Jul
someone told me that they knew someone else who sold insurance by going door to door. i didn’t know people still did that. seems kinda perilous to me. I am brand new to the business and am looking for new ideas. i only have life and health license in Ohio. i cold call on my phone and get referals. any ideas? door to door??
Answer:
Yes, there are some agents who still do that.
When I first got into the life insurance business in 1977, I was assigned a book of business called a “debit”. My job was to “collect” insurance premiums from the policyholders, by going to their homes each month. Also, I was to do reviews for current policyholders, to find out if they needed additional coverage, etc.
From these clients, I got referred leads by asking all the “who do you know” questions, and asking who lived next door. I have sold a lot of life insurance by going “next door”.
Even though most policyholders are mailing in their premiums these days, or having them electronically deducted from their checking accounts, some clients are still being “collected” at their homes still this day.
These books of business, “debit accounts”, provide base service fees, plus renewals and service fees on personally written business.
Example:
A debit with $200,000 in MAO (monthly account ordinary) annualized premium on the book would pay about 10% service fee, and any PNO (premium notice ordinary) had a service fee of about 2%.
These books are a lot larger today, do to the companies downsizing. So they combined books, as agents retired, or quit, and it provided the remaining agents with larger base pays.
Some agents now have base pays of $600-$1000 per week, on their in-force business, in addition to FYC and bonuses. Some have 6-figure incomes on the total. Not bad for a debit agent.
The “target market” for these types of life insurance companies is low - middle income bracket. Although they’ve products to write CEO's of large corporations, the low-middle income bracket is the companies “bread and butter”.
These companies also have what you call “weekly premium” insurance. Another term is “industrial” insurance. These policies were small, from $500 - $1500 for a few cents a week.
This type of insurance is no longer sold, even though there is still some in the agents books. When these policies were sold, the client might have only been able to afford only a few cents a week back in the 1940's - 1960's.
If you have an appointment to go to a home to review someones insurance, when you’re completed with this client, ask, “Who lives next door?” “Would you mind introducing me?”
Here's a little true story:
I was a sales manager several years ago, and while working with one of my career agents, we went to a home to collect a monthly premium. The agent asked the client, “Who lives next door?” She told him, and he asked if there was anyone at home, and there was. He asked her if she would introduce him to the neighbor. She agreed, but there was a problem. She had a small baby, and couldn't leave the child. Guess what. I baby sat while they went next door. He wrote an application for insurance while I baby sat.
It is getting a tiny more hazardous to go knocking on doors these days, without knowing who's behind them, but it used to be a good money-making opportunity. But if a current client or prospect will introduce you to the next-door neighbor, you've got your foot in the door.
ALWAYS, ALWAYS, ALWAYS ask for referrals. If you get 2-3 referred leads from each client, you’ll have an endless supply of suspects, until you turn them into prospects, and then into clients.
Ideal wishes, and God bless.
Answer:
I used to sell Greenpeace memberships door to door…God that sucked. I mean, I liked Greenpeace and all but it simply wasn't worth it to me, and I didn't get much money from it either… So Horrible.
Why would you want to bother people knocking on their doors? They don't like it, you don't like it… there are superior ways to earn a living…
Answer:
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Answer:
I would make up a flyer and put them on doors
I used to get leads from Globe and door knock and sold a lot of insurance
Answer:
nope solicitation isnt allowed in most citys so they just dont try. Book Mark it-> del.icio.us | Reddit | Slashdot | Digg | Facebook | Technorati | Google | StumbleUpon | Window Live | Tailrank | Furl | Netscape | Yahoo | BlinkList