Persistency of Lay Downs Vs Difficult Closes

[somarco]

I have done well living off overrides, and I have done well through my own direct efforts.

While the overrides were nice and allowed me more time to play golf, I much prefer having direct control over my income without having to listen to whiny agents who think they are not getting paid enough.

 

[Frank Stastny]

I have done well living off overrides, and I have done well through my own direct efforts.

While the overrides were nice and allowed me more time to play golf, I much prefer having direct control over my income without having to listen to whiny agents who think they are not getting paid enough.

There was a time when I had agents working under me. I discovered that I was more of a babysitter than a manager. My personal production had gone in the toilet, stress level went up and quality of life went down. I became an independent agent to be independent.

I woke up one morning and decided I'd had all the fun I could handle and told all of them that they now had the opportunity to "get rich" hiring agents. I'm so much happier now.

 

[jdeasy]

What is the definition of "selling?"

I suppose everyone would have a different take, but, what I meant is is talking someone into buying something that they really didn't need or want. I'm not a good enough salesman to do that, but, I have run across many that are.

What I've seen from those super sales people, though, is that once the sales pitch wears off, the people cancel the policy.

It's the old sales talk, sell the sizzle, not the steak. Well, in life insurance, once the sizzle is gone, so is the client.

 

[Frank Stastny]

I suppose everyone would have a different take, but, what I meant is is talking someone into buying something that they really didn't need or want. I'm not a good enough salesman to do that, but, I have run across many that are.

What I've seen from those super sales people, though, is that once the sales pitch wears off, the people cancel the policy.

It's the old sales talk, sell the sizzle, not the steak. Well, in life insurance, once the sizzle is gone, so is the client.

Don't knock the "sizzle sellers". They help me write a lot of business.

 

[theinsuranceman]

If you are not using a little "sizzle" to help make the sale then all that's left to write are the "lay downs". No? Not that many laydowns out there in FE.

By "sizzle" I mean painting a picture in the prospect's mind of how the family will be so happy and thankful that mom had this policy, and this is the last "gift of love" that she will leave them. I don't convince them they need it, I help them to convince themselves they need it This way helps them to keep it.

If I had the option of writing someone who was guaranteed to lapse in 3 mos. I would still write them. Why? Because at least I earned 3 mos. comm. which is better than ZERO comm. for my time with the client. (Provided you are not with a rip-off Co. that charges back 100% 1st year comm. including your earned comm. for the 3 mos.).

 

[Full Throttle]

Make sure to look at your contract. My primary life carrier penalizes my renewals and production bonus based on persistency. I don't write much final expense business, so I don't know the in's and out's of the common carriers' contracts. If I think it's a potential flake, I'm putting them else where. Even if you don't get penalized, doesn't it take up your time in energy getting someone through underwriting that you expect to lapse in 3 months?

 

[Frank Stastny]

By "sizzle" I mean painting a picture in the prospect's mind of how the family will be so happy and thankful that mom had this policy, and this is the last "gift of love" that she will leave them. I don't convince them they need it, I help them to convince themselves they need it This way helps them to keep it.

I don't call that "sizzle". I would refer to that as helping them make a well-informed, intelligent decision.

 

[Crabcake Johnny]

Very difficult question. Some lay downs do a lot of research. We just bought a living room set yesterday....walking into the furniture store, salesman greeted us, we sat in the set we wanted to make sure it was comfortable and said "give me your best offer and you can write it up today."

We were out of there 15 minutes later. I'm sure he's still talking about us as lay downs. However, we researched this for a few months - had gone into 10 or so previous stores and did a ton of online comparisons.

I'm sure you could call a senior who says "I'd like plan F" just like I'll call some health insurance prospects who say "I'd like a HSA." These are typically people who have done a lot of homework before they start bothering sales people.

 

[jdeasy]

If you are not using a little "sizzle" to help make the sale then all that's left to write are the "lay downs". No? Not that many laydowns out there in FE.

By "sizzle" I mean painting a picture in the prospect's mind of how the family will be so happy and thankful that mom had this policy, and this is the last "gift of love" that she will leave them. I don't convince them they need it, I help them to convince themselves they need it This way helps them to keep it.

If I had the option of writing someone who was guaranteed to lapse in 3 mos. I would still write them. Why? Because at least I earned 3 mos. comm. which is better than ZERO comm. for my time with the client. (Provided you are not with a rip-off Co. that charges back 100% 1st year comm. including your earned comm. for the 3 mos.).

I guess you're right and I only write the laydowns. I just checked my numbers and I've written 285 FE apps since Jan. 1. I don't know if that's a lot of laydowns or not very many, but, it's my numbers.


I just realized that I didn't count the 4 I wrote today, so, it's 289.

 

[theinsuranceman]

I guess you're right and I only write the laydowns. I just checked my numbers and I've written 285 FE apps since Jan. 1. I don't know if that's a lot of laydowns or not very many, but, it's my numbers.


I just realized that I didn't count the 4 I wrote today, so, it's 289.

Must be the leads. LOL! Now get back in the field before Travis finds out you are goofing off on this forum.