I am seriously considering selling final expense out in the field. The carrier that I am thinking of going with offers access to a discounted direct mail lead program, and a great product of course!
Now I have a question. When I do finally get my leads, should I call first to set up an appointment, or simply drive by the prospect's home, show them their returned lead card, and introduce myself to possibly make my presentation?
It seems that a growing number of field agents in this market feel that calling to set up an appointment is a waste of time in that you can get hung up on (There goes your sales opportunity with that person), or simply you won't be able to reach them by phone for various reasons. And finally, the time proven excuse, sorry; objection, "Send me something in the mail".
A fellow who sells for Bankers Life in the final expense market, told me a couple of years ago that this is how he operates. He shows up at the prospect's door, and tells them that he happened to be in the area visiting other folks, and thought that it was a good idea to stop by, and "have a conversation" about the insurance. Besides, he is not lying as for the most part, the leads are generally from the same zip code. He told me that he gets in the door most of the time, and is able to make his presentation. If they can't invite him in for any reason (Too busy at the moment, spouse not home, etc.), then he sets up a time to meet again another time or day.
And lastly, he stated that his first full time week out in the field, he worked his butt off from Monday through Saturday, 9 to 10 hours per day, and banked an impressive $13,000+ in commissions!
I like this idea, and I remember reading that many annuity guys are doing the same, and getting in the door much more often, rather then calling the prospect to set up the appointment.
What do you all think?
Edward
Who is the carrier? And how good is the discount for the leads? How many leads are you getting a week? What are the production requirements? These are the important questions.
As far as door knocking, or setting appointments you need to be able to do both if your going to be successful in the FE market.
Did they advise you to put money in Countrywide or did you do that on your own?
Rick
On my own. I make most of my own investment decisions but I listen to what my brokers come up with and will go with them if I think they know what they are talking about. After 40 years of investing I know the difference between chicken salad and chicken s--t. (Apologies to LBJ.)
EJ just administers several of my IRA accounts, most of which are in Goldman and Templeton funds at present. EJ is quite good at asset allocation and re-positioning... and they share the same conservative philosophy that I have.
Anyway, CW has great rates and the monies are FDIC insured.
I've been through about half a dozen bank failures going back in the S&L days and never lost a penny of principal or interest with FDIC. (And while the FDIC is not obligated to pay interest they always have.)
I always look for banks in some sort of trouble as they most always offer much higher insured rates. The news media scares off most investors leaving these rates to those of us who know how the system works.
Besides, CW is backed by BoA... and their banking biz is totally separate from their mortgage operation.
You would know this as well if you ever put down your copy of Hustler and maybe picked up a copy of the WSJ once in a while and read it... and you would not ask such stupid questions. You work in the financial industry. You ought to at least know something about it. It's a concept shared by many of us in this business. You should consider it.
I had an agent talk me into FE with Lincoln Heritage. Their leads are $25 each. Since I knew the guy I went with him for two days. We wrote business but not a lot. What I determined from my limited experience you are working with mostly people that don't have any money and the crap doesn't stay on the books. That being said, I know another guy that made good money doing it and he claims it stayed on the books. Out of 10 cases I only had 2 not charge back.
I had an agent talk me into FE with Lincoln Heritage. Their leads are $25 each. Since I knew the guy I went with him for two days. We wrote business but not a lot. What I determined from my limited experience you are working with mostly people that don't have any money and the crap doesn't stay on the books. That being said, I know another guy that made good money doing it and he claims it stayed on the books. Out of 10 cases I only had 2 not charge back.
Lincoln Heritage is priced too high and people will drop it as soon as they figure that out.
'k so, I'm new to insurance - I've only been licensed a month and working about 3 weeks. Today I did my first D2D (or cold-visiting, as I like to think of it). I chose Saturday morning because it's a time when ppl are likely to be home but not busy. I worked an area not far from a small university that holds a lot of apartments and duplexes. I didn't ask to make a presentation; I only introduced myself, my company and my card (with a hole punched and a ribbon tied thru it to make is more memorable and harder to lose). I live in SC, so the ppl were generally friendly and I got a much better response than calling a target demographic. I had several ppl respond that they or someone close to them were interested and that they would definitely give me a call this week. So I'm waiting to see how they follow up, but it was definitely more enjoyable than calling.
Now I'm trying to figure out a good way to contact businesses.
I think it really depends on the agent's personality I have "door knocked" and I "set f.e. appointments". I personally do better by just showing up and knocking on the door. If I will be in a certain area for a day or so and no one is at home, everytime I come back by that area I check to see if anyone is home.
To say that door knocking will have low results is completely inaccurate I have worked with several agents that sell f.e. day in and day out and they write at least 12000 in premiums every month. I am not necessairly talking about "veterans" either, agents that get 20-25 leads every week. What I learned from working with these guys is never ever ever throw a dm lead away it does not matter how old they are, eventually both spouses will be home.
Yes, I am referring to those "crappy social security only pays 225 toward you final expense" mail cards.
Re: FE Sales...Call first, or drive by?
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