Single Premium Whole Life - Thinking of Doing a Mailer

Aug 16, 2016

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  1. lifeismylife76
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    lifeismylife76 Expert

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    I am a Final Expense Agent considering doing a Single Premium Whole Life Mailer using a list of people who own Bank Certificates of Deposit. My big question is how do I approach the lead once I do the mailer. With Final Expense direct mail leads, we door knock. I'm not sure this is the right approach for SPWL. Has anyone ever done a mailer for SPWL and if so, how did you contact the leads who mailed back the card?

    I will be using a mailer from one of my carriers.

    Thanks in advance for your help.
     
  2. aclaro
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    aclaro Super Genius

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    Which carrier are you using? And how did the carrier respond when you asked them this question?
     
    aclaro, Aug 16, 2016
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  3. Newby
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    Newby Guru

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    I've sold quite a few single premium policies. I just go in to sell life insurance and it's pretty obvious when you run into a single premium case.

    My advice would be to not decide before you go in the house and fact-find what you plan to sell them. Just get life insurance appointments and let the appointment go the way that it naturally will go.

    If you income filter your final expense leads for higher incomes the normal you'll run into more single premium cases. You're up line should be able to give you a good presentation for those when you run into them.
     
    Last edited: Aug 16, 2016
    Newby, Aug 16, 2016
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  4. danerlavigne
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    danerlavigne Expert

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    I second Newby's response
     
  5. Todd King
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    Todd King IMO/FMO Owner

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    It is very hard to specifically market for SPWLs, but I think you're headed down the best road if using a list of CD holders. Usually, finding a case for SPWL is just something you run into especially if you ask the right questions. Of course, the reasons behind having the CD to begin with will help you begin to determine if it's the right fit for a SPWL or not.
     
  6. Newby
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    Newby Guru

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    It's not even the right questions. It's listening for the right objection.

    "I don't need life insurance because I have money in the bank. "

    Bingo! There's your single premium lead. Most of them are just blowing smoke and trying to get rid of you. But a portion of them will buy when you teach them that death benefit by life insurance is superior to death benefit by bank account.

    The response you are looking for after you explain it is...How much of that can I get?

    And I've gotten that exact response several times.
     
    Newby, Aug 22, 2016
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  7. walthamny
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    walthamny Guru

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    And if you don't get I dont need life insurance because I have money in the bank answer, you should ask which local bank do you use for your savings and cd's. It helps to know what local rates are paying for 1 year cd
     
  8. TampaHound
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    TampaHound Guru

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    I know this is an older topic but I thought I would mention the website bankrate.com They provide up to date information.
     
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