Just came out of an agency meeting where a
successful agent from another agency gave a presentation on how he runs
his business and writes life insurance regularly (we're a multi-lines
shop, but with how crazy the P&C market is right now, I would rather
concentrate on life and then cross-sell the auto and home when I can be
competitive).
During the Q&A session, it came out that this agent writes a lot of business by reviewing existing coverage and adding to what people already have, or better yet, replacing what they have because what they have is not what they think they have -- e.g. examples of people having AD&D policies instead of life, having a 10-year term or increasing term when they though they had a level T65 or something like that.
Now, this guy says he works “mostly off of referrals and my existing book” (plus his father is also a 30-year agent with the same company with a large book of his own…so I’m sure he has had a few bones tossed his way).
However, the conversation did get me to thinking.....maybe when making cold calls to a targeted list of prospects, I should lead with an approach of looking for people who already have life insurance. I would love to get the forum’s feedback on this approach and the script below.
Hi, this is G-squared with the G2 Financial Group. I'm calling today because I'm looking for some people who already own life insurance as part of their financial plan. According to industry figures, there's about a 40% chance that you have life insurance that you personally own and pay for. Would you say that's true in your case?
[Prospect answers...I would think most people would say more than a year ago]
Hmmm, I see. And so, since you bought that policy, have you had it reviewed by an insurance professional to compare it to what's now available based on where you are in your life today as opposed to where you were “in 2004”
[I anticipate most would say no…but for the few who would say yes…] Have you reviewed your existing life insurance coverage in the past year
Steve, my business is to find and meet folks in our community, like yourself, who would want to make sure the math is right to make sure their loved ones would be okay financially if their income were suddenly gone due to unexpected disability or premature death.
And the only way I know how to do that is to contact people and see if I can help.
So, what I am offering is…
A 20-minute conversation with you about your plan, to determine if I would be able to help you solve any problems, such as having too much coverage, not enough coverage, or overpaying premium for the coverage you do have.
After we talk, if I feel that I can help, I’ll tell you so. If I don’t think I can help at this time, I’ll tell you that too. I value your time and my own.
If you’re open to meeting with me on this, would [TOMORROW] or [TWO DAYS FROM NOW] be better for you? Is [10 a.m.] or [3 p.m.] better for you.
Just to confirm, both you and your spouse will be present for this meeting, correct? I have you at… (Confirm address).
(If appt) Great! __________ I will see you on (DAY), (DATE) at (TIME). Should you have any questions in the meantime, may I email you my contact information? Great, may I have your e-mail address?
That’s very interesting. I’m going to ask you a very tough question. And that is, if you were suddenly gone and your family had to manage on their own, have you done the math to make sure your loved ones would be OK financially? How would they pay the bills, pay the mortgage, save for college, and put money away for retirement if your income were suddenly gone due to unexpected disability or premature death?
We’ll let me tell you how I work. I work a little bit differently than other advisors when it comes to life insurance. First we need to do a needs analysis to determine the proper amount of coverage for your situation, so that in case something happens to you, we can make sure all the bills are paid, the mortgage is paid, and so we can put some money aside for education and retirement. Second, we’ll fill out an application for coverage to see if we can get you approved for the optimal amount, Finally, once you’re approved, I’ll come back with several options that all fit within your budget, we’ll discuss the pros and cons of each, and then you’ll decide which one makes the most sense for you.
During the Q&A session, it came out that this agent writes a lot of business by reviewing existing coverage and adding to what people already have, or better yet, replacing what they have because what they have is not what they think they have -- e.g. examples of people having AD&D policies instead of life, having a 10-year term or increasing term when they though they had a level T65 or something like that.
Now, this guy says he works “mostly off of referrals and my existing book” (plus his father is also a 30-year agent with the same company with a large book of his own…so I’m sure he has had a few bones tossed his way).
However, the conversation did get me to thinking.....maybe when making cold calls to a targeted list of prospects, I should lead with an approach of looking for people who already have life insurance. I would love to get the forum’s feedback on this approach and the script below.
Hi, this is G-squared with the G2 Financial Group. I'm calling today because I'm looking for some people who already own life insurance as part of their financial plan. According to industry figures, there's about a 40% chance that you have life insurance that you personally own and pay for. Would you say that's true in your case?
[Prospect answers...I would think most people would say more than a year ago]
Hmmm, I see. And so, since you bought that policy, have you had it reviewed by an insurance professional to compare it to what's now available based on where you are in your life today as opposed to where you were “in 2004”
[I anticipate most would say no…but for the few who would say yes…] Have you reviewed your existing life insurance coverage in the past year
Steve, my business is to find and meet folks in our community, like yourself, who would want to make sure the math is right to make sure their loved ones would be okay financially if their income were suddenly gone due to unexpected disability or premature death.
And the only way I know how to do that is to contact people and see if I can help.
So, what I am offering is…
A 20-minute conversation with you about your plan, to determine if I would be able to help you solve any problems, such as having too much coverage, not enough coverage, or overpaying premium for the coverage you do have.
After we talk, if I feel that I can help, I’ll tell you so. If I don’t think I can help at this time, I’ll tell you that too. I value your time and my own.
If you’re open to meeting with me on this, would [TOMORROW] or [TWO DAYS FROM NOW] be better for you? Is [10 a.m.] or [3 p.m.] better for you.
Just to confirm, both you and your spouse will be present for this meeting, correct? I have you at… (Confirm address).
(If appt) Great! __________ I will see you on (DAY), (DATE) at (TIME). Should you have any questions in the meantime, may I email you my contact information? Great, may I have your e-mail address?
That’s very interesting. I’m going to ask you a very tough question. And that is, if you were suddenly gone and your family had to manage on their own, have you done the math to make sure your loved ones would be OK financially? How would they pay the bills, pay the mortgage, save for college, and put money away for retirement if your income were suddenly gone due to unexpected disability or premature death?
We’ll let me tell you how I work. I work a little bit differently than other advisors when it comes to life insurance. First we need to do a needs analysis to determine the proper amount of coverage for your situation, so that in case something happens to you, we can make sure all the bills are paid, the mortgage is paid, and so we can put some money aside for education and retirement. Second, we’ll fill out an application for coverage to see if we can get you approved for the optimal amount, Finally, once you’re approved, I’ll come back with several options that all fit within your budget, we’ll discuss the pros and cons of each, and then you’ll decide which one makes the most sense for you.
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