Why Does Everyone Want to Sell Life Over the Phone?

ABC said:
This is a good topic.

I do think there is a market for life sales over the phone.
Now the avg premium is going to be $700 a year. The chances of writing a $7,000 premium policy is slim to none..
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HAHAHAHA......just wrote one last week for a $1,600 annual ....never layed eyes on him issued in five days .....told him through email that I needed a $1600 check ....he tells me he is in Germany for a week and can he fedex it to me....I said that or just fill out this bank draft form and fax back with a voided check.....I think more and more life sales will move to the internet in the up coming years....I JUST NEED ONLINE APP'S FROM ALL THE COMPANY'S......
 
If phone sales is a business model that works for you, more power to you. If you are selling final expense and their is little opportunity for other sales, in my opinion, it makes a lot of sense if you can make it work.

If you are selling life to the under age 65 market, I still feel a producer will short change himself (or herself) in the long run selling over the phone, even if the initial results are higher. There are so many easy repeat sales out there made easier by seeing them eye ball to eye ball.

You can support yourself with customers and even make a good living, but the only way to get off the treadmill long term is to have clients who see you as "their guy". I don't want to work as hard as I do right now in 10 years.

JMO. I don't have a lock on life insurance business models.
 
I like selling life over the phone because it's easy and efficient. I'm not spending hours driving and if I miss an appointment I can call back in an hour. I make a lot of sales, get referrals, and my clients adore me.

I made a massive sale last week on the phone to a 78 year old widow who's husband killed himself less than a month ago. She wasn't emotional and said she'd listen to what I had to say, but I didn't get the impression she was a lay down at all. She said a few different insurance men had been to her house since her husband's death with sleezy pitches and she wasn't interested. We talked for a little while and she admitted she really needed more insurance but she had to wait until she paid off her husbands remaining funeral bill (they both had $4,500). With that she was already paying an astounding amount a month for her burial insurance. I think I was the first person who asked her about what she already had and how long it'd been in place. Immediately I found an immediate $8,000 WL policy cheaper then an illogically expensive $4,500 policy she'd had for 50 years (i've seen these a lot with my older clients, I think it's "industrial insurance")
She did the app without hesitating, and when I asked her if she was keeping both, she said she'd cancel her older one because this was almost twice the coverage for the same price. When I asked her about the cash value, she didn't know what that was and was shocked to find out there was money she could get back from the company. (Her husband was the one who bought the policies). She was very excited to be getting some money and getting enough coverage to cover her whole burial. But there was a problem: she didn't know how to get it back, so I just explained how that worked.
She referred me to two people and requested information about insuring her young granddaughter with cystic fibrosis.
This woman just needed someone to listen to her, work with her, and let her make this decision in the privacy of her own home. She felt less pressure and opened up to me and I really enjoyed talking to her too. Plus it was a huge sale!

I've sold behind agents who used their gas to get turned down, sold to seniors who "never" give out their information on the phone, followed behind neglectful agents who just made simple mistakes or didn't follow up. My favorite was calling a woman i'd talked to every few weeks for a couple months while an agent from One Life (I think) was there. I could hear him ask to speak to me and I excitedly told her i'd love to talk to him! He got on the phone and rudely demanded to know who I was, where I was, and who I worked for. I told him my name, of course. Then I said I was the one that would be calling her back in an hour to offer her a lower price then whatever he quoted her for, and I worked for better companies then he did. He lost it, it was so funny but it only made him look bad since I already had a pleasant repoire with her. When I called back she said he couldn't even help her because of diabetic neuropathy and she was a lay down sale WELL worth the patience. All on the phone. I get social security numbers and account info and it can be a struggle or even ruin a sale, but most people give in.
I had a sale yesterday for a 66 F smoker who got approved for an 8K WL policy the day before I called for $70 a month. She got it over the phone (lol) and I beat the price by almost $20 a month. When I asked her if she could use the extra money, she said she didn't really need to save money (she was well taken care of) but she just liked the way I explained everything. I honestly think the biggest mistake was that my competitor didn't give her a phone number and explain things to her a little better.

I love phone sales!
 
Ahana that's awesome stuff. Just curious what commission you get off of phone sales. I've always seen ridiculously low rates.

I'd rather drive out to a house and earn 110%. I usually book many appointments and I have tie downs that almost completely get rid of being porched.
 
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