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A couple weeks back I sent a 75 year old lady up a ladder into the attic to get her policy lol.
To be fair I did not know the policy was in the attic at the time :-)
RNA Rate Increase FE
- Thread starter indiana260
- Start date
A couple weeks back I sent a 75 year old lady up a ladder into the attic to get her policy lol.
To be fair I did not know the policy was in the attic at the time :-)
- 18,984
No, I'm not going back. I find that's a waste of time. if they are cooperating the first time then they won't be the next time.
It's a process. There's a time to bring it up and there's a time to not.
You can't walk into the home, tell them who you are and then tell them to get out their current policies. That will never work.
Agents send me recordings sometimes of their failed presentations to help them with. The number thing is that they are always out of order. They are saying things they have been taught but not at the appropriate time. No order to the presentation with a destination in mind.
At the appropriate time I tell them I "need" to see those policies. If they refuse then I've done something wrong. I need to save the situation if I can. Or leave. That appointment is dead in the water if they are refusing.
Now, many times they really can't find it. So I just call up the company. That can be a pain. Spent 20 minutes on hold with MoO yesterday in a home. Once they give them permission to talk to me I ask about the face first. They are almost always wrong on that. The premium? The cash surrender value? Any loan? The RPU? The beneficiaries? (That's big one. Many times there is someone as bene that's passed away and they never changed it. Have the company send them a bene change form. That's something that will buy you business down the road if you aren't getting it that day).
As I said earlier, it's an art. This is honing your craft to be an expert in the field.
- 15,041
That is cold! Did you write her up for that accident policy with you as bene first?
Many agents don't get the urgency that is needed on the first (only) appt. Some prospects are just plain lazy or maybe their knees hurt when they get up. I've found that once I've built rapport with them, if they are hesitant to look for the policy I will say something like...."A lot of people keep them in their rolltop desk (as I'm walking toward it) is there a drawer that you think it might be in? That usually gets them up if their lazy and they'll start looking around. Or if it's painful to walk around they'll tell me what drawer to check in. I had a lady today that I did just that with me and she said, "No, no, no, not in the desk I think it's on the table back in the bedroom next to the potty. We were talking about an annuity but it's the same thing. That there was a stanky potty.
The point is that there is a checklist of things that you need to check off or you won't get the sale now or ever. Getting an existing policy is one of 'em. Be curious, be creative. Get into a group of sharp agents that maybe have a conference call on a regular basis??????
The point is that there is a checklist of things that you need to check off or you won't get the sale now or ever. Getting an existing policy is one of 'em. Be curious, be creative. Get into a group of sharp agents that maybe have a conference call on a regular basis??????
I have a producer that loves to lead with them. He sells the hell out of the member benefits, is amazing with building rapport, and writes several each week... oh, and doesn't have any issues with being replaced.
He already told me that he will still lead with them after the price increase as that's going to be a Non Issue.
As I mentioned in a thread a few days ago, price is not always the most important thing. Sure it's important to be competitive but LH and SL aren't successful because they have competitive products!
A good Indian will still hit the bullseye even if the arrow is a little crooked.
As over priced as LH and SL may be, they write a ton of business, which that in itself can prove price is not as big as a factor as most believe.
You've been in this business longer than me. With price buster carriers is a price increase inevitable? After so many years people start to die and they are paying out renewals, so it seems that a price hike would be the way to make some money back?
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Well, LH and SL don't write anything, it's the agents that do that part.
Yes, an increase in rates is normal for insurance carriers.
A price hike makes sense as inflation and time make that necessary.
- 16,877
A price increase doesn't affect the people who already bought. They get to keep the lower prices forever.
And an independent agent is not locked in to any one company. So you never have to sell an over priced company. You can always sell companies that offer good value on every appointment.
A company is not going to make more money after a price increase if their sales go way down. But they would make more per policy sold.
Not every company is run the same way. If a company pays out HUGE commissions, takes almost every prescription, has no height-weight requirement, accepts any agent that can fog a mirror, and in RNA's case offers an expensive extra benefit package, there is no way that company is going to compete on price. Not in the long run anyway.
But like Doug pointed out not every agent chooses companies based on premiums. If the underwriting is easy enough and the commissions are high enough and the extra benefits are sweet enough, they can put up with the higher premiums. But if premiums go too high there will always be a breaking point which varies by agent. Hopefully RNA won't go so far that they run off many of their agents.
Even though LH has proven that high premiums CAN be sold, the majority of agents are going to have a much easier time selling competitive premiums. It makes your job (selling insurance) easier in the first place. It makes you feel better about what you do for a living. And it definitely helps persistency.
The beauty of being independent is that every agent can decide for himself.
- 18,984
And LH has had 3 rate increases in the last 10 years. Since SL mirrors them they probably have had the rate increases too.
On the other hand, KSKJ is considering lowering rates.
And the high priced companies can blame commissions but that LH deal that they sell direct to consumers is higher priced than what the agents sell.
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When does RNA's new rates go into effect? Can someone post the rates here?
- Thread starter
- #30
- 1,206
I spoke to them off Friday and they said rates wouldn't be released until the 14 or 15th.
Rates go into effect on the 15th. Any new phone apps on or after and any faxed or mailed apps have to be received by 19th with a sign date of 14th.
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