- 10,330
Unless they are in financial services or just an abnormally responsible 25 year old, prospecting for that group will be a huge waste of time.
Age 45-60 high earning white collar professionals are your best bet.
Whole Life... Why Not to Love It?
- Thread starter SouthernComfort
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- whole life
Unless they are in financial services or just an abnormally responsible 25 year old, prospecting for that group will be a huge waste of time.
Age 45-60 high earning white collar professionals are your best bet.
- 4,716
This is part of the 800 lb gorilla in the room. We have a 50% Divorce rate in this country and everybody knows it, so why would they buy insurance for the other person. Ain't gonna happen that's why the folks at LIMRA are pulling their hair out. You want me to sacrifice now so you can enjoy my money (and more) with another man/woman.
At a 3.5% return an original sum will quadruple in 40 years. And in 60 years it will octuple (8 times).
So 4.5x is not that amazing.
Just due to the laws of compound interest and simple math.
But I do believe in whole life insurance, and I bought a couple of policies 20 years ago when I was 27.
Fast forward 20 years later and I am a new career agent for the past 4 months
So 4.5x is not that amazing.
Just due to the laws of compound interest and simple math.
But I do believe in whole life insurance, and I bought a couple of policies 20 years ago when I was 27.
Fast forward 20 years later and I am a new career agent for the past 4 months
- 10,330
This is part of the 800 lb gorilla in the room. We have a 50% Divorce rate in this country and everybody knows it, so why would they buy insurance for the other person. Ain't gonna happen that's why the folks at LIMRA are pulling their hair out. You want me to sacrifice now so you can enjoy my money (and more) with another man/woman.
Seriously?????
I have never had a person say they dont want life insurance because they might divorce their spouse. It is an asinine excuse. And exactly that, "an excuse" to not buy from you.
Do you even sell life insurance on a regular basis? It sure doesnt sound like it....
You do realize that the bene can be changed if they divorce. And often there is still a need for a single person, especially if they are middle aged or over.
Also, most married couples have children. Even if they are grown children it is at least a person that could be bene in the event of a divorce.
Also, we are talking about using this for cash value purposes. Which is a much more self centered sale than a normal life insurance case.
The majority of my life clients (like 80%) are over the age of 50.
I have had a few people joke about how their spouse and their new squeeze will be set if they die... but it was just a joke.
If that is an objection you get a lot I would take a good hard look at the demographic your prospecting.
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Never had one refuse because they might get a divorce but have had them refuse because they would be dead and wouldn't care..
When I first started I was working with my staff manager.. We were interviewing a big old boy who had a pretty little pregnant wife sitting beside him. My SM was a little fellow about 5"7", 130 lbs. Toward the end of the interview, the prospect said I am not going to leave her a bunch of money so she can marry some SOB after I am gone. The SM looked him in the eye and said, you leave her enough money, she won't have to marry one NEXT time.. We didn't get the sale but in the future I made sure the SM always sat between me and the prospect..
- 10,330
Never had one refuse because they might get a divorce but have had them refuse because they would be dead and wouldn't care..
When I first started I was working with my staff manager.. We were interviewing a big old boy who had a pretty little pregnant wife sitting beside him. My SM was a little fellow about 5"7", 130 lbs. Toward the end of the interview, the prospect said I am not going to leave her a bunch of money so she can marry some SOB after I am gone. The SM looked him in the eye and said, you leave her enough money, she won't have to marry one NEXT time.. We didn't get the sale but in the future I made sure the SM always sat between me and the prospect..
I knew an agent who after being told no, went over to the kitchen light switch, turned it off, and said "thats what you just did to your family..."
He still didnt get the sale...lol
(I did have one refuse because they were in the middle of a divorce. But they ended up buying after it was settled)
- 736
What happens when they get laid off or situation changes?
I've known 4 25 year olds who bought a million dollar WL policy around 6k a year and after 3 years they all couldn't afford it anymore.
They got stuck either trying to cut back to fund the policy or surrender the policy.
I agree its a great product but the 25 year olds I think is hard to keep stable income. They get married have kids and buy a house. Automatically they won't be able to afford it.
But there are some who make It
I've known 4 25 year olds who bought a million dollar WL policy around 6k a year and after 3 years they all couldn't afford it anymore.
They got stuck either trying to cut back to fund the policy or surrender the policy.
I agree its a great product but the 25 year olds I think is hard to keep stable income. They get married have kids and buy a house. Automatically they won't be able to afford it.
But there are some who make It
- 15,041
This is part of the 800 lb gorilla in the room. We have a 50% Divorce rate in this country and everybody knows it, so why would they buy insurance for the other person. Ain't gonna happen that's why the folks at LIMRA are pulling their hair out. You want me to sacrifice now so you can enjoy my money (and more) with another man/woman.
If that is what your prospect is saying, then you don't have a prospect. Although usually it is more about the person not caring what happens after their death. Either way, that isn't a prospect and it is time to move on.
True.. But I don't know many 25 year olds that afford a $500 per month premium...
- 736
Those 4 had a 50k+ job and was sold on the retirement income and how sacrificing now for savings will pay off in the end.
So they could afford it per say. But two got laid off and within the first year there was no cash value to surrender. One got married and the other bought a house.
I think they all replaced with term. Sometimes they get sold on the pluses and but what they want and not what they can afford.
I have a WL policy but its for a measily 100k Lol someone tried to sell me those exact same policies the same way. But I told them I can barely afford 10 dollars a month Lol let a lone 500 for 18to20 years Lol.
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