Save the client money, then have them spend the difference on insurance premium?
- Thread starter NSRH
- Start date
If $$$ is tight, and the agent is redirecting the "savings" to fund insurance products, who is really benefitting?
Hardly a day goes by when I am not able to show someone how to save money on Medigap premium and drug costs (premium and/or copay's). I figure that money is theirs, not mine.
My motives are altruistic and that attitude generates referrals. Those referrals are like gold. I figure I have earned them.
Over the last few months I have saved clients anywhere from $100 per year to over $4,000 (twice) by suggesting changes in their drug plans.
Hardly a day goes by when I am not able to show someone how to save money on Medigap premium and drug costs (premium and/or copay's). I figure that money is theirs, not mine.
My motives are altruistic and that attitude generates referrals. Those referrals are like gold. I figure I have earned them.
Over the last few months I have saved clients anywhere from $100 per year to over $4,000 (twice) by suggesting changes in their drug plans.
- 6,995
Different market all together. Our people pay a premium for everything because they're professional procrastinators.
When you're cable/internet/whatever bill goes up, you call in, complain and threaten to cancel. Our people do not. That's the basis for the bill savings concept.
And you're telling me you've never tried to leverage saving them money on their supp so that they could buy another product you sell that they need?
- 6,481
Extend your "different market" idea just a bit further.
In your market, the agent finds a cash flow savings and sells a product funded by that savings.
In somarco's market, and business model within that market, he helps clients save money on an insurance product a human's health and government regulation pretty much dictate they need to have. So he saves someone money, they give him referrals, he sells some of the referrals a medigap policy, tells some they already have the best choice, and looses some.
In both markets an insurance agent has helped a client (or potential client) find a savings and gained some additional business as a result.
The referrals aren't limited or even greater in Bob's "market".. You save people money, you get referrals irrespective of what they elect to do with the savings..
BTW, there is nothing even close to new about this concept..There have always been agents that advise "find the money to pay the premium"..It could result in the "savings" or from finding money that is being spent unwisely.. Some of the big hitters in the life business practiced the latter but I was always uncomfortable digging that deep into peoples money habits.
Never have.
Never will.
I was taught to "find the need, find the money".
Emphasis on finding need first.
I don't work with poor people. Find out early on if they can afford my product. If not, I move on.
- 3,247
I've actually been asking them to pull out their bank statements so we can make sure they can afford the option they're choosing. They'll pick the $95 monthly option, meanwhile, I see $7 left in their account at the end of the month. #notgood
I guess this is where we differ.
I never have asked anyone if they can afford a product. That is a bit confrontational in my opinion.
What I have done following the FF is give them a range of premiums, high to low, for solving their problem, and then ask if that is fits their budget.
But I also do 100% phone sales. Even when I did F2F I never ask to see their bank statements. One time during an annuity presentation a lady pulled out her broker statements and asked me to explain them to her.
She had over $700k in a money market earning about .5%.
She lived in a very neat, small house near RR tracks. The house was neat but I never would have guessed she had that kind of money.
I suggested rolling $50,000 to $100,000 into a deferred annuity with a 7 yr guarantee of 6% per year.
I never have asked anyone if they can afford a product. That is a bit confrontational in my opinion.
What I have done following the FF is give them a range of premiums, high to low, for solving their problem, and then ask if that is fits their budget.
But I also do 100% phone sales. Even when I did F2F I never ask to see their bank statements. One time during an annuity presentation a lady pulled out her broker statements and asked me to explain them to her.
She had over $700k in a money market earning about .5%.
She lived in a very neat, small house near RR tracks. The house was neat but I never would have guessed she had that kind of money.
I suggested rolling $50,000 to $100,000 into a deferred annuity with a 7 yr guarantee of 6% per year.
- 1,206
Are you selling FE by phone? Or all types of insurance and annuities?
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