In my nearly two decades in the insurance industry, I’ve sold and marketed an unknown amount of life, annuity, variable, and health insurance premiums. I have been fortunate to work with many highly successful agents/registered reps to help them grow their bottom line without having to prospect for new clients. One thing that has always fascinated me about successful agents is how they became successful.
I’ve worked with agents who are the top reps for their respective companies and agents who are top salespersons in the entire country. What I’ve found is that there truly are dozens of ways to make millions in this industry. Some agents focus on the advanced markets and literally make $500,000 on one sale. Other agents specialize in fixed annuities where the national average commission per sale is about $3,360. These specialized annuity producers find a way to out-sell most their peers and earn well into six figures of income each and every year. Interestingly to me, are the Medicare Supplement producers. They sell literally hundreds of these much needed policies every year. The commissions are low – maybe $300 per policy, but levelized. So over time these levelized commissions add up to the high six figures of income annually. Then there is the registered rep that focuses on money management and builds up millions of dollars under a fee based structure.
All these wealth builders have extremely interesting methods of earning their living. Most of the above have well thought out business plans, perhaps performing many seminars each year and nearly all are excellent networkers.
The Easiest $1,000Although the top performers mentioned above have interesting business models, I still remain intrigued by the insurance agent who focuses on what I consider, “The Easiest $1,000 commission”.
The “Easiest $1,000” commission is not the hottest annuity. It is not the large estate planning life insurance policy. It certainly is not the latest fee based management concept.
My extended duration in this industry has shown me that the easiest $1,000 is from quite possibly the last product a “sophisticated” agent would offer. This product is the final expense life insurance plan (just like the plans you see the old TV Stars advertise on television). I would guess that your parents, and certainly mine, have purchased final expense or burial insurance to make their kids’ life (yours and mine) easier when our parents pass away and we need to plan the funeral. They probably bought it from an agent (who isn’t very “sophisticated”) but who realized there is $1,000 commission in every sale. This agent either found our parents by networking with the local funeral homes or by direct mail. In either case, our parents purchased a policy to fund their funeral and final needs. We, their kids, are extremely happy they bought the plan as it will make our lives significantly easier during a very mournful time.
The EASY way Top Producers capitalize on “The Easiest $1,000”The majority of the reps working with Premier Insurance Partners are not networking with funeral homes or using a lead source specifically for final expense plans, so how do they capitalize on “The Easiest $1,000”?
Without question, every rep working with Premier Insurance Partners is saving their client money in one way or another. Perhaps, you just increased the interest rate on your client’s annuity or maybe you just saved your client several hundred dollars on their Medicare supplement or long term care policy.
Now you have found the dollars for your client to buy a simple, simplified-issued, final expense policy. The annual premium is around $880 per year.
Your commission will be about 115% or $1,012, plus sizable renewals.Your Client Will Most Likely Buy It, Shouldn’t They Buy From You?Final Expense insurance plans (or Burial Plans) are very easy issue, low death benefit plans designed to pay for one’s funeral and other associated expenses. Well informed consumers are pre-planning their funerals and pre-paying for them. Typically the consumer won’t think of asking their “financial planner” for assistance. Most consumers go directly to their funeral home or reply to a lead card and buy from an agent.
Don’t stop your normal prospecting to start providing this service exclusively, simply start talking to your clients about your “new” service. These plans are EASY.
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Easy to write (on short page application)• Easy to issue (you know from the clients answers whether they will qualify)• Easy on your client’s pocketbook. (this is not a big ticket item for your client)• Easy on You (you don’t have to be a “life insurance agent”, the short application form is less paperwork than an annuity!)For every couple who buys it,
you pocket “THE EASIEST $1,000 COMMISSION”. Plus, you provided your client with great peace of mind and they also get a great sense of satisfaction by saving their loved ones the hassle of funeral planning. You will quickly discover that clients buy it not so much for the death benefit, but for the satisfaction they receive of knowing they have saved their loved ones the hassle of not knowing how to pay for the funeral.
At Premier Insurance Partners, we believe in PARTNERING with top producers and providing them with ideas that can be easily implemented into their current marketing plan. We never ask you to stop what makes you very successful, we supply you ways to simply and easily provide added benefits to your existing clients while increasing your bottom line as well. I know many agents who specialize in final expense life insurance and consistently make the “The Easiest $1,000” several times a day or week. We have helped agents make over $100,000 per year selling these plans nearly exclusively.
Having done that, I knew that “sophisticated” planners were missing this “EASIEST $1,000”. They thought they had all their clients’ assets, only to find out later their client purchased a little burial plan. Most planners would think they lost little commission on this “little” policy.
“Little” does the top planner realize that they just lost out on the “EASIEST $1,000” in our industry. I don’t care how much one makes, everyone would like an easy $1,000!
To find out how EASY these plans are, call Premier Insurance Partners, LLC at 1-800-504-7471 today. It’s an EASY call to make!
