Working Final Expense Aged Life Insurance Leads and using a Telemarketer
As we have shown in a past study, creating a steady source of quality Life Insurance Leads using aged leads is not difficult. In this Blog we would like to address Aged Final Expense Life Insurance leads.
Aged leads provide an abundant source of important information that can be mined for quality prospects.
Following up and working these leads can create a database of future business for both standard Final Expense Plans and for Guaranteed Issue Life Insurance Plans.
Keep in mind, for those between the ages of 50-60, they may actually want a standard life insurance policy, so make sure you have other options available.
When working with your telemarketer, just get the commitment for a callback from the prospect, don’t let your telemarketer come right out and ask if they want Final Expense insurance.
Case Study: Telemarketer + 2,000 Final Expense Life Insurance Leads
Although it is our opinion that YOU should be making the calls, if you don’t have the time then a telemarketing firm is your next best option.
This agent uses the exact same procedure regardless if he is calling standard Aged Life Insurance Leads or Aged Final Expense leads. He’s running this campaign to supplement his current business.
When using a telemarketing firm you must always balance cost vs quality of the telemarketer.
These screen shots show how he gathered the leads:
He typically grabs 2,000 aged leads and plans on using his telemarketer for about 10 hours of call time. That’s around 200 calls/hr using a 3-line dialer which is typical.
Sample Script being Used by Telemarketer
“You had inquired about life insurance a while ago and we wanted to follow up to see if you moved forward with that decision?”
If no: “We’d like to follow up with some updated options”.
If they already purchased: “Prices may have come down recently for many companies and we’d like to follow up with some updated options”.
Then they followed up with 3 easy qualifying questions and asked if it would be OK for an agent to follow up with them.
You can tailor the qualifying questions to your product line and your follow up strategy.
If you decide not to use qualifying questions you can get more call backs, but the quality of your outcome won’t be as good and there’s a higher chance they won’t remember the call.
Results from 2,000 Leads/Calls
16 leads agreed to have an agent follow up from one round of calls that took 10 hours of time.
Listen to a few of the conversations:
Summary: Age 60. Has been declined for traditional Life Insurance. Great opportunity to offer a FE or Guaranteed Issue plan
Summary: Age 59. Wants to lower the cost on his traditional Term Life plan. Perhaps offer a small face amount FE Plan.
Summary: Age 56. Could no longer afford his traditional Life policy. Could be a good candidate for a smaller face amount FE plan.
These above results are from 1 call to each lead. Your list should be called several times on different days and at different times of the day.
2000 leads = $460
Telemarketer = $80
Dialer = $109
The agent sends out an email the day he got these leads saying he’ll be following up and asking if there’s a best time to reach the prospect. Most didn’t respond, but a couple acknowledged they knew he’d be calling. This is an important step because in your prospect’s mind you have already delivered on a commitment.
Although your results will depend on your sales skills and follow up’s, we can tell you that from these 2000 aged FE Leads, this agent wrote 2 Final Expense applications, quoted 4 others and is still trying to get a hold of the others that asked for a callback. A couple of the prospects did not want to speak with the agent.
Are you ready?
We preach the importance of effectively mining your database at agedlifeinsuranceleads.com. Your database of prospects and clients is your biggest asset.
Adding 16 people into your database is a massive value and it creates a snowball-like effect. More prospects generate more business which in turn generates more prospects through referrals and so forth.
With time and a focused approach to generating prospects, automating your follow up, at least partially, becomes necessary. At that point you have taken control of your own business climate. You are a rainmaker.
Ask yourself: “Can systematically adding 16 prospects every week or every month create a fundamental shift in what I am currently doing to generate life insurance business?”
If the answer is Yes, then you need to start working aged Final Expense life insurance leads! Run your own quotes HERE