- 648
I have a lot of realtors as referral sources for my P&C business. I was thinking about targeting realtors for life insurance. Has anyone had any luck selling life insurance to realtors as their target market?
Targeting Realtors
- Thread starter agentinsouth
- Start date
- 205
I was a Realtor for 3 years before getting into insurance. Most of them probably won't do business with you, a few will but it's not as many as I would have expected. I had several agents warn me that this would be the case but I was convinced that I would have better luck as so many of my friends are realtors. Most of them like to do all of their investments on their own through real estate and think that leaving their family 4 rental properties that cash flow and are 20% paid for is a better idea than having life insurance. Not sure how they're doing the math on that as most of their families couldn't get a loan to cover the remaining balance, especially not fast enough, but somehow they think this is just such a great option. The rest are much more broke than you would expect and can't afford to do anything and their policies lapse pretty predictably.
There's a few out there that will bite, but don't waste too much time on it. I'd almost say that you'll have more luck selling DI than life, but those are slim pickin's too. The ones that can afford it tend to have already bought it. The best you can do is to stay front-of-mind with them so when someone who couldn't afford it in the past has their business pick up you're right there.
I've had better luck with new home buyers that I just wrote a homeowner's policy on and cross-selling life for the purpose of mortgage protection. Still not great luck, but better.
If you have tons of realtors referring homeowner leads to you that's probably your most profitable approach.
There's a few out there that will bite, but don't waste too much time on it. I'd almost say that you'll have more luck selling DI than life, but those are slim pickin's too. The ones that can afford it tend to have already bought it. The best you can do is to stay front-of-mind with them so when someone who couldn't afford it in the past has their business pick up you're right there.
I've had better luck with new home buyers that I just wrote a homeowner's policy on and cross-selling life for the purpose of mortgage protection. Still not great luck, but better.
If you have tons of realtors referring homeowner leads to you that's probably your most profitable approach.
- 9,744
I've never found realtors to be a good market. As opposed to investment-grade life insurance, they like to invest in what they know best...property.
- 711
They already have DI or life? In my experience few professionals have DI outside of dr's and dentists. I just saw where Ameritas upgraded RE agents to 4A for agents that make $75,000+.
- Thread starter
- #5
- 648
I am now thinking of presenting short-term DI when I meet w/ them. Any thoughts?
- 4,689
There may be more unsuccessful realtors as there are unsuccessful insurance agents. Unless you can get to the successful ones, marketing to them is basically useless.
- 10,318
I thought this thread would be about getting new home owner referrals. But going after the actual realtor is an even worse idea. Go after real estate brokers maybe... but not the broke ass agents...
- Thread starter
- #8
- 648
80% of my business is mortgage broker referrals.
Now, what about those brokers who refer to other insurance agents and not me? Answer: look in Facebook and find out who their realtors are.
With that said, obviously, I meet with those realtors. The point of this tread is, since I am already meeting with a 1099 sales person, what can I do to make the most of the meeting? Answer: perhaps talk w/ them about their own DI or life? Thought?
- 24,934
My experience with realtors is about the same as everyone else.
You are going to find a lot of fake it till you make it types.
If I wanted to build a book of realtors I would present simplified issued term. Maybe with some CI or DI riders for sizzle. Say Assurity. Make them clients first. I also have had success using ROP term with them using the equity angle. This was more during the low cost ROP days.
After you become a realtor's agent you can target the big hitters. Also I preferred working with the older second career realtors that maybe had a pension as opposed to the starving youngsters. More work but also more money.
You are going to find a lot of fake it till you make it types.
If I wanted to build a book of realtors I would present simplified issued term. Maybe with some CI or DI riders for sizzle. Say Assurity. Make them clients first. I also have had success using ROP term with them using the equity angle. This was more during the low cost ROP days.
After you become a realtor's agent you can target the big hitters. Also I preferred working with the older second career realtors that maybe had a pension as opposed to the starving youngsters. More work but also more money.
- 10,318
Find the pain point and fix it. If someone is living commission to commission you have no client... or at best a short term client and a probable chargeback if they pay monthly.
Start small with 15 year term. DI is expensive, and if they do not have consistent income the underwriting will be a PITA. If they are commission to commission then you would have better luck selling dental/vision/health.
If they are successful then you shouldnt have any problems as they will have true needs that need to be met.
If mortgage brokers are your referral source then I would talk to them about providing life insurance to their clients (the home buyers) to cover the mortgage they just got. Pitch non-med term for their clients and offer a referral fee for each app you take.
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