Term Life Policy Servicing

Some agents treat people as customers, others treat people as clients. A customer is transactional and temporary. A client is a valued long lasting relationship that most often involves multiple sales over many years. A client is also much more likely to give multiple referrals over the years.

Wino treats people as clients... and is wildly successful doing so.

I agree, Term is inventory for future sales. All kinds too, not just conversions.
 
Ummm me too. Share the wisdom oh wise one. :) Would love to see a high converting marketing piece to get term policies over to perm.

I don't know that he said he got "term policies over to perm".

What I got from his posts was that he values the holders of term life insurance as prospects for the purchase of life insurance because they know the value and utility of life insurance.

It's a matter of holding/maintaining relationships until life presents the clients with life insurance needs which they will then discuss with "their" insurance agent.
 
I don't know that he said he got "term policies over to perm".

What I got from his posts was that he values the holders of term life insurance as prospects for the purchase of life insurance because they know the value and utility of life insurance.

It's a matter of holding/maintaining relationships until life presents the clients with life insurance needs which they will then discuss with "their" insurance agent.

Winner, winner, chicken dinner.

Lee tried to teach me his methods, just not me. I couldn't see the value. However I know it works extremely well for him and I suspect it would for any other agent who approached it the same. Someone just has to be patient and not make it all about them, a service call and not a sales call, although it will turn into a sales call.
 
Can you send me a copy of that letter and e-mail?

Sorry, I missed this earlier.

I have used many different letters. It was specific to where I got the orphan. In general, it was a simple letter that introduced me and how I got their name. I always mentioned beneficiary wording and contact info, guarantees, expiration dates, increases/decreases, their contact info. Nothing about sales or product. Beneficiary change forms are my best prospecting piece.

When I was working many (100+) of these I included a return reply card with a self-addressed stamped #9 Envelope. The reply card with envelope worked really well. I tried BRM reply cards but they did not work as well.

Today, it is different as I get most of them as referrals. I call first. If I can not get in touch with them I text and email them to let them know I will be mailing them. A lot of them have called me off of a referral to begin with.

Example - Today a client called to let me know that he bought a new home and needed to review his policy. He is the brother and son of other clients. He had a term plan when I met him. I AOR'd it and rewrote him as that plan got close to terming out a couple years later. Today he asked me to call his brother in law to review his policy. I am also going to Review/AOR or rewrite his new wife's term policy. Of course I will then try to get to the in-laws as well. So this original orphan policy holder. turned into a $250,000 GUL 5 years ago, Now another GUL at age 65, Probably a new policy on the wife, possibly a new policy on the brother-in-law. And I of course will prospect all of thier kids and grandkids. If the kids have policies I will AOR them. Rinse and repeat. This guy's mother was an orphan that I helped with a claim on her husband. I have since written two other policies on her, Her daughter, and her husband, this daughter referred me to her best friend I also wrote her family, Two of her adult grandchildren and two great grandchildren, Fred's policy five years ago and probably his new wife's. I am their Life Insurance guy. They call me.

I know it sounds like a lot of work but it is not. It results in inbound calls. Think P&C agents. They X-date early on then prospect their call ins. Collecting Term is like X-dating. Inventory.

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Winner, winner, chicken dinner.

Lee tried to teach me his methods, just not me. I couldn't see the value. However I know it works extremely well for him and I suspect it would for any other agent who approached it the same. Someone just has to be patient and not make it all about them, a service call and not a sales call, although it will turn into a sales call.

That. The best leads I can run are in those file cabinets. The second best leads I run are in other agents file cabinets.

The easiest are Term, FE and UL. The hardest are well structured Whole Life.

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I don't know that he said he got "term policies over to perm".

What I got from his posts was that he values the holders of term life insurance as prospects for the purchase of life insurance because they know the value and utility of life insurance.

It's a matter of holding/maintaining relationships until life presents the clients with life insurance needs which they will then discuss with "their" insurance agent.

That. Relationship building is a lost art. They call me and I ask about their kids and dogs. They ask me about mine and if they are still in the military or how my granddaughter is doing.

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Some agents treat people as customers, others treat people as clients. A customer is transactional and temporary. A client is a valued long lasting relationship that most often involves multiple sales over many years. A client is also much more likely to give multiple referrals over the years.

Wino treats people as clients... and is wildly successful doing so.

I agree, Term is inventory for future sales. All kinds too, not just conversions.

Yup. I am lazy. I am too lazy to call people I do not know all day. I do some but not much.
 
Refer them to me. Just give me an AOR. Wino blues at Gmail. Com. I gladly AOR term regularly.

Oh and yeah, I got a couple clients that change banks what seems like monthly. PITA

What if you AOR and then terminate the policies? Be they whole life or term? How does the insurance company look at it?

BTW, right now I have a client who is terminating a policy I wrote for her, to keep two policies(same price but lesser value) because she can't contact the agent who wrote them for her(the company won't let her cancel without her agent) One of them is a United Insurance policy, I told her just not to pay it(direct bill) and wait for the agent to reach out, but she'd rather cancel mine. :embarrassed:
 
What if you AOR and then terminate the policies? Be they whole life or term? How does the insurance company look at it?

BTW, right now I have a client who is terminating a policy I wrote for her, to keep two policies(same price but lesser value) because she can't contact the agent who wrote them for her(the company won't let her cancel without her agent) One of them is a United Insurance policy, I told her just not to pay it(direct bill) and wait for the agent to reach out, but she'd rather cancel mine. :embarrassed:

I think your client is trying to end the relationship with you as nicely as they can. There is no company out there that "requires" an agent's involvement in cancelling a policy. I think that was a pull from the backside excuse. It happens.
 
I think your client is trying to end the relationship with you as nicely as they can. There is no company out there that "requires" an agent's involvement in cancelling a policy. I think that was a pull from the backside excuse. It happens.

We called the number on her policy and they refused to give her ANY information over the phone and said she had to contact the agent. Then they hung up on us.

United Insurance is horrible. Debit agents them.
 
What if you AOR and then terminate the policies? Be they whole life or term? How does the insurance company look at it?

BTW, right now I have a client who is terminating a policy I wrote for her, to keep two policies(same price but lesser value) because she can't contact the agent who wrote them for her(the company won't let her cancel without her agent) One of them is a United Insurance policy, I told her just not to pay it(direct bill) and wait for the agent to reach out, but she'd rather cancel mine. :embarrassed:

If I am going to replace it right away I may not AOR it since most agents do seem to care about old policies and won't call them. On the other hand if I think the other agent will call I just AOR it and rewrite it. The vast majority of companies won't raise a fuss. There are a few companies, with captive mentality, that will not let you replace one of their policies. But they are a minor bunch.

As long as you are not someone that is just churning and burning it should not be a problem. IMohsoHO.

It sure seems you could do a three way with the clients and the company and get them canceled. What company is it?

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We called the number on her policy and they refused to give her ANY information over the phone and said she had to contact the agent. Then they hung up on us.

United Insurance is horrible. Debit agents them.

That should have been a slam dunk replacement then. Maybe do a three way with the agent. If not, Next!
 
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