A little background about myself before I start. I’ve been selling life insurance over the phone full time as an independent life insurance agent for over 6 years now. I’ve been buying aged life insurance leads from Aged Lead Store for the last 14 months and they are consistently turning a much higher ROI than any other lead source.
Other agents ask me what it takes to be successful in working aged life insurance leads. Here are the 3 key components to achieving success working aged life insurance leads:
1. Use a Dialer
Selling life insurance over the phone is a contact sport. The more contacts you make, the more sales you’ll make. This is especially true with aged life insurance leads. 95% of the people you connect with on the phone aren’t interested. That’s to be expected and it’s part of working aged data. It’s that remaining 5% that makes it all worth it.
With a dialer, you more than quadruple your calls and get to that 5% much quicker.
Don’t even think about buying aged life insurance leads if you don’t invest in a dialer. These run from $90-$150 per month with no long term contracts and unlimited use.
2. Buy enough leads.
I’ll go out on a limb and say that I’ve written more life insurance premium off of aged leads than any other agent.
You want to know the crazy part? I app out an average of .8% of my aged life insurance leads. That’s right, .8%. Sounds low doesn’t it? Sometimes it’s more, sometimes it’s less – but that’s the average. Even at .8% there are HUGE profits.
That means out of 1,000 leads, I send 8 applications out. Out of those 8 applications, I’ll get paid on just above 60% of them. Lets do the math using 1,000 aged leads.
1,000 aged leads 31-85 days old: $1000
8 applications ($900 average AP): $7200
Place 5 policies: $4500 AP
Avg Commission 90%: $4050
[button link=”http://agedleadstore.com/?utm_source=kaleidico&utm_medium=kaleidico…” size=”large” style=”download” color=”#4081AF” window=”yes”]Check Available Leads![/button]
$4050 commissions earned – $1000 lead cost = Total profit: $3050
I made $3 profit for every $1 I spent and that gets even better in case of bulk discount pricing.
Keep in mind, you can work 2,000-4,000 leads per month EASILY.
I’m sharing this statistic with you to show you WHY it’s important to buy enough leads. You can’t make a livable income buying 1,000 leads or less (unless you have other marketing in place). Especially when you factor in that you’re only receiving 75% of that commission up front, charge backs will happen and it takes on average 8 weeks to receive a commission after you submit an application.
You also need to buy enough leads because of variance. Sometimes you’ll send out 10+ applications per 1,000 leads and sometimes you’ll send out 3. So what happens if you buy a batch of 1,000 leads and you only submit 3 applications? It happens to the best agents – it’s just variance.
That’s the mistake most agents make. They don’t buy enough leads and hit the low end of variance and chalk it up as a failed effort and move on to the next lead source.
That’s why I recommend buying 2,000 aged leads to start. Call through the list at least 5 times (with your dialer) and you’ll see the power of working aged life insurance leads. The real secret is buying in bulk.
Something to keep in mind, after you buy a total of 5,000 leads through Aged Lead Store, your cost per lead goes down from $1 to $.75 (31-85 day old leads). Now your ROI is even BETTER!
3. Have a system in place and work it every day.
Agents who have worked aged life insurance leads and failed NEVER created and stuck to a system. Many think if they called the leads a couple times whenever they felt like it, they should be successful. That’s not the case.
Before you even start calling aged life insurance leads, develop a “plug and play” system. Work this system every day and you’ll see great results.
- Committing to 3-4 hours a day on the dialer M-F. If you can’t make a time commitment, then wait until you can.
- Developing a script and don’t stray from it. Say the same things over and over and own it. I’ve been saying the same thing for over a year.
- Use a CRM to keep in contact with people you’ve spoken with that didn’t buy just yet. You’ll be speaking with A LOT of people. Don’t let them slip through the cracks.
Also, I use technology where I submit a one page online life insurance application for over 60 life insurance companies and my processing team takes care of the exam, application and underwriting with no reduction in compensation. So as soon as I make a sale, I move on to the next one – no follow up needed! This single handedly freed up 2-3 hours in my day. Anyone can use it, click here to sign up.
Selling life insurance over the phone with aged leads isn’t for everyone. It takes a disciplined agent who can commit to 3-4 hours a day on the dialer. Everything else can be learned.
Bottom Line. Purchase a dialer seat, buy enough leads and work the same system every day and you’ll write more life insurance than you ever have.