Public Safety entity marketing

Apr 21, 2008

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  1. Tom Rothwell
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    Tom Rothwell New Member

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    Does anyone work with police/fire departments? Care to discuss marketing ideas? I'd like to bounce some thoughts off someone who is experienced in this area. Thanks!
     
  2. The New Guy
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    The New Guy Guru

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    I seem to remember SAI having some experience with the police department, but I don't recall in what capacity.


    What are you trying to sell?
     
  3. Tom Rothwell
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    Tom Rothwell New Member

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    I'm trying to sell individual insurance, mainly life and annuity. In my area there is a high percentage of officers at or near retirement.
     
  4. Tom Rothwell
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    Tom Rothwell New Member

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    I am independent agent and I'm getting involved in local law enforcement groups via citizen's academy, volunteer service, community events. The patrol officers are teamsters members. I'm looking for other professionals who are succeeding in this market to discuss what works and what doesn't. I'm knowledgeable in annuities, particularly fixed and indexed products. Have series 7/6/63 though I've never sold securities to individuals directly. It seems that the biggest potential would be setting up rollover income accounts for retirees and individual life insurance plans for younger officers. Reason I'm intrigued with public safety is that I'm a believer in "law & order" and appreciate the service of others who put their lives on the line to protect our community.
     
  5. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    Yes I have limited experience in that field. It ended up costing me money out of my pocket. They did not want to buy anything that I was sellin. The only thing I got for my time was a misdemeanor. :goofy:
     
  6. somarco
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    somarco That Medicare Expert Guy

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    I have done some work in that area in the past, and know some agents who have worked that market.

    Fire seems to be easier to work than police since the firemen are either there or they aren't. Plus you don't have to go through security to walk into a fire station.

    Many will get benefits through their union, or through the credit union, or both.

    If you are going to work that market you will do better to either set it up on PRD or have a special arrangement with the credit union where they direct deposit their checks.

    Only a handful of carriers are willing to offer benefits to police/fire, especially life & DI.

    If you have not already identified the carriers that have special programs set up for these folks then start your research. Most (all?) are "endorsed" for PRD which saves you a lot of time & hassle.

    Note to SAI. Since when is solicitation of a minor a misdemeanor?
     
    somarco, Apr 21, 2008
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  7. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    Somarco,
    I was on "Tricks of The Trade" not "To Catch a Predator". :)
     
  8. Winter_123
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    Winter_123 Guru

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    Ummm. In regard to the rollovers, the thought that comes to mind is that most of these folks are state or local employees with traditional defined benefit retirement plans provided by the government (maybe through union bargaining but nevertheless administered by the government). In other words, their retirement funds cannot be rolled when they retire unless they just want to cash out their contribution, which would be nuts.

    There could be some government or union savings or investment plans (that are in addition to their core retirement plan) where this is not true.

    Might not be true in some jurisdictions. Perhaps the unions manage the retirement funds directly in some places. Not sure. Just thinking. Anyway, check to see if their retirement funds can be rolled before building too much of a business plan around that aspect. Usually they have some supplemental annuities that they contributed to during their employment years and those can be rolled.

    Winter
     
  9. Mr. Bill
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    Mr. Bill Guru

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    Most of the ones I know use their spare time to invest in real estate, they flip houses and such. That might work well for a p&c guy but I'm not seeing too much for the l&h guy.
     
    Mr. Bill, Apr 22, 2008
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  10. Tom Rothwell
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    Tom Rothwell New Member

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    THANK YOU ALL for the kind insightful helpful and to no small degree in some cases entertaining comments. It's a pleasure to be in the mix. Gosh, Winter, where'd you ever find that foto??? Didn't make the front page of The Times?
     
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