Selling Term Life over the Internet

thackeragency · 06-18-2007, 11:58 PM

I have been primarily in the health insurance market until now. I have gotten proficient at offering products online through my website. I have two questions for people on this forum.

#1. What company has the best rates for term life insurance?

#2. What company has the best rate quote and apply online program for term life insurance?

I have had a lot of good success with a company called SASID who creates programs to sign people up online for term life insurance. It is a very good program, but I was hoping to find another company that had a good software program with lower rates. Their rates seem to be a bit high.

Thanks.

JRoot · 06-19-2007, 12:46 AM

1. There is not 1 company right for everyone. Different companies are good for different situations. Try using www.compulife.com , they have instant quoting software where you can input health conditions and it will spit out what companies will be cheapest. They can also bring your business online and offer instant quotes and apply online links. Very reasonable IMO...I can even run quotes from my PDA!

2. I believe RBC and West Coast Life you can apply online and they provide you with the tools to do so.

The great thing about selling term life is there are 100s of companies out there and you can offer most of them even if you're not appointed. Submit your appointment paperwork with your apps. I'd recommend signing up with GA such as www.bysisinsurance.com or www.lakeviewfinancial.net or any other to streamline your life business. It's free and it's been a great tool for me...1 place to get illustrations, submit business and check underwriting status. They also handle your appointment paperwork.

This is how I run my life business at least...

Wprice · 06-19-2007, 07:32 AM

The BS with Sasid is they want to pay you as earned. Unless you decided to use their advance commission bs with cuts your commish level from 75 to 50 percent. I'd be down with them if they'd just give me a decent commish level.

TXINSURANCE · 08-14-2007, 09:59 PM

I think Sasid is a GA getting a cut by giving you a lower contract also - no thanks...

The biggest issue is getting good affordable leads, generating life leads online is BEYOND expensive and in most cases you would be SERIOUSLY upside down competing with 100 lead companies.

Buying leads you are stuck with high pricing, competition, and people tire kicking, then you have to pray for the case to make it through underwriting and client to actually do their part in the process.

P.s. Any term life commission under 100% (maybe 95%) in my opinion has too many hands in the cookie jar and is a bad deal in my opinion of course.

06-16-2008, 05:05 PM

Hello everyone! I am new to the board . Any suggestions on how to grow your business? Where are good leads available? What is easier to sell life or health?

Gary

superfly33 · 07-02-2008, 11:31 PM

JRoot,

Thank you for the websites. Is the bysisinsurance.com site down or is it a wrong address?

Also, do I have to get appointed with Lakeview Financial first to use those companies that they have listed?

Thanks

Winter · 07-03-2008, 06:50 AM

Originally Posted by superfly33

JRoot,

Thank you for the websites. Is the bysisinsurance.com site down or is it a wrong address?

Also, do I have to get appointed with Lakeview Financial first to use those companies that they have listed?

Thanks

You have a couple letters transposed in the website link. It should be bisysinsurance.com

Also the carriers can let you sell and then submit appointment paperwork only in those states that allow it. Some states do. Some don't. Bisys or the Lakeview type folks can tell you who does and who does not.

Winter

ABC · 07-03-2008, 08:42 AM

Since Life sales are not my focus I use a GA for my life quotes.
9 times out of 10 I will use Banner for term life.

ims01 · 07-03-2008, 08:56 AM

There are many more variables to consider when selling life insurance over the phone. Lowest price is one a many factors. You need to know which carrier does not require that you see the client, which will accept a digital copy of the app, which ones have an online app, is the online app more combursome than using a paper app? Also, which carrier has reasonable and quick underwriting. You must consider comm level and advance.

You must also decide if you will buy leads and if so which ones. You need to know what return you should expect on the leads and what states to get licensed in for the best results.

How about the Paramed company to use for your med underwritten cases? Will they know how to handle your needs? Should the examiner deliver or pick up the app?

These are a few reasons why it pays to find an IMO that specializes in selling over the phone. They can answer these questions for you and save you tons of money in the long run. Find one that does not charge for the knowledge and that will give you top street level contracts. I know of two that post on this site.

rocketboy · 07-03-2008, 02:12 PM

Are you one of them? That is what I am looking for.

ims01 · 07-03-2008, 10:37 PM

Yes, I am one of the two. I'd be happy to answer any questions.

StrategyMan · 03-24-2009, 07:18 AM

There is never a single company that will always offer the 'lowest rates'. It all depends upon the age, sex and health of your customer. That is why it is important to select a GA that offers a wide array of different contracts with reputable companies. Also, the lowest rates aren't always the best option. For instance, try and sell your customer an AIG policy right now, I bet they wouldn't take it if you GAVE them money, even though the rates are cheap cheap cheap.

Portland Life Insurance, Oregon Health Insurance, Portland Health Insurance