Lost my 3 Biggest Cases this Week

paulmatthewm

New Member
4
I am devastated. I started in this industry last November and have written about 50 applications since then. 3 of them were large policies with monthly premiums at $1k, $500 and $300. They were all 10 pay WL. 2 of the guys were rated terribly and they didn't want anything to do with it. I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options. I am a captive agent and I was counting on getting those commissions next month. I mean this is brutal and all the bad news happened in one week. I thought I was off to a good start but now I am seriously wondering if I belong in this job. Just looking to share my story and maybe get some input. Thanks.
 
I am devastated. I started in this industry last November and have written about 50 applications since then. 3 of them were large policies with monthly premiums at $1k, $500 and $300. They were all 10 pay WL. 2 of the guys were rated terribly and they didn't want anything to do with it. I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options. I am a captive agent and I was counting on getting those commissions next month. I mean this is brutal and all the bad news happened in one week. I thought I was off to a good start but now I am seriously wondering if I belong in this job. Just looking to share my story and maybe get some input. Thanks.

Look on the bright side...no chargebacks.
 
I am devastated. I started in this industry last November and have written about 50 applications since then. 3 of them were large policies with monthly premiums at $1k, $500 and $300. They were all 10 pay WL. 2 of the guys were rated terribly and they didn't want anything to do with it. I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options. I am a captive agent and I was counting on getting those commissions next month. I mean this is brutal and all the bad news happened in one week. I thought I was off to a good start but now I am seriously wondering if I belong in this job. Just looking to share my story and maybe get some input. Thanks.

That really sucks, but that's the way of this business. What you'll learn is to not count the money until it's in the bank. (And even then you have to be careful) Usually, 30% of your cases will be different than applied for. (Declined, rated, etc.) Unfortunately, they can clump together like they did for you. Just keep getting in front of more people and you'll be fine.
 
50 applications since November? Wow! Good job! Keep that going!

I'm going to guess something... ready?

When you took those larger applications... did you slow down your prospecting? I'm guessing you did. Why? Because you were counting on commissions on these "big" policies and now your pipeline isn't as big as it once was. Otherwise, you'd just move on.

You can't stop prospecting.

Even Ben Feldman (who was selling $1 million annual premiums) said that he doesn't "count them" in his anticipated income.


"I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options."

Look, their health status shouldn't be a surprise to them. If it is... they need to see their doctor more often.

Did you at least quote standard? Or did you quote ultra-preferred? Did you check height/weight charts and ask about their prescriptions to temper their expectations? If not... that part is on you.

Here's the deal about insurance: If you're selling "INSURANCE"... then you're going to attract people who know they'll have a hard time qualifying. Those are the "bad risks".

If you find "good risks"... unless they see the value and benefits of owning insurance... then they're going to compare and compete based on PRICE.

It's no wonder insurance agents have a hard time getting going in this industry!

Stop selling insurance... and sell the BENEFITS of insurance.

If someone wanted $500,000 of insurance... and could pay $500/year or $10,000/year... who in their right mind would "overpay" $9,500? What's in it for them?

Google the "10 minute lesson on life insurance". That might help you.

Then, even if they come back rated... you could then lower the face amount to match the premium commitment and have an efficient policy to maximize their benefits of having cash in a non-mec life insurance contract.
 
I am devastated. I started in this industry last November and have written about 50 applications since then. 3 of them were large policies with monthly premiums at $1k, $500 and $300. They were all 10 pay WL. 2 of the guys were rated terribly and they didn't want anything to do with it. I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options. I am a captive agent and I was counting on getting those commissions next month. I mean this is brutal and all the bad news happened in one week. I thought I was off to a good start but now I am seriously wondering if I belong in this job. Just looking to share my story and maybe get some input. Thanks.

Don't ever count on commissions until they are paid AND earned.. And above all, don't ever slow down just becasue you make a big sale or two.. The elephants are nice but there are more rabbits (average cases) than there are elephants. If you have done 50 cases during your first 4 months, you are far ahead of what the average agent will do. You must have some ability or you would not have been able to do that. As they say, "shake it off, suck it up and move on".
 
Just about every agent has had this happen to them at one time or another. It is part of being in the biz. What you have to do is keep working at your business. Don't let a sales manager pitch you guff. Just keep working.

As others have noted, never count on an application to be completed until it is and premiums paid. Try to go as earned as quickly as possible.
 
Yeah, sucks. I had a rash of cases fall out last fall... for various reasons outside my control. Had my biggest one fall out because right as we were submitting the case, the guy's ex filed for child support on him - 10yrs after being divorced. I've learned not to count em before they are paid and earned but it still hurts.

I agree with DHK. If you are selling insurance based on needs or price, it makes it alot tougher of a sale for people to be happy with...especially on the larger premiums. People can always find something they'd rather do with $500/mo than buy insurance. They have to want to buy it because of what it will provide them.

Obviously you are doing something right if you wrote 50 apps since Nov. Nice job. Just keep moving fwd, don't let a little setback knock you out.
 
I am devastated. I started in this industry last November and have written about 50 applications since then. 3 of them were large policies with monthly premiums at $1k, $500 and $300. They were all 10 pay WL. 2 of the guys were rated terribly and they didn't want anything to do with it. I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options. I am a captive agent and I was counting on getting those commissions next month. I mean this is brutal and all the bad news happened in one week. I thought I was off to a good start but now I am seriously wondering if I belong in this job. Just looking to share my story and maybe get some input. Thanks.

Selling big premiums is one thing but I have to wonder why all 3 of them were 10 Pay?

The only value in being a captive agent is the training and the hand holding that comes with it. If someone is teaching you to sell 10 Pays to clients with rateable health conditions, then you might just be with the wrong agency.

Insurance sales should feel like a career, not a job.

Work ethic and good support along with competitive products and a proven sales system will be your only chance of success. If you're missing one piece of the puzzle, you'll be out in no time.
 
I am devastated. I started in this industry last November and have written about 50 applications since then. 3 of them were large policies with monthly premiums at $1k, $500 and $300. They were all 10 pay WL. 2 of the guys were rated terribly and they didn't want anything to do with it. I tried telling them that this is when they need it most but they weren't interested, and the 3rd guy changed his mind and wasn't open to hearing any other options. I am a captive agent and I was counting on getting those commissions next month. I mean this is brutal and all the bad news happened in one week. I thought I was off to a good start but now I am seriously wondering if I belong in this job. Just looking to share my story and maybe get some input. Thanks.

Can you shop them at this point to see if another carrier may provide a better rating?
 
Unfortunately you will have a prospect who has a "super preferred" mentality trapped inside a "table D" body from time to time.
 
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