When to walk away...

[Roger Chan]

Time is our most valuable resource while in the field. Many agents get caught up in spending too much time in the wrong houses. Quality clients are in abundance! It is our job to find them while minimizing time spent with tire kickers. Below I have listed some of the most common time waster situations in which any FE agent should be walking away from asap to find a better client.

1. No bank account. They get hard paper checks whether it be through work or social security.
2. Only payment method available is prepaid debit card (metabank, netspend, green dot, etc)
3. Refuses to answer why they sent the card in/beating around the bush as to why they sent it in. Do not proceed with a presentation if they cannot tell you why they sent the card in!
4. Decision maker not present aka single-legged appointment
5. Insists on paying via direct bill...no eft
6. Unemployed/No income but has a checking account

There are always exceptions to the rule, but these are the most common in my experience.

 

[theleadingagent]

#3 especially

The one woman I door knocked admitted filling out the form and invited me in.

When i probed more and asked her what led to her filling it out she said......”well I thought that was what I was supposed to do. You know, get a form in the mail then turn it back in”

Plus I think she was drunk or on pills or both.

I just left.

I’ve also had people like this one guy who agreed to meet but when I got there he was extra pissy about how tired he was bc he just got off work then starts ranting about how he doesn’t care what happens after he does. Then he was like “I want to see you sell me this insurance”

I got up an left.

As I was leaving he was hassling me about me having a nice car yet he owned 2 large homes, etc

We got some real oddballs in this city

I actually don’t mind the direct bill if it’s going to be annual. Only have to worry about it once a year and no charge back to worry about like with monthly eft

 

[theleadingagent]

And one leggers

I closed on my largest deal to date with just the husband.

If they are the payor and the insured then it’s possible they don’t need their spouse to be there

Now this was probably the exception but it can happen

Sometimes the “oh I need my spouse to think about this” is an objection or a way for them to use someone else (their spouse) as an excuse to tell you no without telling you no flat out.

 

[theleadingagent]

Also related to #3 is quote chasers who really are the “i just want a quote” types and will tell you what they think you want to hear (ex. I want to protect my family in case of the unexpected) then after they’ve gone through the presentation/you’ve given quote they’ll start backpedaling

 

[shonceman]

Time is our most valuable resource while in the field. Many agents get caught up in spending too much time in the wrong houses. Quality clients are in abundance! It is our job to find them while minimizing time spent with tire kickers. Below I have listed some of the most common time waster situations in which any FE agent should be walking away from asap to find a better client.

1. No bank account. They get hard paper checks whether it be through work or social security.
2. Only payment method available is prepaid debit card (metabank, netspend, green dot, etc)
3. Refuses to answer why they sent the card in/beating around the bush as to why they sent it in. Do not proceed with a presentation if they cannot tell you why they sent the card in!
4. Decision maker not present aka single-legged appointment
5. Insists on paying via direct bill...no eft
6. Unemployed/No income but has a checking account

There are always exceptions to the rule, but these are the most common in my experience.

You can send me all of your #s 1, 2, & 5. I’ll write them all on a home service policy and put them on a regular collection schedule. For that matter, I’ll handle your 3, 4, & 6, too! Oh, just send me everybody you don’t want!

Obviously, I’m having some fun with you. But the home service system still exists (and is actually thriving) partly because there are otherwise good prospects that just will not work with a bank draft. I write both FE and Home Service as well as more traditional forms of life insurance. I can tell you from experience that I have many, many clients who have remained on the books for many years now who previously lapsed one or more bank drafted policies. When I offer Home Service (like their Granny had!) they jump on it, even though the premium is often higher.

I’ll never honestly understand why agents continue to rewrite people who obviously present themselves as likely persistency killers. When someone brings out 3 or 4 lapsed policies to show me, I know that if I write them, I’m going to need to come get their money each month if they’re going to keep it. So, if you don’t want to do that, better to just move on. (Or better yet, make friends with a Home Service agent like me! I’m sure we can come up with a win-win arrangement!)

 

[DonP]

I agree with the above. Especially the meta or green dot card.And also not mentioned if they tell you they have bills to catch up with and they'll do it next month. Give them your card and walk away. 99% of the time their time wasters .Also calling people back or texting them after you met with them is a waste of time As Roger said you must find people with an interest or you wasting valuable time .Very occasionally you'll have someone call you . Actually 2 weeks ago i had a woman who innsisted on thinking about it . I gave her my card and walked. She had called colonial penn and found out how expensive they are. She called me and i wrote her. Then she had her friend call me who i wrote.

 

[theleadingagent]

^so far I’ve only had 1 guy who wanted his draft date next month (as in 4 weeks later). Granted this was around Christmas time and ALOT of people find excuses and max out their budget - “I gotta buy the great-great-grandkids presents” during this time

I thought he was going to cancel and was just going to chalk it up to learning experience but his policy is in force at current.

*this is the exception though and majority of folks set a draft date when app approves

 

[TripleH]

You can send me all of your #s 1, 2, & 5. I’ll write them all on a home service policy and put them on a regular collection schedule. For that matter, I’ll handle your 3, 4, & 6, too! Oh, just send me everybody you don’t want!

Obviously, I’m having some fun with you. But the home service system still exists (and is actually thriving) partly because there are otherwise good prospects that just will not work with a bank draft. I write both FE and Home Service as well as more traditional forms of life insurance. I can tell you from experience that I have many, many clients who have remained on the books for many years now who previously lapsed one or more bank drafted policies. When I offer Home Service (like their Granny had!) they jump on it, even though the premium is often higher.

I’ll never honestly understand why agents continue to rewrite people who obviously present themselves as likely persistency killers. When someone brings out 3 or 4 lapsed policies to show me, I know that if I write them, I’m going to need to come get their money each month if they’re going to keep it. So, if you don’t want to do that, better to just move on. (Or better yet, make friends with a Home Service agent like me! I’m sure we can come up with a win-win arrangement!)

Home services seems to be too much of a grind in today’s marketplace when leads are in such abundance. Instead of going to a ton of clients houses and running a debit route, I would much rather go find another EFT client to stick on the books. But I do agree it is a niche market that still exists, however I wouldn’t say it’s thriving at all. It’s a contracting business model as you can tell by the amount of companies left that Kemper gobbled up. Only American National and Reliable (Kemper) are the two I run into and the turn over rate (for agents) and theft on those policies is pretty high. Like you said, over priced insurance, but has a place in the market. A smaller and smaller one as every year that passes.

 

[TripleH]

^so far I’ve only had 1 guy who wanted his draft date next month (as in 4 weeks later). Granted this was around Christmas time and ALOT of people find excuses and max out their budget - “I gotta buy the great-great-grandkids presents” during this time

I thought he was going to cancel and was just going to chalk it up to learning experience but his policy is in force at current.

*this is the exception though and majority of folks set a draft date when app approves

^so far I’ve only had 1 guy who wanted his draft date next month (as in 4 weeks later). Granted this was around Christmas time and ALOT of people find excuses and max out their budget - “I gotta buy the great-great-grandkids presents” during this time

I thought he was going to cancel and was just going to chalk it up to learning experience but his policy is in force at current.

*this is the exception though and majority of folks set a draft date when app approves

Clients should always have a future draft date in accordance with their social security billing. Right now I’ll put them on the third and tell them to leave the money in the account, but that’s why a lot of carriers do 35 days out specifically for the end of the month and since a majority of our clients first draft will be the third of the month. Maybe you have the glen gary leads and they all rich

 

[theleadingagent]

^LOL!!! When the stars align and it’s a full moon...this happens.....

Oh! I forget idk if we in the FE forum but I mostly do MP. Occasionally I’ll come up on a MP leads who are elderly, plethora of meds, and have to get them Final Expense coverage

Actually my most recent app

This older lady is on Social security and requested at date in accordance with that. 3rd of the months as you mentioned.