What is a FE Carriers Average Placement and Persistency?

[Life Hawk]

If it's just a small gap then you are selling a low priced company. Agents can give great service and sell low priced companies just as easy as selling a high priced one.

But a company is much more than just its price... all things are not equal...

 

[Newby]

But a company is much more than just its price... all things are not equal...

Like what would be an advantage to an applicant that would make them choose a higher priced FE company over a lower one? I'm talking about if the same agent was selling both of them.

 

[goillini52]

Like what would be an advantage to an applicant that would make them choose a higher priced FE company over a lower one? I'm talking about if the same agent was selling both of them.

Greg with Senior Life will be along soon to tell you.

 

[indiana260]

What do you mean by "agent responsibility"? Im assuming the agent is 100% responsible, unless I'm missing something.

The agent is not 100% responsible. There are times when the company screws up the first draft and causes the client to fall off. We had terrible placement with a certain company and after digging in found out they were doing a test draft of a penny (before the actual draft date) and if it didn't clear they were not drafting on the scheduled date. Once we figured out what was happening we fixed the issue and our placement came back in line.

 

[Life Hawk]

Like what would be an advantage to an applicant that would make them choose a higher priced FE company over a lower one? I'm talking about if the same agent was selling both of them.

If you are allowing your clients to choose which company you put them... you may want to rethink your sales process...

And as to the same agent... I have my go to's... and I start there first if the fit works...

I don't always get gas at the cheapest gas stations... Do you always buy the cheapest horse?

I don't want to be known as the cheapest life insurance agent...

Who knows... I might change ......

 

[shonceman]

If you are allowing your clients to choose which company you put them... you may want to rethink your sales process...

And as to the same agent... I have my go to's... and I start there first if the fit works...

I don't always get gas at the cheapest gas stations... Do you always buy the cheapest horse?

I don't want to be known as the cheapest life insurance agent...

Who knows... I might change ......

I've said before that I'm not as concerned about price as I am about placing the client with the best plan for their situation. I consider price as part of my recommendation, but it's not the primary consideration. It only really becomes a consideration if I've got 2 or 3 options that are absolutely equal otherwise. But given the other factors I consider, that's rarely if ever the case.

Price is actually more of a consideration when I'm thinking about working with a carrier than it is when making a recommendation. If I'm looking at a carrier that's priced high in their market, I usually won't take them on unless it's for a particular niche.

 

[Life Hawk]

Well said...

 

[Newby]

If you are allowing your clients to choose which company you put them... you may want to rethink your sales process...

And as to the same agent... I have my go to's... and I start there first if the fit works...

I don't always get gas at the cheapest gas stations... Do you always buy the cheapest horse?

I don't want to be known as the cheapest life insurance agent...

Who knows... I might change ......

My sales process seems to have worked pretty well. I was just wondering if there were features that one company could have over another with FE whole-life that clients would see value in and would willingly and knowingly choose over a higher death benefit at the same price.

I know that one that works with certain people is brand familiarity. Brands they see advertised such as AARP, MOO, Colonial Penn, Transamerica, State Farm, etc. are elevated in value to those people because the TV advertising and resulting brand familiarity gives them the warm fuzzies.

I sometimes give people two choices when I sense they are uncomfortable due to not being familiar with the insurance company they are applying with. I let them know we can apply with MOO, Aetna, Trans (choose one) and how that would affect their rate/ death benefit. Some have chosen to pay more for that through the years but most want the higher face amounts.

But other than that I wondered if agents had things they have found that justify a higher price from the insured perspective.

Because the topic is about placement and persistency. I don't think price affects placement much at all ( getting the sale) but I think it affects persistency a lot (keeping it on the books. )

 

[KRobby]

But a company is much more than just its price... all things are not equal...

But remember, he's making "all things equal" on purpose. To find the impact of one variable, if possible, it's best to keep the other variables (agent controlled) the same. Remember, he was initially responding to shonceman's post, #15 itt.

 

[Baseball7]

The agent is not 100% responsible. There are times when the company screws up the first draft and causes the client to fall off. We had terrible placement with a certain company and after digging in found out they were doing a test draft of a penny (before the actual draft date) and if it didn't clear they were not drafting on the scheduled date. Once we figured out what was happening we fixed the issue and our placement came back in line.

Prosperity did this...