Looking for term insurance that can be sold over the phone

Wealth Builder · 11-03-2008, 01:26 PM

I am looking for companies that I can get appointed with that allow a term insurance policy to be sold over the phone and completed with a voice signature.

I am appointed with Fidelity and Baltimore but looking for more.

Also, please clarify this for me......with a term policy, do you always need to be there in person when the client signs the application? Or can it just be mailed to them?

CHUMPS FROM OXFORD · 11-03-2008, 01:33 PM

I normally mail or do a Teleapp.

InsuranceDevil · 11-03-2008, 03:24 PM

I have sold a good amount of term insurance where I get the buy in over the phone and then mail the packet out to them. What I typically have the client do is have a neighbor who has no involvement or insurable interest in the transaction witness the signature and provide their address and phone # underneath the signature. I don't know if that is legal or ok in every state, but it works here in AZ. I have done that using MetLife, West Coast Life, Banner, AIG and Prudential. Hope that helps.

Mike Damone · 11-03-2008, 03:46 PM

Originally Posted by InsuranceDevil

I have sold a good amount of term insurance where I get the buy in over the phone and then mail the packet out to them. What I typically have the client do is have a neighbor who has no involvement or insurable interest in the transaction witness the signature and provide their address and phone # underneath the signature. I don't know if that is legal or ok in every state, but it works here in AZ. I have done that using MetLife, West Coast Life, Banner, AIG and Prudential. Hope that helps.

Check out Symetra. There's no paperwork unless you're doing a replacement.

Wealth Builder · 11-03-2008, 05:19 PM

With whom do you do the teleapp? That is what I am looking for. The quickest easiet way to get these closed.

TRK3031962 · 11-03-2008, 07:50 PM

Originally Posted by Wealth Builder

I am looking for companies that I can get appointed with that allow a term insurance policy to be sold over the phone and completed with a voice signature.

I am appointed with Fidelity and Baltimore but looking for more.

Also, please clarify this for me......with a term policy, do you always need to be there in person when the client signs the application? Or can it just be mailed to them?

Would you be interested in phone sales where you take the app using one system for all your carriers and then the port-a-medic takes the app out with them and gets the signature? Would you be interested in having case managers keep a follow up on your cases so you can move on and sell more? If you are interested you can call me at your convenience.

GreenSky · 11-03-2008, 08:01 PM

My suggestion is to use www.pjpce.com. They have all the major term carriers and do most of the work for you. You can get into their site by clicking the "live demo" in the upper right.

Yes, you take a cut in commission - 80% on 20/30 yr. term. But I'm happy to do that myself because it lessens the chance of me screwing it up.

Rick

bill3173 · 11-04-2008, 07:43 AM

Originally Posted by CHUMPS FROM OXFORD

I normally mail or do a Teleapp.

Gee. You sound like me. You mean that you don't just take the clients name over the phone seeking LI and pass it on to a 3rd party that magically takes care of everything and deposits the commission into your account a few days or weeks later?

How did you miss that? You must be over 12 years old.

mickeyma · 11-13-2008, 12:43 AM

I used to mail out the apps in a special Priority Mail envelop from the post office. It really stood out. Cost $4.80 and was guaranteed in 2 days.

Better way is to pay Portamedics to take out the app (which has been filled out) and have client sign it.

Priority Mial gets @ 15-20% no returns. Portamedics gets 100% of apps signed when they do exam.

Wealth Builder · 11-13-2008, 10:14 AM

How do you go about getting the portimedic to do that? Is that common enough to call them up and request that?
- - - - - - - - - - - - - - - - - -
BY the way, here is an example of way I am looking for something different.
I have a couple FE apps that are a go but they are 4 hours away from me. I have found that Baltimore life does a seamless job at doing everything over the phone, including voice signitures. Unfortunalty, Baltimore was too ezpensive for them. Are there any other FE companies that allow voice signitures? Otherwise, there goes my Sat.....driving back and forth!

ims01 · 11-13-2008, 10:41 AM

[COLOR=black]We have been selling life insurance over the phone for about 8 years. We have tried several different methods and still come back to mailing or faxing the app to the client for fully underwritten term and UL. It seems once you delegate certain parts of the transaction, they become prone to errors or delays. [/COLOR]

Wealth Builder · 11-13-2008, 10:49 AM

Yes, I can see that happening. I need to check out symetra. Doesn't west coast life have something?

I will check out your website.

TRK3031962 · 11-13-2008, 10:49 AM

Originally Posted by Wealth Builder

How do you go about getting the portimedic to do that? Is that common enough to call them up and request that?
- - - - - - - - - - - - - - - - - -
BY the way, here is an example of way I am looking for something different.
I have a couple FE apps that are a go but they are 4 hours away from me. I have found that Baltimore life does a seamless job at doing everything over the phone, including voice signitures. Unfortunalty, Baltimore was too ezpensive for them. Are there any other FE companies that allow voice signitures? Otherwise, there goes my Sat.....driving back and forth!

The problem as an individual getting portamedic to do that is that if you're doing it more on a local basis then maybe you can work that out. If you're doing it statewide or in multiple states then you have a problem. If you're part of a nationwide service that already has a deal with portamedic then it's real easy. As a matter of fact I don't have to call and schedule it, I do it right online and send the app online too.
There are some companies that let you do FX over the phone via 3 way calls. That is their electronic signature as it is recorded.
Where are you located?

liquidblue33 · 11-15-2008, 03:50 PM

I looked into pjpce also. They do have a nice systems. Personally i have been working with another FMO, mountainfinancial. The also have a great system for newbies. All the aps are auto-populated via PDF. Then they have the paramed collect the sigs. Plus they can get you appointed with over 30 carriers via electronic aps.

RLC · 11-26-2008, 03:56 PM

Does anyone know if this is legal in NC? I don't think it is.

SportsNut · 12-01-2008, 06:24 PM

Originally Posted by RLC

Does anyone know if this is legal in NC? I don't think it is.

Yes, legal in NC...

TRK3031962 · 12-02-2008, 10:31 AM

Originally Posted by RLC

Does anyone know if this is legal in NC? I don't think it is.

Yes it is legal, however, NC has a couple of strange things with the process. The paramed can't take the app with them when they go. It has to be with the client before, signed, and in a sealed envelope. Even though you are in NC, you don't have to just sell there. As a matter of fact, if you're going to do term over the phone you should be licensed in a few states.

afelenchak · 01-18-2009, 09:21 PM

Tom - I'm interested in learning more about your Term Phone sales opp. Please send me a PM.

Thx

Drewrilla · 01-19-2009, 02:02 PM

Originally Posted by ims01

[COLOR=black]We have been selling life insurance over the phone for about 8 years. We have tried several different methods and still come back to mailing or faxing the app to the client for fully underwritten term and UL. It seems once you delegate certain parts of the transaction, they become prone to errors or delays. [/COLOR]

This is so true. Be careful what you delegate.

Automated processes are great, but you'll lose the conversion sale and additional purchases in the future due to a lack of service up front.

ims01 · 01-21-2009, 08:56 AM

Our top producers are the ones that contact the client frequently. They still mail or fax the app packet to the client and then call to confirm they got it. They call a day prior to the exam to be certain it has been confirmed by the nurse and call the day after to be certain it was completed.

Also, when you mail the app, you can include your card, your fridge magnet, product brochure, a nice cover letter, etc.

Just because something is super efficient, doesn't mean it is the best choice. You can't lose high touch. That is what will differentiate you from the others. The agents that provide the high touch will get the apps back and get the most referrals.