Does anyone have any tips or techniques on how to cross sell life along with p&c? I'm an associate agent for State Farm and starting in September we are doing what we call "Fall Life" and I have to sell life insurance along with p&c. I do pretty well with p&c but I haven't sold any life yet.
Having their casualty coverage, you know whether they have a mtg on their home or a lien holder on their vehicles. That is a good place to start.
What happens to their household if the breadwinner doesn't wake up tomorrow...? The mtg holder won't even offer their condolences if the breadwinner is gone, they just want their payment in a timely manner.
The best way to get this business is to ASK.... Either ASK in telephone call or ASK in a letter; then follow that up with a call.
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him." David Brinkley
Call existing clients and ask for a review of coverage. Get them to sit down and go over their debts, funeral expenses, lump sum college payment for the children, and replacement income of a spouse over a given number of years. That is your standard calculation for life insurance. It usually works out to be roughly 10 times income of need for a breadwinner.
Do this with good prospects and volume, and you will write 10's of millions of life insurance face amount. Also, it's an emotional purchase, so you have to ask the right questions. Find an experienced cross selling State Farm rep and ask about their language.
I'm tired of seeing underinsured people (for their sake) and State Farm is a major player in that they do mostly P&C, but they are pretty much forced to sell LI with not a lot of training. Today I had lunch with a guy who had $50k of LI face amount through State Farm that he had purchased in the last 5 years. His need was well over $500k. Good for me...bad for his State Farm rep and bad for the client with 3 children.
Having multiple streams of income in this day is key to your survival in the business overall. I wish the you the best of luck.
Call existing clients and ask for a review of coverage. Get them to sit down and go over their debts, funeral expenses, lump sum college payment for the children, and replacement income of a spouse over a given number of years. That is your standard calculation for life insurance. It usually works out to be roughly 10 times income of need for a breadwinner.
Do this with good prospects and volume, and you will write 10's of millions of life insurance face amount. Also, it's an emotional purchase, so you have to ask the right questions. Find an experienced cross selling State Farm rep and ask about their language.
I'm tired of seeing underinsured people (for their sake) and State Farm is a major player in that they do mostly P&C, but they are pretty much forced to sell LI with not a lot of training. Today I had lunch with a guy who had $50k of LI face amount through State Farm that he had purchased in the last 5 years. His need was well over $500k. Good for me...bad for his State Farm rep and bad for the client with 3 children.
Having multiple streams of income in this day is key to your survival in the business overall. I wish the you the best of luck.
Thanks for all the good advice.. I'm going to try that.
Does anyone have any tips or techniques on how to cross sell life along with p&c? I'm an associate agent for State Farm and starting in September we are doing what we call "Fall Life" and I have to sell life insurance along with p&c. I do pretty well with p&c but I haven't sold any life yet.
This is meant for the p & c agents that also have a life insurance license. Just go give you something to think about.
I’m going to show you how to cross market you clients. We are going to be working your existing clients. My idea is to sell the accidental death product to your p & c clients.
I’m going to use me as an example. I’m an avg car insurance client. I spend over $350.00 a month on my car insurance to insure if I have a car accident, that the car insurance company will fix my car. I have the coverage because I’m worried protecting my cars. People have wrecks all the time. I see a car accident just about everyday. I’m worried to death that I could be in a car accident. That is why I always wear my seatbelt and buy some of the safest cars on the market.
Let’s review; I’m spending over $350.00 a month to protect my car in case I have a car wreck. But if I stop and think about it, I need to protect something besides my car if I have a car wreck. I need to make sure that my family is protected in case I don’t come home from the car accident. I need someone to remind me that my family also needs protecting from car accidents. People dye everyday in car accidents. But we get so use to see them, that we don’t think anything of it. My brother Chuck was 26 years old when he died in a car accident.
If I’m willing to spend $350.00 a month on car insurance to protect my car, why not spend $22.79 a month to protect my family from the car accident? Makes sense after I put it that way doesn’t it? In like car insurance, if I don’t need the protection, I will get all of my money back in 20 years.
The clients already know who are you and you are already helping them. I have came up with a short sample letter that you could send to your clients that reminds them that they need to also protect their family members and not just their cars.
Dear Valuable client.
I would like to start off by thanking you for you business. If you ever need anything, just let me know.
I would like to also thank you for trusting me to insure your car and making sure that if you have a car accident that I will be there to help you and protect you.
But I would like to do more then just protect your car in the event you have an auto accident and don’t come home from it. You already trust me to protect you automobile, but I want you to also trust me to protect your family from the same car accident.
For just $22.79 a month or $245.00 a year, I can give you $100,000 day one coverage that will increase at least $5,000 a year for 20 years. It will end up doubling to $200,000 in year 20. I hope that you will never need this coverage, and the great thing about this plan is that if you don’t need the coverage within 20 years, at the end of 20 years we will give you all of your money back.
I hope that you will never need this extra protection, but if you do, I will be there to help protect your family from this wreck. I hope that you will never need this protection.
Look at it this way, if you never use this coverage, you will get all of your money back.
This coverage also covers all accidentally deaths.
I also have normal life insurance polices that cover your family no matter how you die.
END OF LETTER
I’m not saying that you should copy my letter word for word. This is a fast rough draft that gives you the idea.
Mail this to all of your clients. If nothing else you are thanking them for their business and reminding them that you are in the insurance business.
Email me if you want more product info or help.
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Mark Rosenthal aka markingriffin
IMO/Ins Agent/Agent Trainer/Free Advice markcrosenthal@aol.comwww.realfastservice.com
Please visit mywebsite to learn more about me.
Email me for my Free Prospecting MP3 Tapes.
This is meant for the p & c agents that also have a life insurance license. Just go give you something to think about.
I’m going to show you how to cross market you clients. We are going to be working your existing clients. My idea is to sell the accidental death product to your p & c clients.
I’m going to use me as an example. I’m an avg car insurance client. I spend over $350.00 a month on my car insurance to insure if I have a car accident, that the car insurance company will fix my car. I have the coverage because I’m worried protecting my cars. People have wrecks all the time. I see a car accident just about everyday. I’m worried to death that I could be in a car accident. That is why I always wear my seatbelt and buy some of the safest cars on the market.
Let’s review; I’m spending over $350.00 a month to protect my car in case I have a car wreck. But if I stop and think about it, I need to protect something besides my car if I have a car wreck. I need to make sure that my family is protected in case I don’t come home from the car accident. I need someone to remind me that my family also needs protecting from car accidents. People dye everyday in car accidents. But we get so use to see them, that we don’t think anything of it. My brother Chuck was 26 years old when he died in a car accident.
If I’m willing to spend $350.00 a month on car insurance to protect my car, why not spend $22.79 a month to protect my family from the car accident? Makes sense after I put it that way doesn’t it? In like car insurance, if I don’t need the protection, I will get all of my money back in 20 years.
The clients already know who are you and you are already helping them. I have came up with a short sample letter that you could send to your clients that reminds them that they need to also protect their family members and not just their cars.
Dear Valuable client.
I would like to start off by thanking you for you business. If you ever need anything, just let me know.
I would like to also thank you for trusting me to insure your car and making sure that if you have a car accident that I will be there to help you and protect you.
But I would like to do more then just protect your car in the event you have an auto accident and don’t come home from it. You already trust me to protect you automobile, but I want you to also trust me to protect your family from the same car accident.
For just $22.79 a month or $245.00 a year, I can give you $100,000 day one coverage that will increase at least $5,000 a year for 20 years. It will end up doubling to $200,000 in year 20. I hope that you will never need this coverage, and the great thing about this plan is that if you don’t need the coverage within 20 years, at the end of 20 years we will give you all of your money back.
I hope that you will never need this extra protection, but if you do, I will be there to help protect your family from this wreck. I hope that you will never need this protection.
Look at it this way, if you never use this coverage, you will get all of your money back.
This coverage also covers all accidentally deaths.
I also have normal life insurance polices that cover your family no matter how you die.
END OF LETTER
I’m not saying that you should copy my letter word for word. This is a fast rough draft that gives you the idea.
Mail this to all of your clients. If nothing else you are thanking them for their business and reminding them that you are in the insurance business.
Email me if you want more product info or help.
If you don't mind me asking, what kind of plan is this which (if after 20 years you don't need the coverage) gives you back your money? How does the company make money? Does that happen often? Are there life insurance products that could return someones premiums if they don't die by a certain particular time?
If you don't mind me asking, what kind of plan is this which (if after 20 years you don't need the coverage) gives you back your money? How does the company make money? Does that happen often? Are there life insurance products that could return someones premiums if they don't die by a certain particular time?
I hope these aren't stupid questions...
This is the return of premium term product for the life insurance.
At the end of the term such as 20, 30 years, if the client is still alive, all premium he or she paid will be returned. You may view it as a whole life policy with only 20 or 30 years term guarantee and at the full term the cash value is surrendered. There are also settlement option. You can either convert it to a single premium UL or lump sum cash.
This is the return of premium term product for the life insurance.
At the end of the term such as 20, 30 years, if the client is still alive, all premium he or she paid will be returned. You may view it as a whole life policy with only 20 or 30 years term guarantee and at the full term the cash value is surrendered. There are also settlement option. You can either convert it to a single premium UL or lump sum cash.
No, you may not view term with ROP as a whole life policy. Try telling that to clients and see how long you keep your license.
And, not all ROP companies offer a settlement option.
No, you may not view term with ROP as a whole life policy. Try telling that to clients and see how long you keep your license.
And, not all ROP companies offer a settlement option.
ROP Term is a cash value life insurance. The only difference between WL and Term ROP is the coverage length. People can choose the WL with high premium or Term ROP for lower premium for the same coverage for certain years, such as 20/30 years coverage vs. till 120 years old coverage. I am not telling client they are the same at all. But for us to understand ROP Term, this is a good comparison.
Does anyone have any tips or techniques on how to cross sell life along with p&c? I'm an associate agent for State Farm and starting in September we are doing what we call "Fall Life" and I have to sell life insurance along with p&c. I do pretty well with p&c but I haven't sold any life yet.
I would ask every I speak to, "How much life insurance do you OWN?"
You're eliminating the "I have insurance through work" objection and bringing up a very timely point.
I remind my clients who have insurance at work to look at their work policy as a bonus to their life insurance portfolio, but the foundation has to be a policy that THEY own and only THEY can control.
If you don't mind me asking, what kind of plan is this which (if after 20 years you don't need the coverage) gives you back your money? How does the company make money? Does that happen often? Are there life insurance products that could return someones premiums if they don't die by a certain particular time?
I hope these aren't stupid questions...
Call me at 877-968-5757 and I will answer you questions.
But on most R.O.P. the client does not die and a lot of them will drop the coverage anyways. Trust me, the company always makes money.
To your clients John and Susan: John, we have your cars covered. They are worth about $50,000. We also have your liability set at $1,000,000.00.
So John, if you total your car it is covered. If when you totaled your car the other driver was killed and you were at fault their family could be covered up to the $1,000,000.00
If you had been killed also how much would Susan get?
John, we have your $500,000 house covered should it burn to the ground ..........................
Most of us would be happy to do a split with you, just let us at your files
Lee
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Originally Posted by MDL.AGENT
Does anyone have any tips or techniques on how to cross sell life along with p&c? I'm an associate agent for State Farm and starting in September we are doing what we call "Fall Life" and I have to sell life insurance along with p&c. I do pretty well with p&c but I haven't sold any life yet.
BTW, if you want to talk over the above sometime, Email me. I once worked with three Allstate NOAs I cross sold thier book for Life. Made convention for all three. They went to Hawaii and they paid for a weekend for us in Calistoga. (I was young and dumb) Anyway, I am not a recuiter so I have nothing to gain or lose by helping a new agent. Also, finding this forum was a good move. There are some sharp people here.
"It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change." Charles Darwin
Last edited by WinoBlues : 09-29-2009 at 02:30 PM.
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Cross-selling Life And P&c
Re: Cross-selling Life And P&c
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