. She said, 'this is the guy I've been telling you about, he's the best insurance agent I've ever dealt with". That glowing endorsement is why the lady was willing to go ahead and get it done today.

So while I was just there today the foundation had been laid over the years.

1) If someone could elaborate on the "numbers game" aspect of this field? Does "numbers game" mean being in front of enough people who want to buy.
These people may or may not buy depending on the plan they may qualify for?
For example, they might buy if they qualify for an "immediate" benefit plan but may not buy if they find out they may only be eligible for more expensive plans.

2) What is your expectation and mindset when contacting a lead? in reference to "numbers game"

3) In Final expense sales, can a person's success be improved, simply by using a different lead vendor?

4) How soon do you guys "walk away" from a lead. For example, if a person is not willing to give an appointment at the first point of contact.
And says "I will call you" or "call me on Thursday at 2 pm to make an appointment", would you walk away from that lead?

5) In order to make a 6 figure income what is a reasonable monthly amount which one should spend on purchasing leads?

Sincerely,

Funguy

 

[Funguy]

Jdeasy,

This is an excellent post. Obviously you provide great service to your clients which is why you are getting referrals.

I really learnt a lot from this post.

Funguy

 

[Newby]

Jdeasy,

This is an excellent post. Obviously you provide great service to your clients which is why you are getting referrals.

I really learnt a lot from this post.

Funguy

Now if only there were a place where FE agents seeking the wisdom of agents like JD could come and learn improve their skills. Hmmmm.

 

[deadhead]

Now if only there were a place where FE agents seeking the wisdom of agents like JD could come and learn improve their skills. Hmmmm.

That would be nice. I may have to do that. I can start a website and charge other agents 19.99 a month to learn from me