Lost my 3 Biggest Cases this Week

[GoPokes]

I am devastated. I started in this industry last November and have written about 50 applications since then. 3 of them were large policies with monthly premiums at $1k, $500 and $300. They were all 10 pay WL. 2 of the guys were rated terribly and they didn't want anything to do with it. I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options. I am a captive agent and I was counting on getting those commissions next month. I mean this is brutal and all the bad news happened in one week. I thought I was off to a good start but now I am seriously wondering if I belong in this job. Just looking to share my story and maybe get some input. Thanks.

I have also made the mistake of imagining all the things I was going to buy with a commission check before the policies were issued. I think that's what hurts the most, losing all the stuff you had already planned on doing with the money.

I remember when I had a $950/mo WL policy get declined a couple years ago, I was so confused, I had already sold the lady a Medicare supplement and she passed the underwriting for that. I was pretty upset.

If you can get through this mind game this time around and keep going, you will probably have a good future in this business. Just let it go (easier said than done sometimes, but gets easier) and go make some more prospecting calls.

 

[Larry Tew]

... The magic number on premium is around $60/month. Get much higher than that, and a quick lapse may be around the corner.

I would LOVE to see your data on that. It's never a good idea to measure your prospect's checkbook by your own - either up or down.

What's ashtray change for one is a bone-crushing budget buster for someone else.

THERE IS NO MAGIC NUMBER.

 

[me112233]

I would LOVE to see your data on that. It's never a good idea to measure your prospect's checkbook by your own - either up or down.

What's ashtray change for one is a bone-crushing budget buster for someone else.

THERE IS NO MAGIC NUMBER.

Gee gads. Why do you (and others) take things out of context? Are you too dumb to understand that the statement wasn't as an absolute?. Did you vote fot Obama? (I know, I asked the same question twice.) Of course I've had higher premiums stay on the books for years, and lesser premiums lapse in short order; I'm simply giving my observation of 30 years in the business.

 

[WinoBlues]

Gee gads. Why do you (and others) take things out of context? Are you too dumb to understand that the statement wasn't as an absolute?. Did you vote fot Obama? (I know, I asked the same question twice.) Of course I've had higher premiums stay on the books for years, and lesser premiums lapse in short order; I'm simply giving my observation of 30 years in the business.

Reread his post. He was spot on. Because of context there can be no magic number.

 

[Larry Tew]

Gee gads. Why do you (and others) take things out of context? Are you too dumb to understand that the statement wasn't as an absolute?. Did you vote fot Obama? (I know, I asked the same question twice.) Of course I've had higher premiums stay on the books for years, and lesser premiums lapse in short order; I'm simply giving my observation of 30 years in the business.

I'll overlook your childish reply. I could say there's a difference between 30 years experience versus one year of experience 30 times, but I won't. But if you think there's a magic number (your words, not mine), then in WHAT CONTEXT could that ever make sense?

I have cases on the books for $60 per month, $600 per month and even a few for $6,000 per month. I haven't had a lapse in over five years, and if memory serves, it was a small one, not a big one. 35 years experience shows me there is no magic number.

 

[VolAgent]

I'll overlook your childish reply. I could say there's a difference between 30 years experience versus one year of experience 30 times, but I won't. But if you think there's a magic number (your words, not mine), then in WHAT CONTEXT could that ever make sense?

I have cases on the books for $60 per month, $600 per month and even a few for $6,000 per month. I haven't had a lapse in over five years, and if memory serves, it was a small one, not a big one. 35 years experience shows me there is no magic number.

BS! There is always a magic number, always.

It is their number. Let and encourage them to pick a number that is comfortable for their budget and it is less likely to lapse. Of course you already know that.

 

[Larry Tew]

BS! There is always a magic number, always.

It is their number. Let and encourage them to pick a number that is comfortable for their budget and it is less likely to lapse. Of course you already know that.

You mean let the prospect TELL YOU how much he can afford???

Wouldn't it just be easier to pull a number out of thin air... say 60ish or so per month and use that for ALL prospects across the board, since everyone is basically the same? That's what us dumb folk do.

 

[EugeneM]

agreed I have seen time and time again brokers lose 20-30% of yearly income in losing one account. Never stop prospecting and never count that money until its in the bank. Recommend shooting for enough new business every year to cover at least your biggest client.

 

[me112233]

You mean let the prospect TELL YOU how much he can afford???

Wouldn't it just be easier to pull a number out of thin air... say 60ish or so per month and use that for ALL prospects across the board, since everyone is basically the same? That's what us dumb folk do.

I see you insist on the "everyone should pay $60/month" line, despite the fact that nobody ever suggested it. I also see that you like to brag about your mega cases. Try this on for size: I have over $7 million in annual life premium in force (using 2014 actual premiums paid); and I do mean premium, not face amount, and I'm talking about normal annual or monthly premium payments, not any of it was single-premium. The number seems big, but it is the accumulation of the 30 times I've been in the business for 1 year. And it was 100% personally produced (as opposed to having an office full of sub-agents). Obviously, I've found a path to success. I presume you have found your own path to success. Why be so nasty towards people who offer up a friendly piece of advice to a new agent. All those 30 years of experience have taught me that the sales most likely to lapse are the ones with monthly premiums in excess of $60/month. If you've had a different experience, then by all means tell folks about it; but there's nothing to be gained by being snarky to others.

 

[DHK]

I sell to the tightwad market . . . OK, the final expense market is most of my individual sales
[...]
The $60 figure is merely a number that seems to be the tipping point for long-term policy persistency.

Your market (and your selling style/process) is completely different from what Larry does with his market.

$7 million in 30 years... averages $235,000/year is pretty good, so I'm not knocking what you do (assuming it's all commissionable premium).

Different mindsets, different markets, different processes, different methods.


Here's the deal: before attacking a long-time poster... you might want to check out some of his prior posts to get a sense of the guy.

You're new here, so we don't have much to go on for you (9 posts as I write this). Yeah, it's a mob mentality a bit, but that's the way it goes on discussion forums like these.