Term Insurance Leads

[RookieYankee]

Before Internet leads were around how did people sell the term and whole life products. I am going to be purchasing aged leads and wanted to know what other forms of marketing I can use to get more term insurance leads. I would like to work some term insurance and learn about that part of the business. Thank you.

 

[waterwheel]

Not looking to derail your thread, but geez, what a tough way to earn a living. Calling people who've been bludgeoned half to death with calls from other brokers.

I've spoken to a few people in years past that were very successful doing direct mail. I don't know how to do it, but wonder if that's not a fairly good way to generate leads. Not a lot of competition, and it's testable and repeatable - important qualities in lead generation.

Also know someone who used door knockers. Every day for 1 hour they walked neighborhoods and hung a brochure on people's doors. Claimed he got enough business doing that to make a living.

If you can get lists of recently sold houses in your area, I'd consider calling/mailing them. Or something I've not heard of people doing - houses for sale (get them before they buy the new house).

We had a moving company contact us last fall based on that - they tracked a local 'for sale' website and every time a house went for sale they contacted the owner to offer their services.

 

[STIBROKER]

Before Internet leads were around how did people sell the term and whole life products. I am going to be purchasing aged leads and wanted to know what other forms of marketing I can use to get more term insurance leads. I would like to work some term insurance and learn about that part of the business. Thank you.

well back in the day I would get mortgage list of the closing the day before and cold call them about getting together to discuss their mortgage protection plan....

 

[WinoBlues]

Before Internet leads were around how did people sell the term and whole life products. I am going to be purchasing aged leads and wanted to know what other forms of marketing I can use to get more term insurance leads. I would like to work some term insurance and learn about that part of the business. Thank you.

I would love to have a twenty year old aged list. Oh wait, I have one, my book.

I think the Internet is where the majority of term business is. However, a list or aged leads are probably quicker and cheaper. One suggestion is X-date the people that say they already have term. Build your own list. There is a ton of terming out term out there.

 

[RookieYankee]

I would love to have a twenty year old aged list. Oh wait, I have one, my book.

I think the Internet is where the majority of term business is. However, a list or aged leads are probably quicker and cheaper. One suggestion is X-date the people that say they already have term. Build your own list. There is a ton of terming out term out there.

Yeah, I was just hoping there would be a secondary way. What do you guys normally quote if the person says they have diabetes or high blood pressure. I ask because there have been times that I have quoted an amount and because of diabetes or high blood pressure the insured got rated. How did you circumvent this issue if the quote said at standard they were one amount?

 

[scagnt83]

Aged term leads can be gold if you are willing to work them the right way. As I mentioned in another thread, the majority of term shoppers make a buying decision 4-8 weeks after the initial inquiry. A good many actually wait 3-6 months before purchasing. I forget the exact percentages, but there have been a couple different studies done on internet quote inquiries.

Part of the reason for this is that people are often bombarded by calls and get pissed. The other reason is that most people are just not in a hurry to purchase life insurance. They do not see it as an immediate need like they do health insurance.

If you find a list of aged term leads, especially exclusive leads. I suggest sending an email, and then following up with a phone call the next day. Simply ask if they have got the life insurance in place that they requested info on, and if not, are they interested in seeing a comparison of the top 3 carriers for their choice of plan. Remind them that previous quotes could be incorrect now due to them now being older since some companies use age nearest and others use exact age.

Some of the largest term producers in the nation buy aged term leads and have a team of telemarketers call them. Remember that most agents are poor & not big producers... so when the majority of agents say something doesnt work always take that with a big grain of salt.

So my suggestion is to work the hell out of that list. Simply ask if they ever took care of getting a policy in place. If not, then ask questions and get a conversation started. I guarantee you that at least half of them will not have bought yet. Also, use an E-App system like EZ-Life and you will have much greater success.

 

[WinoBlues]

Yeah, I was just hoping there would be a secondary way. What do you guys normally quote if the person says they have diabetes or high blood pressure. I ask because there have been times that I have quoted an amount and because of diabetes or high blood pressure the insured got rated. How did you circumvent this issue if the quote said at standard they were one amount?

I do not circumvent anything. I guess I am more of an order taker sometimes. I ask them what they want, I ask them some questions to drill down on the want, I qualify them medically and financially. I then build some solutions and present them.

Diabetes, HBP, Build or anything else is just part of the quote information. I wrote a 65 and 60 year old 15 year term today. Health included HBP, Build and DM. I quoted a range with the table I believe they will come in. Their current term plans term out next year. I quoted and x-dated them last year. They are paying annually. Quoted two single premium GULs on the adult daughters. The old agent is still in the business and they see him regularly at church and around town. He left thousands of dollars in that home for me.

Do not be afraid of medical issues. Embrace them. You get paid through table 4 with most plans. Do not build up unrealistic expectations.

 

[Tahoe Ray]

Do not be afraid of medical issues. Embrace them. You get paid through table 4 with most plans. Do not build up unrealistic expectations.

And you get paid double!

Seriously, these are the term cases that truly matter in a financial plan. A 60 yo with 5-7 years left of earning power on a tight retirement budget (meaning that for the plan to work, they NEED that income) has to have this coverage.

They could have bought 30yr when they were 35, but they opted for the 20 b/c it was "less money"

Common and lucrative.

 

[RookieYankee]

I do not circumvent anything. I guess I am more of an order taker sometimes. I ask them what they want, I ask them some questions to drill down on the want, I qualify them medically and financially. I then build some solutions and present them.

Diabetes, HBP, Build or anything else is just part of the quote information. I wrote a 65 and 60 year old 15 year term today. Health included HBP, Build and DM. I quoted a range with the table I believe they will come in. Their current term plans term out next year. I quoted and x-dated them last year. They are paying annually. Quoted two single premium GULs on the adult daughters. The old agent is still in the business and they see him regularly at church and around town. He left thousands of dollars in that home for me.

Do not be afraid of medical issues. Embrace them. You get paid through table 4 with most plans. Do not build up unrealistic expectations.

How do you quote each table? I quoted a guy for term at 40/mth because the quote engine only went down to "standard". Term policy came back rated and ended up at 103/mth due to diabetes, hbp and build. Would love to know what agents do to table rate. I was using the compulife software.

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And you get paid double!

Seriously, these are the term cases that truly matter in a financial plan. A 60 yo with 5-7 years left of earning power on a tight retirement budget (meaning that for the plan to work, they NEED that income) has to have this coverage.

They could have bought 30yr when they were 35, but they opted for the 20 b/c it was "less money"

Common and lucrative.

What do you mean you get paid double?

 

[WinoBlues]

And you get paid double!

Seriously, these are the term cases that truly matter in a financial plan. A 60 yo with 5-7 years left of earning power on a tight retirement budget (meaning that for the plan to work, they NEED that income) has to have this coverage.

They could have bought 30yr when they were 35, but they opted for the 20 b/c it was "less money"

Common and lucrative.

Yup. They mentioned trying to get the old agent to do a review. They wanted to buy a few more years. The guy never had time to meet with them.

They do not need the insurance. They want the insurance. They are the millionaire next door type. Net worth at one million, pension, paid off home, IRAs and $300,000.00 in the bank. Mama wants more cash for the 26 and 24 year old daughters.

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How do you quote each table? I quoted a guy for term at 40/mth because the quote engine only went down to "standard". Term policy came back rated and ended up at 103/mth due to diabetes, hbp and build. Would love to know what agents do to table rate. I was using the compulife software.

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What do you mean you get paid double?

Did you place him?

On them being rated, remember you did not break it.

I think compulife allows adding a table rating. I prefer to use the company software or winflex to get a full illustration on table rated cases.

Rule of thumb on ratings is add 25% per table to standard. However, there are differences such as Banner tables to standard plus.

Always have a fall back in mind. Maybe even bring it up during the meeting letting them know you have options ready.