I agree 110% insuranceman, If agent has been trained by someone who can teach them how to overcome the "appointment objection" then their chances of building a successful insurance business just went through the roof.
Final Expense Direct Mail Leads
- Thread starter theinsuranceman
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efo2009
Expert
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What is the best way, Frank, to "market Med Supps and cross sell FE"?
I'm only 3 months writing FE and learning.
I'm only 3 months writing FE and learning.
- Thread starter
- #14
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Myself, I don't need a secretary. If I was not working leads and just calling numbers from a list then I would definitely use a secretary to set appointments, because of the large number of calls that have 2 be made to find a "lead".
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I have hired and trained good telemarketers and appointment setters for Med Supp sales. With my approach to marketing and selling it is a lot more effective, I set more appointments (real appointments) and make more sales by doing it myself. Many times I even sell it over the phone
I never go on an appointment unless I can save the prospect money on their Med Supp. After completing the application I again point out the savings and simply suggest that they may want to invest some of that savings in a policy specifically for the purpose of covering their final expenses.
Many times they are able to have both a Med Supp and a FE policy and still have enough money left over to put some in their pocket.
Mes Supps are hands down the easiest to get appointments for and the easiest to sell. Infinitely easier than FE policies. I have sold a ton of FE and every policy I sold was the direct result of a Med Supp appointment.
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- #17
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Final Expense.
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I've never sold med supp but I have a question...if the rates go up next year on the med supp policy you just wrote what happens to the final expense policy you just wrote? Lapse?
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- 7,066
Rates go up on all Med Supps. Some of them increase yearly.
I have not noticed any correlation between Med Supp premium increases and FE cancellations. What is more likely to happen is the person will go shopping for a less expensive Med Supp.
For that reason it is almost imperative that agents working the senior market be independent agents and be capable of representing multiple companies.
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Yes, theinsuranceman, I'm positive "younger" ages will pull better than ages 60-80. I'm now looking at data based on 1 million FE mailings.
Actually starting at age 44 is best, not 48. I was going from memory, not the numbers like now. Ages 44-60 pulled 35% better than the 60-80 age group. The only part of the 60-80 age group that did better than that age group average was 61-64. After that, the respone rates fell almost 40%.
Estimated household income was strongest under $20K by 37.5% compared to $20K+. $20K-$30K was 22% less than $0-$20K. $30K-$40K was 57.1% less. $40K-$50K was 83% less.
Reason I asked about PO Boxes is that hardly anyone mails them. Testing I"ve done shows a 50% lift compared to street addresses, and 80% include a phone on a direct mail lead card.
The source of your data is also an extremely important factor. Compiler databases all share about 75% of the consumer "universe". The difference varies by database. The one I use has about 30% "unique" names, and they pull a minimum 50% better than the names common to all the other databases. Several of the compiler databases are quite "overmailed" (and "overphoned" as well), which will dramatically effect your final results.
These are facts, not opinions. Data is 14 months old, however, and the FE market has really changed since then -- so take these numbers for what you think they're worth.
Frank is right about Medicare. Response rate for direct mail leads is at least twice that for FE. You will be in front of a lot more people starting with Medicare, and then just cross-sell the FE. You can have your proverbial "cake, and eat it too" using Frank's strategy.
Good selling!
atlantainsguy
Actually starting at age 44 is best, not 48. I was going from memory, not the numbers like now. Ages 44-60 pulled 35% better than the 60-80 age group. The only part of the 60-80 age group that did better than that age group average was 61-64. After that, the respone rates fell almost 40%.
Estimated household income was strongest under $20K by 37.5% compared to $20K+. $20K-$30K was 22% less than $0-$20K. $30K-$40K was 57.1% less. $40K-$50K was 83% less.
Reason I asked about PO Boxes is that hardly anyone mails them. Testing I"ve done shows a 50% lift compared to street addresses, and 80% include a phone on a direct mail lead card.
The source of your data is also an extremely important factor. Compiler databases all share about 75% of the consumer "universe". The difference varies by database. The one I use has about 30% "unique" names, and they pull a minimum 50% better than the names common to all the other databases. Several of the compiler databases are quite "overmailed" (and "overphoned" as well), which will dramatically effect your final results.
These are facts, not opinions. Data is 14 months old, however, and the FE market has really changed since then -- so take these numbers for what you think they're worth.
Frank is right about Medicare. Response rate for direct mail leads is at least twice that for FE. You will be in front of a lot more people starting with Medicare, and then just cross-sell the FE. You can have your proverbial "cake, and eat it too" using Frank's strategy.
Good selling!
atlantainsguy
G
Guest
Guest
where can these databases be found?
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