Week of September 27th, 2013.
The following are posts on my personal production activity that took place several months ago (posted 11/11/13); nevertheless, the idea behind my posts is to give you a real-world look at what a final expense producer experiences and what kind of results you can get, when you put in a ton of effort to succeed.
Here’s how Monday went:
- First Appointment: I started off with an appointment I set the following week with an old client and wrote two $21 a month policies.
- Second Appointment: Established there wasn't really any opportunity, not because of health, but due to inability to pay. The gentleman had a lot of health conditions, but he was borrowing money to pay for his medication, so it was pointless to try and sell him something because although he had a need or desire to be protected he didn't have the income.
With the nature of life insurance policies being completely voluntary and your advanced commission contingent upon you keeping the policy in-force, you must be judicious about who you choose as clients, and whether or not you should hard sell the guy, as he could always submit and close, but the following day call in and cancel.
- Third Appointment: The third presentation was kind of funny; we sat down to talk, expressed some initial interest, but gave me a real loose kind of knee jerk reaction, “I can't afford it right now but I am interested.” These situations are interesting; she’s giving me firm reasons why she wants protection; she had all these children and grand children, and she didn't want to pass the burden to them.
So, I used a little pre-qualification take-away move to see if she was either (a) serious, or (b) had pre-conceived notions about the expense of life insurance. I said, “Before we go, let me throw out a number here and tell me what you think.” The prospect said, “Well, you know that's not bad, that's a lot better than what I've seen!”
This is a key learning point – many of our prospects have preconceived notions about the cost of life insurance before we ever talk to them. In the past, they’ve seen quotes, and may have applied for coverage and been rejected, so you're going into sales situations where you have no idea know what their perspective is.
As a final expense agent, the bottom line is you have to stick to your approach so you can work your way around these knee-jerk type reactions.
Once I work around that obstacle, she became much more interested and I closed her for a $25 a month policy.
On a side note, what was interesting with this appointment is that her next door neighbor walks in and we begin chatting. One of the wonderful things about this business is just some of the craziness and ridiculousness you'll run into. The neighbor-lady tells me she was a serial Jerry Springer contestant; this lady literally had been on Jerry Springer three times, she'd been on bill Cunningham show, had been on Divorce Court. Naturally, I asked her, “What do you mean you’ve been on all of these shows?” So, the neighbor lady tells me how the TV shows flew her out, all expenses paid, put her up in a nice hotel, give her food to eat. Then I asked her, “I’ve always wondered – are those shows real or an act?” And she said, “Oh no man it's all an act.”
- 4th, 5th, and 6th Appointment: The last three appointments were a total bust. However, this is real life - this is how this business works sometimes. Every sales agent, even the top guns, runs into no shows like the last 3 appointments I had scheduled. You can't let this deter you because at this point on a Wednesday I'm sitting with 13 applications, I'm at 5500 in annual premium, and my goal is at least 4000 so I'm way above what I originally wanted so that's fantastic.
Now moving onto Tuesday’s appointments:
- 1st Appointment: BTW (Big Time Waster); the best way to qualify someone prior to meeting with them is to see if they’ll see you to discuss the postcard they sent back; that shows a level of interest, which is always vital to selling anything, especially final expense. However, this particular lady had no interest and no reason for sending the card back. Every agent gets these folks every once in a while – I ran through a couple of ideas to uncover some pre-existing needs for the policy but didn’t find any at all. So, I packed up as quickly as possible and got out of there.
- 2nd Appointment: Doorknocked this fellow and let me right in; good appointment in that I sold him a policy that fit his budget.
- 3rd Appointment: Phone-set appointment; after some initial knee-jerks at the beginning of the appointment, I took control of the appointment and ended up selling them both a small cremation policy.
- 4th Appointment: Same deal as the 3rd appointment; sold a small cremation policy.
Here’s Wednesday’s Appointments, which turned out to be an excellent field day:
- 1st Appointment: Had a great 10AM; both bought a paid-up policy for cremation.
- 2nd Appointment: Same as last appointment; good lay-down, sold 1 policies for $70 a month total. Appointments like these remind you of the importance of requesting and reviewing the existing policy the prospect has. This prospect said he had $15,000 in coverage for $70 a month; after careful review, it looked like he had $8000 for $70 a month; needless to say, he was upset. I ended up replacing the coverage for more coverage, for around the same rate.
- 3rd Appointment: Same as 10AM: wrote two cremation plans for $70.
- 4th Appointment: Chronic card-filler-outer who finally sat with me; alas, no dice, as they wanted to think about it – oh well.
- 5th Appointment: A certified “broke” prospect. Need was there to some extent, but not the money. I prequalify this stuff pretty quickly and when I see they aren’t even willing to put a little money up for a policy, I cut bait and scat.
And for the final day of the week, here’s Thursday’s Appointments:
- 1st Appointment: A referral from the funeral home; the lady was engaged, followed my lead, had an interest, but did not want to financially commit. My spidey sense decided to categorize her as a “call-back (ugh). No dice on this.
- 2nd Appointment: No dice. Next.
- 3rd Appointment: Sold a life insurance policy to a old tow-trucker.
- 4th Appointment: Met a lady at McDonalds (always a tire-kicker sign); lady expressed interest, but was waiting on her land to sell to be financially prepared to pay the premiums. Looking back on this one, this lady clearly is a procrastinator, and while she had some interest, she had zero urgency.
End of Week Results = 6300AP, 16 applications, off of 18 completed appointments (from 23 booked appointments).