Senior Life Insurance Company Info

[theinsuranceman]

So I'm interested in the FE market, have gotten a ton of good info from agents on this forum regarding telesales and more. I sat in on the tail end of Senior Life's webinar and sent a multi-part question. Robert Shiver answered one of them, let me know that "yes" I could take commissions as earned, but it was interesting that he didn't answer what the persistency rate is. Does anyone on this forum know what it is compared to the average in the industry? Senior Life is definitely not on my short list but was kind of wondering none the less and wanted to share that with others even though it may have just been an oversight!

I would be interested in hearing from any agents that have been at Senior Life for more than 6 months and are successful without getting into the recruiting business.

Debbi

I've been writing for SL 2 yrs. as of this past April. I produce and recruit. Persistency the same as when I wrote for LH from 1999 to 2010...1999-2004 face 2 face and 2004 to now tele-sales.

Persistency may ave. approx. 5% lower with tele-sales compared to face 2 face sales. So why do I do tele-sales last 7 1/2 yrs.? Even with lower persistency I make more profit with tele-sales than face 2 face sales.

How can that be? I get many more presentations/production per unit of time worked with tele-sales than face 2 face. So what happens is I load up on 1st yr. comm. but have lower renewals with the same amount of time invested. My "loaded up" 1st year comm. more than compensate for the 5% reduction in renewals.

Plus, I don't have to burn a drop of gas. But I lose out on the generous deduction of "personal car used for business use"...55 cents per mile?

I've seen agents flunk tele-sales, thrive with tele-sales, flunk face 2 face sales, thrive with face 2 face sales. I've also seen agents who were face 2 face agents who had much lower persistency than my tele-sales persistency and also some who had better.

Can't say which method, maybe both or maybe neither, would be for you. You have to try both and see.

 

[jdeasy]

I've been writing for SL 2 yrs. as of this past April. I produce and recruit. Persistency the same as when I wrote for LH from 1999 to 2010...1999-2004 face 2 face and 2004 to now tele-sales.

Persistency may ave. approx. 5% lower with tele-sales compared to face 2 face sales. So why do I do tele-sales last 7 1/2 yrs.? Even with lower persistency I make more profit with tele-sales than face 2 face sales.

How can that be? I get many more presentations/production per unit of time worked with tele-sales than face 2 face. So what happens is I load up on 1st yr. comm. but have lower renewals with the same amount of time invested. My "loaded up" 1st year comm. more than compensate for the 5% reduction in renewals.

Plus, I don't have to burn a drop of gas. But I lose out on the generous deduction of "personal car used for business use"...55 cents per mile?

I've seen agents flunk tele-sales, thrive with tele-sales, flunk face 2 face sales, thrive with face 2 face sales. I've also seen agents who were face 2 face agents who had much lower persistency than my tele-sales persistency and also some who had better.

Can't say which method, maybe both or maybe neither, would be for you. You have to try both and see.

Did you miss the part where he wanted to hear from someone that was not recruiting?

 

[Mattschmidt]

A senior life rep I know out of Ohio says his manager and upline expect about a 50% 12 month persistency. I'm guessing the low % is due to the tele sales aspect of their business

 

[coloradoseniormarket]

A senior life rep I know out of Ohio says his manager and upline expect about a 50% 12 month persistency. I'm guessing the low % is due to the tele sales aspect of their business

That makes sense; their rates are high and there is not relationship with the agent. Churn and burn.

 

[Mattschmidt]

That makes sense; their rates are high and there is not relationship with the agent. Churn and burn.

Granted you can make a good living by selling a person one product and then moving on. But most fe guys I talk to want the business on the books for years so their renewals create a base salary for them.

 

[theinsuranceman]

I think the 50% 12 month pers. is required so the agent can still get advances. Less than 50% on a 3 month rolling ave. would drop to as earned.

If I didn't have about 7 yrs. experience doing tele-sales, I'd think people would not keep policies either. However, I've plowed thru 7 yrs. of tele-sales, with 6 yrs. of face 2 face before tele-sales, 13 years total of selling ONLY Fe, so I've seen both sides of the coin.....production, persistency, recruiting, etc. with both methods of sales.

The agent really is the determining factor in their production, persistency, etc. The method of sales has hardly influence. That's why some face 2 face agents have worse persistency than some tele-sales agents and vice-versa.

If tele-sales didn't work how would Geico, term ins. co.'s, health insurance co.'s, etc. survive? If tele-sales didn't work for me I certainly would be back in the field, heck I did it for 6 yrs. successfully.

 

[Todd King]

So I'm interested in the FE market, have gotten a ton of good info from agents on this forum regarding telesales and more. I sat in on the tail end of Senior Life's webinar and sent a multi-part question. Robert Shiver answered one of them, let me know that "yes" I could take commissions as earned, but it was interesting that he didn't answer what the persistency rate is. Does anyone on this forum know what it is compared to the average in the industry? Senior Life is definitely not on my short list but was kind of wondering none the less and wanted to share that with others even though it may have just been an oversight!

I would be interested in hearing from any agents that have been at Senior Life for more than 6 months and are successful without getting into the recruiting business.

Debbi

Debbi, as you can see, you're probably not going to get a straight answer on this. Maybe if there were more "successful" agents at Senior Life that were there more than 6 months, you might. That doesn't seem to be the case either.

If you do get the question answered, it seems it will be from a recruiter at SL, not a successful agent.

 

[theinsuranceman]

Debbi, as you can see, you're probably not going to get a straight answer on this. Maybe if there were more "successful" agents at Senior Life that were there more than 6 months, you might. That doesn't seem to be the case either.

If you do get the question answered, it seems it will be from a recruiter at SL, not a successful agent.

Todd, just so you and everyone else know, I haven't tried to recruit an agent from this forum in about 2 years. I require a new agent to come to Raleigh for 4 days for training if they're going to work leads that I cosign for.

Most of the agents on this forum are either too broke to make the trip or are not someone I would contract. I do most of my recruiting around the Raleigh, NC area. That way they can work 40+ hours in my office with their own cubicle and I'm available to help them all day long. I tried to give her an honest and straight forward answer.

Since you are a good guy and like to recruit agents off this forum perhaps you can help her?

 

[jdeasy]

Todd, just so you and everyone else know, I haven't tried to recruit an agent from this forum in about 2 years. I require a new agent to come to Raleigh for 4 days for training if they're going to work leads that I cosign for.

Most of the agents on this forum are either too broke to make the trip or are not someone I would contract. I do most of my recruiting around the Raleigh, NC area. That way they can work 40+ hours in my office with their own cubicle and I'm available to help them all day long. I tried to give her an honest and straight forward answer.

Since you are a good guy and like to recruit agents off this forum perhaps you can help her?

That is simply not true that you haven't been recruiting here.

I didn't even have to go back a month to find this gem;

Re: Becoming agent in the greatest state of all, NC! Advice from my fellow North Carolinian's?

Trevor, I live in Raleigh and also have a team of agents. If interested call me anytime 252-292-3350...Greg

 

[theinsuranceman]

That is simply not true that you haven't been recruiting here.

I didn't even have to go back a month to find this gem;

Re: Becoming agent in the greatest state of all, NC! Advice from my fellow North Carolinian's?

Trevor, I live in Raleigh and also have a team of agents. If interested call me anytime 252-292-3350...Greg

He made the 1st attempt to contact someone about FE. He lives in my state. Heck, he lives about an hour's drive away. He even specifies "fellow North Carolinians". So I replied. If I made the 1st attempt to contact him then you'd be correct.

Since you are so sharp find one, just one, instance of me doing some aggressive recruiting on this forum the last 2 yrs.

That should keep you occupied for awhile.
Don't you have some leads you could be calling?

For the record, if I wanted to recruit aggressively on this forum I would. And, there's absolutely nothing you could do about it. Absolutely nothing.