What is the Average Persistency Rate for FE by Phone?
- Thread starter VaDwayne
- Start date
- 4,872
For me it's about the same.
- Thread starter
- #3
What would you say your's is?
- 4,872
13th month around 80%
I don't think that persistency is the reason why some cos won't allow phone sales. I think it has much more to do with the loss of field underwriting. Sitting before a 350 lbs person, they can't tell you that they weigh 250 lbs. On the telephone they can tell you what they wish... and some do.
Did you know that Mark... some clients don't tell the truth to their life ins agent...?
Did you know that Mark... some clients don't tell the truth to their life ins agent...?
I think it is important for us to be field underwriters for the company to help avoid claims.
A lot of my clients try lying to me. I always tell them about the MIB and that you can't lie to an ins company and get away with it.
I have tons of funny stories on this issue.
Example, I had a lady tell me there was nothing wrong with her, and then pulls out her insulin shot and takes it. I thought there was nothing wrong with you. There is not, I take a shot to fix this and I'm in good health.
I think the avg client lies about their weight by at least 20 pounds.
If I had 1,000 prospects that wanted to talk about life insurance, I feel that I would get a higher sale ratio if I was face to face with them instead of the phone. It is too easy for them to hang up on you on just about anything. Face to face, I can really work on them.
- 4,872
Studies? Please tell us where these studies are located. I've sold FE in the field for 7 years and the last 31/2 years over the phone using a digital recorder. I've not seen any real differences in my persistency at all.
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I don't think that persistency is the reason why some cos won't allow phone sales. I think it has much more to do with the loss of field underwriting. Sitting before a 350 lbs person, they can't tell you that they weigh 250 lbs. On the telephone they can tell you what they wish... and some do.
Did you know that Mark... some clients don't tell the truth to their life ins agent...?
Actually the Co. is better protected with a recording of the applicant answering the health questions, etc. There can never be a case of she said/he said. The Co. keeps a copy of the recording which has the proposed insured answering the health questions.
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If you "really have to work on them" don't you think they may be more inclined to have buyer's remorse after you leave? I believe a higher % of these "really have to work on them" sales will turn out to be a chargeback. All that wasted time "working on them" could have been better spent talking to the next lead/prospect/suspect.
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IF you like, I will find them and post them.
One of the companies that I worked with that didn't allow sales over the phone, allowed another IMO to do a trial run at it for 6 months to see if they would allow other IMO's to do it. After 6 months, they company decided not to allow any IMO to do sales over the phone.
There were many reasons, such as underwriting, and a lot of the business came off the book in just 6 months.
Tell you what "theinsuranceman" lets do a study on this forum on the subject. Lets see what other agents on here have to say about it.
If you are not an IMO or recruiter and you have sold life insurance over the phone, what % of your business was still on books after 12 months?
Okay forum, do you think you would close more sales over the phone or face to face??
ALso, on your website Leads-That-Produce - Live Transfers + Targeted Data Leads + Voice Broadcasting you sell leads right? You sell this idea or believe in selling over the phone to agents is the best way to go.
Are any agent on this forum using your company to make big money from doing this?
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- 4,872
I believe I said my 13 month pers. is around 80%, see above.
The link in your post is not being used as of now.
Yes I believe selling on the phone is the way to go. I have 7 yrs. in the field experience and 3 1/2 years experience selling on the phone. I have a small team of agents writing 12K-18K per week. Using the phone you can contact approx. 3x more leads than the old fashioned way of driving to see them in the same amount of time. This means you make more $$$ per week, per hour, however you want to calculate it.
(Don't most health agents sell over the phone rather than face 2 face? Same principle for Final Expense).
Yes I invite your study/discussion. But the only VALID points of interest should be from someone who has done both methods, and was SUCCESSFUL with at least one of them. Everything else would just be someone's OPINION, not facts.
Now, tell us about your qualifications on this subject. Not your opinions, but your ACTUAL REAL WORLD experience with BOTH of these methods.
And don't forget to post these studies you mentioned above for us to review.
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