$0-$15K Final Expense Direct Mail For Final Expense

[Newby]

One thing I learned many years ago because I couldn't understand the reasoning for some low income people with burial policies that weren't big enough to pay for anything. I was telling them to just put the premium amount in a savings account each week and save up the money.
What I learned is, poor people usually think of their insurance policy the way we think of our net worth. When you hear them say "He died and didn't have any insurance" what they are really saying is he was a mooch and a deadbeat.
They consider people with SOME amount of insurance as responsible and people with no insurance to be irresponsible.
They really do use the cash value and take loans against these policies too.
I don't do much business with the lowest income people but they DO buy a LOT of small life insurance policies from someone. We have to understand that it's not just a burial policy to them...it's more like a bank account in their mind. It's forced savings that they would never do otherwise.

 

[G.Gordon]

I'll second all of what Newby just said. I've sold literaly hundreds of policies to those people. They see them as an asset, a badge of honor, accomplishment. From my experience they seldom drop them. I never baulk at someone asking for a $1-2k plan. To them that is increasing their "value" by 50-100%.

I'm not in that market now, but I really enjoyed it back then and I still enjoy the "income" now.

 

[Frank Stastny]

One thing I learned many years ago because I couldn't understand the reasoning for some low income people with burial policies that weren't big enough to pay for anything. I was telling them to just put the premium amount in a savings account each week and save up the money.
What I learned is, poor people usually think of their insurance policy the way we think of our net worth. When you hear them say "He died and didn't have any insurance" what they are really saying is he was a mooch and a deadbeat.
They consider people with SOME amount of insurance as responsible and people with no insurance to be irresponsible.
They really do use the cash value and take loans against these policies too.
I don't do much business with the lowest income people but they DO buy a LOT of small life insurance policies from someone. We have to understand that it's not just a burial policy to them...it's more like a bank account in their mind. It's forced savings that they would never do otherwise.

It is a sad day that goes by when one doesn't learn something new. As I said, my exposure to marketing FE was very brief.

Everything you said makes perfect sense. I would have never thought of it in those terms if you hadn't mentioned it.
Thanks, I'll make sure to bring you an apple tomorrow.

 

[HarryRenard]

I'll second all of what Newby just said. I've sold literaly hundreds of policies to those people. They see them as an asset, a badge of honor, accomplishment. From my experience they seldom drop them. I never baulk at someone asking for a $1-2k plan. To them that is increasing their "value" by 50-100%.

I'm not in that market now, but I really enjoyed it back then and I still enjoy the "income" now.

Alpha this is all I was saying Newby and gGordon hit it on the head these people DO BUY Insurance personally I dont care if you or anybody wants to sell it to them nor do i want to convince anybody too. I was just adding my 2 cents not criticizing anyone, at least that wasnt my intentions.

That isnt my market but when I worked with AGLA in 2001 I did quite well selling to people in those incomes, and I would get lots of referrals which would help with the lower faces and lack of cross selling. Yes it can be more running around but they do need help too.

 

[theinsuranceman]

Alpha this is all I was saying Newby and gGordon hit it on the head these people DO BUY Insurance personally I dont care if you or anybody wants to sell it to them nor do i want to convince anybody too. I was just adding my 2 cents not criticizing anyone, at least that wasnt my intentions.

That isnt my market but when I worked with AGLA in 2001 I did quite well selling to people in those incomes, and I would get lots of referrals which would help with the lower faces and lack of cross selling. Yes it can be more running around but they do need help too.

No need to run around catching up with them for a face 2 face presentation. We record our sales over the phone...don't have to crank the car up and don't have to mail the app for a wet signature.

 

[mikepressnell]

No need to run around catching up with them for a face 2 face presentation. We record our sales over the phone...don't have to crank the car up and don't have to mail the app for a wet signature.

Over the phone? Don't have to mail the app for a wet signature? Interesting. Will you please explain this and who/where you do this with?

Thanks

 

[theinsuranceman]

Over the phone? Don't have to mail the app for a wet signature? Interesting. Will you please explain this and who/where you do this with?

Thanks

Sr. Life and Lincoln Heritage

 

[SeniorBroker]

The only part of this you are missing is that a lot of these people have been raised with different values and it's been beaten into their heads that they MUST have insurance.
They consider the "insurance man" family he would stop by once week.

I am not saying that group can not be problimatic BUT when you get them on the books they stay.

I wouldnt totaly market to 0-15k but I probably wouldnt exclude them either.

You are 30 years behind the times. These people who were raised seeing an insurance man weekly where on debit accounts. The agent had to go by weekly to keep it on the books. In this day and age I do not know of a company or agent who is working debit accounts (Unless they are a captive agent for possibly Combined Insurance Company). I wish I was raised in the area you were "Must have insurance" "Insurance man was considered family" You must have never done door to door cold calling soliciting insurance. If you had you would have a different view.

 

[Daytona_Guy]

Over the phone? Don't have to mail the app for a wet signature? Interesting. Will you please explain this and who/where you do this with?

Don't forget Baltimore Life (the best in the over-the-phone sale in my opinion).


.

 

[RonRoberts]

You are 30 years behind the times. These people who were raised seeing an insurance man weekly where on debit accounts. The agent had to go by weekly to keep it on the books. In this day and age I do not know of a company or agent who is working debit accounts (Unless they are a captive agent for possibly Combined Insurance Company). I wish I was raised in the area you were "Must have insurance" "Insurance man was considered family" You must have never done door to door cold calling soliciting insurance. If you had you would have a different view.

I interviewed this year for a debit position. I had an opportunity to receive a book of 800 accounts of which 400 I would have had to physically drive around and collect. And hopefully up sell to. The job paid $30K/year and it was captive.

Ron