What is a FE Carriers Average Placement and Persistency?

[goillini52]

In what ways is your service different if you sell a lower priced plan compared to when you sell a higher priced plan? Do you do things differently?

Maybe he's like me. The more I make...the nicer I treat them.

 

[Newby]

Maybe he's like me. The more I make...the nicer I treat them.

What's crazy though is some of the lower price companies pay as much as the higher ones. Oxford pays 120%. I don't think new agents make that much with Lincoln Heritage.

 

[WinoBlues]

I tend to agree. It appears to me that agents are the ones shopping prices, not customers.

I tend to agree. In my experience agents bring their own thoughts, training, experiances and prejudice into the sales. They believe price is king, they believe the prospect believes X, The prospect values Y, They believe the prospect needs / FE instead of Z. So they lead with XYZ company.

I myself am just as guilty - I do not lead with a Fraternal (on FE) because of the lack of guarantees of the death benefit / Cash Values. I had some really bad experiences with service and claims with a couple of companies. I will not lead with them.

There has to be something.
My guess is that price is the #1 thing that makes business more persistent.
I would think the agent being face to face is #2 factor
And type of lead/ targeted prospect is #3

My persistency reshuffle of those would be.

#1 The Prospects I tend to write.
#2 The Agent's sales process (Close to a tie for #1)
#3 The Agent's service and follow up


#3 and #2 swap place after the first year. For me.
This tends to hold true of all my Life Insurance BoB


*

 

[Thedude]

Just remember the "price buster" fe policy...wait certificate...requires baptism. Im sure all those agents bring that up when they replace policies!!

 

[goillini52]

Just remember the "price buster" fe policy...wait certificate...requires baptism. Im sure all those agents bring that up when they replace policies!!

Just carry a little squirt bottle of "Holy Water" in your case. Problem solved.

 

[KRobby]

In what ways is your service different if you sell a lower priced plan compared to when you sell a higher priced plan? Do you do things differently?

With the higher priced product he includes a complementary endless stream of fart jokes and political comics. Similar to the 1000 post perks.

 

[Life Hawk]

In what ways is your service different if you sell a lower priced plan compared to when you sell a higher priced plan? Do you do things differently?

Just like the debit guys, I help tuck my clients in their box... ... but I also check their pockets for loose change... added commission bonus...

 

[Newby]

Just like the debit guys, I help tuck my clients in their box... ... but I also check their pockets for loose change... added commission bonus...

But does the competitiveness of the company you sell them affect the level of service you give them is the question?

If you sell them Oxford or even Christian Fidelity, do you service them any differently than if you sell them Americo or American Memorial?

 

[MedicareMillionair]

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. )

This question is similar to the question new agents will ask when being interviewed, "what $$ can the average agent expect to make with your company?". This doesn't help the agent unless they are expecting to be just average. Which means they are going to fail, which means go away!

Other than for large agencies, IMOs, or insurance companies, these numbers are irrelevant. Of course, unless you want to be average.

 

[Life Hawk]

But does the competitiveness of the company you sell them affect the level of service you give them is the question?

Are you speaking strictly in the sense of the cost competitiveness of the company or the service level of the company... your ability to service your client is often by its very nature restricted or enhanced by the company you use to service with... your relationship level with the companies you use brings value to the clients you place them with...