Some of our better agents have somewhere in the $70-80/month average. Some will only try to quote $5000-$10,000 coverage, hoping to come out with any type of sale which will usually be in the $40 to $60 range.
One tactic we have used with great success, and taught some of our in-house agents is to say get a price on $10,000-say $52.66/month. Have ready a quote for what $60.00 will buy. Ask the client if they would like to have a figure that is easy to remember that is coming out of their account every month. If the $60.00 doesn't work, ask about $55.00. If you try rounding up, you can usually cover your gas with the extra commissions, even at these gas prices.
Joe Moore
National Senior Benefits
Asurco Insurance Marketing
PO Box 1954
Morristown, TN 37816
1-800-226-1004
One tactic we have used with great success, and taught some of our in-house agents is to say get a price on $10,000-say $52.66/month. Have ready a quote for what $60.00 will buy. Ask the client if they would like to have a figure that is easy to remember that is coming out of their account every month. If the $60.00 doesn't work, ask about $55.00. If you try rounding up, you can usually cover your gas with the extra commissions, even at these gas prices.
What do you see wrong with this?
It is giving the client a true choice.
Are you going to take issue with everything I say?
If you are in front of the client, why not give them some choices?
It seem there is a lot of negativity and resentment on this board.
Joe Moore
National Senior Benefits
Asurco Insurance Marketing
PO BOx 1954
Morristown, TN 37816
1-800-226-1004
I figure 3 quotes, say for example, $7,500 - $10,000 - $12,000, write them down on the bottom of my fact finder sheet with the monthly premiums directly below them and the daily cost below that and then I just let them pick the one that would fit their budget. To answer your question, I would say the average is probably in the $55-$60 range.
Some of our better agents have somewhere in the $70-80/month average. Some will only try to quote $5000-$10,000 coverage, hoping to come out with any type of sale which will usually be in the $40 to $60 range.
One tactic we have used with great success, and taught some of our in-house agents is to say get a price on $10,000-say $52.66/month. Have ready a quote for what $60.00 will buy. Ask the client if they would like to have a figure that is easy to remember that is coming out of their account every month. If the $60.00 doesn't work, ask about $55.00. If you try rounding up, you can usually cover your gas with the extra commissions, even at these gas prices.
Joe Moore
National Senior Benefits
Asurco Insurance Marketing
PO Box 1954
Morristown, TN 37816
1-800-226-1004
Hey Joe! Good to see you on the board.
Basically what I do when selling final expense is find out what they want it to cover. Usually it's for funeral expenses. I ask them if they know what they type of funeral they want will cost currently and usually they will say between $8,000 to $10,000. Then I ask what the oldest age a person in their family has ever lived to. Usually it will be in their 90's.
So then I project how much they will need if they live to age 90. If they are 65 now and you start with an $8,000 funeral price and add 4.5% inflation rate for 25 years you will have $24,043 as what they need. They usually have a $5,000 to $10,000 policy already so you can subtract that amount and sell a policy on the difference. Many will buy more if they want to leave something for other uses.
If they want to buy less, that's fine too. But they should understand what they will realistically need.
I don't really see anything wrong with what he's doing. It's the way most agents sell. It's better to base the amount on their needs but I'm sure a lot of people just want to spend "X" amount per month.
Joe is a good IMO. Gives me good contracts and gives an instant release if needed. He just released my Oxford contract last week as soon as I asked. I still have several things through him.
What do you see wrong with this?
It is giving the client a true choice.
Are you going to take issue with everything I say?
If you are in front of the client, why not give them some choices?
It seem there is a lot of negativity and resentment on this board.
It's the fact that you see this as a "tactic." I don't sell using a tactic.
The only negativity from me is that I see you as dishonest due to your release policy. Change that, and I'll change my attitude towards you.
Rick
------------------------------------ ILIAA
Training, Community, Support, and Success Independent Life Insurance Agents Assn rick@iliaa.org
Are you going to take issue with everything I say?
I take issue with any IMO/FMO that believes they own agents by having a dishonest habit of not automatically granting a release.
I was screwed by 2 such people and never would have had to be out of business for 6 months with Secure Horizons nor lost my WellCare contract if this unwritten rule existed between marketers and agents.
Since you perpertuate this hidden clause that no agent has ever agreed to, I will take issue with everything you say. You fail in the most important aspect so I must assume you are as dishonest in everything you do and say.
Let me say this right now. I will offer every one of your agents a GA contract with UHC. Not one of them could accept this because you hold them by the short hairs. I thought indentured servitude no longer existed.
I don't really see anything wrong with what he's doing. It's the way most agents sell. It's better to base the amount on their needs but I'm sure a lot of people just want to spend "X" amount per month.
Joe is a good IMO. Gives me good contracts and gives an instant release if needed. He just released my Oxford contract last week as soon as I asked. I still have several things through him.
Thank you, Mr. Newby!
Thought I could get on this site and join the discussions. Boy, was I wrong! I suddenly became a punching bag.
Evidently most of these jokers spend most of their time worrying about our overrides instead of what they are making. We could not stay in business without some money coming in. Most agents understand this, but some don't.
We do not have a policy of automatically releasing agents when asked. If we had this policy, what would prevent a company from getting mad at us and shifting all our agents to some other IMO, or decide that all agents suddenly became company agents and all IMOs were out. All of our years of building this business would be gone overnight.
If there is a good reason, a release has never been denied. In your case, there was a good reason and we do not mind doing it. My son Greg Moore, our office manager, told me he had given you a release. Notice I said TOLD ME. He did not have to ask. He has the authority to speak for me, and he knew I would have no problem with the situation.
Joe Moore
National Senior Benefits
Asurco Insurance Marketing
PO Box 1954
Morristown, TN 37816
1-800-226-1004
When agents sign on with you, is it stated anywhere how releases work? Is it in writing anywhere that agents may have to go "X" amount of time without writing if they want to move their contract?
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
We do not have a policy of automatically releasing agents when asked. If we had this policy, what would prevent a company from getting mad at us and shifting all our agents to some other IMO, or decide that all agents suddenly became company agents and all IMOs were out. All of our years of building this business would be gone overnight.
Joe, come on, you know this wouldn't happen, that is just another lame excuse. This is the type of thing we are having a problem with. Why would you not release someone for ANY reason? If they decide for whatever reason they don't want to be with you anymore, then let them go, they're not going to write business for you anyway. If you let them go easy, you might get them back, make it difficult and you won't. If it's because they can get 5% somewhere else and that's what they want, then let them go...your service obviously wasn't worth the extra 5%! Take it as a lesson and go on.
Look at how many posts there are on here bashing the IMO's that won't give unconditional releases. Do you really want to be berated like that? You will if you don't change your policy. Why in the world would you want someone with you that doesn't want to be with you? Is your company that insecure that it has to hold someone by the balls. You'll never make 'em like you like that! Just take a second and listen to the voice of the agents, they are after all your bread and butter!
I agree that many agents worry too much about what their upline is making. As long as I have contracts that are as good as I'm going to get, I don't care if they make a million dollars off of me.
I offer contracts through Forethought and Cincinnati Equitable myself. All I see my job as being is to bring these products to the agents attention, get them contracted and help them understand any product specifics or advantages. For that I make an over ride. I give the agents the top commission they are likely to get anywhere. If they want a release, they get it. I have no real cost in them other than my time.
BUT I do bring real world experience to the agent. If the agent calls Cincinnati or Forethought directly to ask questions, they won't talk to anyone who has sold the product in the real world. I can help agents understand how to sell more product and when to use the various companies. That's where I earn my over ride.
All we can hope for is that over time the IMOs that offer upfront releases will become more and more known and the IMO who don't offer them will eventually lose their ability to recruit.
IMOs are appointing INDEPENDENT agents. Maybe we need to look up what "independent" means in the dictionary.
I think your method has merit. A client would prefer an amount easy to remember. I see no harm is providing quotes rounded up. I mean it's not taking food off their table with a few dollars added. Thanks for the idea!
Agencies who do not release for any reason are scared that agents will leave their agency...
Why would they be scared that agents would leave their agency?
Yea, I think that agency up in Green Bay (Packers) is dealing with this issue right now. Afraid that their top agent will go to the competition and write lots of biz over at he Purple agency...
What every happened to the policy, "Catch and Release" anyway...? Oh, Homeland Sercurity ended that a couple of yrs ago... but the ins industry hasn't caught up yet.
Average FE monthly premium?
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