Out from the Nasty Nati

[JustinRoehm]

Hey, my name is Justin. I have lurked in the forums for a while, and it is finally nice to join. I am from Cincinnati, OH. I have been in the insurance business for a year now in at Western and Southern Life in Columbus, Oh, but I just moved back to Cincinnati to be with my family.

I was one of the best at Western in Southern at selling single premium life policies. I sold them as replacements for ancient whole life policies that were still be payed on and as alternatives to CDs and annuities with a competive cash value interest rate (5%) and a hefty death benefit.

I tend to work with a lot of seniors for final expenses and wealth transfer. Also, I work with entreprenuers as well.

I am transitioning to independent, but I am really dumb when it comes to leads and marketing. Hopefully, I can learn something here as well as contributing that which I know.

Justin Roehm

 

[Mark]

Hey, my name is Justin. I have lurked in the forums for a while, and it is finally nice to join. I am from Cincinnati, OH. I have been in the insurance business for a year now in at Western and Southern Life in Columbus, Oh, but I just moved back to Cincinnati to be with my family.

I was one of the best at Western in Southern at selling single premium life policies. I sold them as replacements for ancient whole life policies that were still be payed on and as alternatives to CDs and annuities with a competive cash value interest rate (5%) and a hefty death benefit.

I tend to work with a lot of seniors for final expenses and wealth transfer. Also, I work with entreprenuers as well.

I am transitioning to independent, but I am really dumb when it comes to leads and marketing. Hopefully, I can learn something here as well as contributing that which I know.

Justin Roehm

I've been working the SPWL market lately myself. I'm really find a niche in it.

Welcome to the forum. I would love to see any pieces you have on this market or the cd vs annuity stuff that you may have.

 

[pomfin]

Hey, my name is Justin. I have lurked in the forums for a while, and it is finally nice to join. I am from Cincinnati, OH. I have been in the insurance business for a year now in at Western and Southern Life in Columbus, Oh, but I just moved back to Cincinnati to be with my family.

I was one of the best at Western in Southern at selling single premium life policies. I sold them as replacements for ancient whole life policies that were still be payed on and as alternatives to CDs and annuities with a competive cash value interest rate (5%) and a hefty death benefit.

I tend to work with a lot of seniors for final expenses and wealth transfer. Also, I work with entreprenuers as well.

I am transitioning to independent, but I am really dumb when it comes to leads and marketing. Hopefully, I can learn something here as well as contributing that which I know.

Justin Roehm

the best leads are from referral from existing clients. Buying leads are common practice for FE. The leads are from direct mail or predictive dialer or autodialer which no longer legal to consumer without written permission.

 

[JustinRoehm]

Thanks guys. I am glad to be here.
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Mark, the way I have sold single premium life is two-fold. First, I sold it to replace whole life policies that have been around for 30+ years. Let's say a client has a $10,000 whole life policy with $8000 dollars of cash value. With paid-up additions the face amount is about $11,500. They are only paying like $100-$300 per year. (These are pretty standard figures). I can 1035 exchange the $8000 cash value into a single premium life and get the client $12,000-$18,000 if they are healthy and are somewhere between 55 and 75 years old.

The benefit to the client is twofold: They save the money they are spending each year on life premium (freeing it to use on something else, like LTC), and they generally have a higher death benefit than before.

The only two downsides I generally get are they may not qualify based on health or they get put back into the 2-year contesting period (which is why I let them know that they need to be 100% honest with me about their health history).

The second way I sell these is as a financial device with a life benefit. Let me explain. I find it is much easier to show the living benefits with the death benefit instead of just the death benefit. If they have CDs or annuities to leave their children, I first show them the obvious fact that they can leave more money to their beneficiaries in a single premium. Many times they get scared that they might not be able to get to the money if there is an emergency. I then ask them about what kind of account that they have the money in. If they tell me CDs, savings, annuities, whatever, I get their interest rate information and figue out their tax-bracket.

I put all this information in my illustration software (western and Southern in this case) and then illustrate a spwl vs. the type of fund they have. Generally, they have CDs, and the interest rates are about 1-2% where I live. The illustration will show them what they will make each year after taxes, and compare it side to side with the single premium. The single premium has a 4.75% rate, but has surrender charges as well. Still, by the 3-5th year the single premium life cash value catches up and then starts significantly surpassing the CD. I then show a graph that illustrates all of this with colored bars.

Without a doubt, the single premium life wins with death benefit, and even quickly surpasses other forms of fixed benefit products with living benefit if they need to liquidate.

Also, I always add that with the single premium life it is like they are not even paying on life insurance, because they can take most of their money back within the first couple of years, or all of their money back at about the 4th year or so. This appeals a lot to people with fixed incomes as they can feel better about putting their money in an account that they can liquidate vs. spending on an expense where their money will never be seen by them again.

I hope this helps.

As far as marketing goes that is where I struggle. I have some cold call lists of seniors. I have been trying this week to set appoinments with them by myself and with a telemarketer assisstant. Also, I have read a lot of posts by you and really dig some of your ideas, like the firefighter and accidental policy idea. I was thinking about calling YMCAs or senior recreational centers to throw a pizza party or something. It is kind of borrowing on your idea a bit. Mark, do you know of any good marketing ideas I could use with this policy?

Thanks,

Justin Roehm
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Pomfin, I have just purchased some FE leads this week. Hopefully, they will pan out soon.

 

[Alhambra]

the best leads are from referral from existing clients. Buying leads are common practice for FE. The leads are from direct mail or predictive dialer or autodialer which no longer legal to consumer without written permission.

Are you saying predictive dialing to a scrubbed database is now illegal?