How to Write 5 Life Insurance Apps Per Day

[glgamerica]

I wanted to start my own thread to let you know how you can write 5 application on your own as a personal producer.

Now I can personally tell you that I have written so many life applications in a single day before that I got tired of writing. But, I can't say I do it day in and day out.

There are days that I also don't write any insurance at all either because no one signs up or I don't work hard enough.

However, I can tell you that it's pretty easy to write 5 applications (on average) per "working" day and while I don't do it each and every day because I try not to work too hard, I could if I wanted and so I wanted to lay out exactly how you can do that.

Now unlike a lot of people here on the forums, I'm not cold calling all day and I'm not going door to door either. What I am doing is working with employer groups and selling life insurance in the workplace.

Why the workplace? Well, there are a number of reasons.

1. There are fewer agents calling fewer people to talk to them about their life insurance so the reality is no one is talking to the vast majority of people about life insurance.
2. I can offer employees the ability to get a life insurance policy without any medical questions.
3. The convenience of payroll deduction.

Here are the steps I take to make this work

1. I secure a guaranteed issue offer from an insurance company to offer employees.
2. I look for and contact larger groups of over 100 or more.
3. I negotiate with the employer group to allow me to present the offer to the employees and to do the payroll deduction.
4. I get a list of all the employees and department heads contact information from the company.
5. I meet with each department head to arrange a plan to meet with their employees.
6. I then meet with the employees and explain the offer to them and then come back and find out if they want to sign up.
7. I give the deductions to the employer to begin taking it out of their payroll.
8. I hold an annual re-enrollment to see new hires and allow employees to increase coverages.

What to expect

After years of experience, I already have a rough idea of how many employees sign up and how much they buy.

Typically, what I do, is take the number of eligible employees and add two zeroes to it. So, for a employer group with 200 eligible employees, I would expect it would generate $20,000 in annual premium.

Also, I know on average that for every 10 people I see, that 3 on average will sign up. For a group of 200 employees, I'd expect about 60 to sign up.

Now some groups would do better than I expect and others not as well. Every group as different so these are just guidelines. A recent one I did double what I expected and some are harder to do.

It's pretty easy to do groups of 100 to close to 500 all on your own without any help. While I've seen over 50 people in a day before, it's a little easier to see about 15 per day and of those 15, I know from experience on average I'll sign up 5.

In order to average 5 apps per day, you need to see 15 people a day for 20 working days a month and that's only 300 employees. That can be one group of 300 or three groups of 100.

Once you start prospecting, your group sizes will vary. Obviously the larger the group, the harder it is.

And keep in mind that alot of employers don't want to let you see their employees so not every employer group will let you.

But in a nutshell, that's how you can average 5 life apps per day.

 

[Agentguy5]

Now that is definitely more realistic especially when you compare it to that NONSENSE that the Bait Clicker stated about writing "15 applications each day"

 

[jboussea]

I know it's the other way around.. but as soon as I saw the title of this thread ...

I thought about this

https://www.youtube.com/watch?v=JB2di69FmhE

----------

I wanted to start my own thread to let you know how you can write 5 application on your own as a personal producer.

Now I can personally tell you that I have written so many life applications in a single day before that I got tired of writing. But, I can't say I do it day in and day out.

There are days that I also don't write any insurance at all either because no one signs up or I don't work hard enough.

However, I can tell you that it's pretty easy to write 5 applications (on average) per "working" day and while I don't do it each and every day because I try not to work too hard, I could if I wanted and so I wanted to lay out exactly how you can do that.

Now unlike a lot of people here on the forums, I'm not cold calling all day and I'm not going door to door either. What I am doing is working with employer groups and selling life insurance in the workplace.

Why the workplace? Well, there are a number of reasons.

1. There are fewer agents calling fewer people to talk to them about their life insurance so the reality is no one is talking to the vast majority of people about life insurance.
2. I can offer employees the ability to get a life insurance policy without any medical questions.
3. The convenience of payroll deduction.

Here are the steps I take to make this work

1. I secure a guaranteed issue offer from an insurance company to offer employees.
2. I look for and contact larger groups of over 100 or more.
3. I negotiate with the employer group to allow me to present the offer to the employees and to do the payroll deduction.
4. I get a list of all the employees and department heads contact information from the company.
5. I meet with each department head to arrange a plan to meet with their employees.
6. I then meet with the employees and explain the offer to them and then come back and find out if they want to sign up.
7. I give the deductions to the employer to begin taking it out of their payroll.
8. I hold an annual re-enrollment to see new hires and allow employees to increase coverages.

What to expect

After years of experience, I already have a rough idea of how many employees sign up and how much they buy.

Typically, what I do, is take the number of eligible employees and add two zeroes to it. So, for a employer group with 200 eligible employees, I would expect it would generate $20,000 in annual premium.

Also, I know on average that for every 10 people I see, that 3 on average will sign up. For a group of 200 employees, I'd expect about 60 to sign up.

Now some groups would do better than I expect and others not as well. Every group as different so these are just guidelines. A recent one I did double what I expected and some are harder to do.

It's pretty easy to do groups of 100 to close to 500 all on your own without any help. While I've seen over 50 people in a day before, it's a little easier to see about 15 per day and of those 15, I know from experience on average I'll sign up 5.

In order to average 5 apps per day, you need to see 15 people a day for 20 working days a month and that's only 300 employees. That can be one group of 300 or three groups of 100.

Once you start prospecting, your group sizes will vary. Obviously the larger the group, the harder it is.

And keep in mind that alot of employers don't want to let you see their employees so not every employer group will let you.

But in a nutshell, that's how you can average 5 life apps per day.

what kind of products do you usually sell ?? Guaranteed issue term?

EDIT: after looking at your numbers it looks like it has to be term


also how do you contact the employer groups?? do you just cold call? Any pointers on contacting them?

what kind of groups are easier to sign up .. so one can get some momentum and confidence...

How does the payroll dedution process work? is that something the carrier sets up?

 

[glgamerica]

I know it's the other way around.. but as soon as I saw the title of this thread ...

I thought about this

https://www.youtube.com/watch?v=JB2di69FmhE

----------





what kind of products do you usually sell ?? Guaranteed issue term?

EDIT: after looking at your numbers it looks like it has to be term


also how do you contact the employer groups?? do you just cold call? Any pointers on contacting them?

what kind of groups are easier to sign up .. so one can get some momentum and confidence...

How does the payroll dedution process work? is that something the carrier sets up?

I'm selling only permanent life insurance.

Surprisingly, term is often a tougher sell. But that really depends on the type of employer group on whether that's true or not. Some groups are term buyers.

You want to focus on groups that are not huge high income earners. Executives for example already have their own insurance agent. I wouldn't for example, focus on a software development firm in silicon valley with a bunch of programmers in it. But a manufacturing company would definitely be on my list.

When I started I didn't know anyone but basically what I do is start calling my target employer groups until they will see me so I can explain the offer to them and then keep contacting them until they let me do that.

Some groups let you in fairly soon. Some never. One took me 15 years to close even though it doesn't cost the employer a dime.

You have to explain to employer groups what you are bringing to the table and that's guaranteed issue and why it's important.

As far as payroll deductions go, one of the first things I always do is meet with the payroll person and figure all of that out. I handle all of that with the employer group directly, explain how it will work and then insurance company sends them a bill for the deductions.

So, it's an easy business and it's a hard one but you can definitely build a great book of business on it.

 

[jboussea]

I'm selling only permanent life insurance.

Surprisingly, term is often a tougher sell. But that really depends on the type of employer group on whether that's true or not. Some groups are term buyers.

You want to focus on groups that are not huge high income earners. Executives for example already have their own insurance agent. I wouldn't for example, focus on a software development firm in silicon valley with a bunch of programmers in it. But a manufacturing company would definitely be on my list.

When I started I didn't know anyone but basically what I do is start calling my target employer groups until they will see me so I can explain the offer to them and then keep contacting them until they let me do that.

Some groups let you in fairly soon. Some never. One took me 15 years to close even though it doesn't cost the employer a dime.

You have to explain to employer groups what you are bringing to the table and that's guaranteed issue and why it's important.

As far as payroll deductions go, one of the first things I always do is meet with the payroll person and figure all of that out. I handle all of that with the employer group directly, explain how it will work and then insurance company sends them a bill for the deductions.

So, it's an easy business and it's a hard one but you can definitely build a great book of business on it.

Thanks.. For the response..

Couple more questions.. You mentioned negotiating with the carrier.. What are you negotiating exactly

I got $333 worth of premium per employee that's what I thought it was term but I forgot you said it was monthly

Is there a way to incentivise the employer group or the person responsible?

Any carriers out there known for guaranteed issue whole life.. Is it the same usual suspects as the medical exam whole life

Also do you sell the same carrier to all the employees of a given company

 

[glgamerica]

Thanks.. For the response..

Couple more questions.. You mentioned negotiating with the carrier.. What are you negotiating exactly

I got $333 worth of premium per employee that's what I thought it was term but I forgot you said it was monthly

Is there a way to incentivise the employer group or the person responsible?

Any carriers out there known for guaranteed issue whole life.. Is it the same usual suspects as the medical exam whole life

Also do you sell the same carrier to all the employees of a given company

In order for an insurance company to be willing to offer guaranteed issue to the employees of an employer group, they have to be certain that you will have access to the employees to present the offer.

They don't want you giving guaranteed issue without spreading the risk across all of the employees.

Employer groups will often say, well you can offer the program to our employees but we will only allow you to sit over here a conference room hidden from view and whoever is interested can you see if they can find you.

Unfortunately, you can't offer guaranteed issue that way. So if an employer tells me that, I explain why we can't do that. If we can't come to an agreement on access, I won't with work with that employer.

What I do is work with the insurance company and give them my assurance that we will have access to the employees or we won't do it. In exchange, the insurance company gives me an amount of guaranteed issue I can offer.

For premium estimates, I use an average employee size for estimating of $300 annual premium but that is just used to give me a conservative estimate of what I might generate in a group. I usually make higher per employee personally. But again, it always varies by group. The case I showed in the picture and video I posted in the other thread had a $500 per employee annual premium.

As far as a providing a group incentive to get the employees to see you, there are ways you can do that like providing core enrollment services or total compensation statements.

Personally, I don't focus on those incentives so much. I just negotiate my access with the employer and use those options as last resort.

I don't know all the carriers who offer whole life but while I am happy to talk directly to you about carriers, I make it a policy to not post carrier information on public forums.

All employees are only offered the program from one carrier and not from multiple carriers.

 

[jboussea]

In order for an insurance company to be willing to offer guaranteed issue to the employees of an employer group, they have to be certain that you will have access to the employees to present the offer.

They don't want you giving guaranteed issue without spreading the risk across all of the employees.

Employer groups will often say, well you can offer the program to our employees but we will only allow you to sit over here a conference room hidden from view and whoever is interested can you see if they can find you.

Unfortunately, you can't offer guaranteed issue that way. So if an employer tells me that, I explain why we can't do that. If we can't come to an agreement on access, I won't with work with that employer.

What I do is work with the insurance company and give them my assurance that we will have access to the employees or we won't do it. In exchange, the insurance company gives me an amount of guaranteed issue I can offer.

For premium estimates, I use an average employee size for estimating of $300 annual premium but that is just used to give me a conservative estimate of what I might generate in a group. I usually make higher per employee personally. But again, it always varies by group. The case I showed in the picture and video I posted in the other thread had a $500 per employee annual premium.

As far as a providing a group incentive to get the employees to see you, there are ways you can do that like providing core enrollment services or total compensation statements.

Personally, I don't focus on those incentives so much. I just negotiate my access with the employer and use those options as last resort.

I don't know all the carriers who offer whole life but while I am happy to talk directly to you about carriers, I make it a policy to not post carrier information on public forums.

All employees are only offered the program from one carrier and not from multiple carriers.

Thanks for this info I'll pm you thanks

 

[BYSFG]

Good read. This side is fairly new to me. Is this along the lines of executive bonus/ golden handcuffs?

 

[glgamerica]

Good read. This side is fairly new to me. Is this along the lines of executive bonus/ golden handcuffs?

This is just straight whole life insurance paid for by the employee through payroll deduction.

 

[scagnt83]

In order for an insurance company to be willing to offer guaranteed issue to the employees of an employer group, they have to be certain that you will have access to the employees to present the offer.

........................

What I do is work with the insurance company and give them my assurance that we will have access to the employees or we won't do it. In exchange, the insurance company gives me an amount of guaranteed issue I can offer.

................................

I don't know all the carriers who offer whole life but while I am happy to talk directly to you about carriers, I make it a policy to not post carrier information on public forums.

This is not how most group GI products work. I dont doubt that the one you sell works this way. But the majority do not unless you have groups big enough for the carrier to create a custom offer to the group.


Most group WL has a set number of lives (employees) that is required for the product to be GI or SI. They also have set minimums for doing list bill and such. It varies from carrier to carrier but the 10-20 range is fairly normal for GI group life. But there are products that will do GI for as few as 3 lives.


______________________________________________


I dont know why you are not willing to talk carriers... unless you just want to get people 1 on 1 to pitch your services. Not discussing product and carriers is against everything this forum is about.....


I will start, Cinci Life offers GI group WL for as few as 3 lives, they do the same for UL and Term too. If you really want to contribute to this forum Id love to hear about the products you use.