So what's the deal with the new Transamerica product?
- Thread starter tribetime32
- Start date
- 4,125
I think you're under the obligation to offer a true graded product before return of premium. Not to mentioned prosperity is in far more states than Security National who would rather be a captive company than IMO friendly in my eyes.
I'll put it this way. I can't count how many times i got a Copd smoker approved with Trans only to have the client solicited by Moo Gi in the mail which is 35% cheaper. Every time they go with the cheaper and tell me they'll live 2 yrs. Of course i'll show the graded first and give them a choice .
- 26,146
OK, an uneducated question.
Why not just show them both?They pick, and it wedges out the next guy that is going to show them the low cost or graded plan.
Why not just show them both?They pick, and it wedges out the next guy that is going to show them the low cost or graded plan.
- 4,125
That's literally Never happened to me
- 26,146
Got it.
- 7,012
I agree with Chris. Level>graded>modified>GI
Every time I ran into someone with a MoO GI that had 12+ months left on it (or less), when I explained to them how much they would get today if they died versus the trans std policy (for example) they always replaced.
You can still wedge out the mailers and other agents before you leave while still selling the product with greatest death benefit years 1 and 2.
We've been spoiled for the last few years. I think I've written 3 30/70/100 policies in the last decade. But we might have to start doing that more often now.
- 4,125
Here's your profit in the margins as well. Prosperity graded pays FULL compensation I'm fairly certain security national modified does not.
- 5,973
Me neither. I have yet to lose any case to MOO graded mail offer. I have a feeling that some agents make their presentation all about price, rather than all about the prospect, the prospect's love for his or her family, why the prospect wants this protection just as much as he or she needs this protection i the first place. Hundreds if not thousands of FE agents regularly posting their daily experiences to FB FE groups I belong to and I have yet to read anyone complaining they had a chargeback because the client dropped their Trans Standard for mail order graded.
Once in a while I'll hear an agent bitch and moan that MOO sent their client a mailer. I've had a few clients call me (usually it is son after they took out a policy with me) and the client says "hey, what about this?" and I say "you for calling me let me explain how that works ... so God forbid something happens to you in the near future, would you rather your monthly premium go towards buying you coverage that is for today no matter what may happen, or do you want to pay today for coverage that starts two years from now?"
I'll let y'all know the first time I have someone who selects what's behind door number two. It is also notable that I don't usually get these calls after the client has made two or three payments. If they call, it is soon after meeting with me and the insurance buying experience is fresh in their mind. Do a good job of winning their trust and they will call you before they call MOO.
