- 5,986
I almost went to Senior Life. Their “zero roll up debt” was one thing I never heard before and is a good concept. But yeah you’re exactly right.
“zero roll up debt”
No such thing.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
I almost went to Senior Life. Their “zero roll up debt” was one thing I never heard before and is a good concept. But yeah you’re exactly right.
I never found it to be true that it was difficult to replace more expensive policies. Some of them LOVED their State Farm Agent. Right up until they got shown how much they were over paying compared to other life insurance companies.Fact is, if you are selling policies based only on rates, all of them can be replaced. It is very difficult to replace the most expensive policies out here, when the agent has built a solid relationship with the client. Most policies that get replaced are being sold by product pushers, not by someone who is seen as a trusted and valued advisor. Don't underestimate the value or perception of a relationship.
Fact is, if you are selling policies based only on rates, all of them can be replaced. It is very difficult to replace the most expensive policies out here, when the agent has built a solid relationship with the client. Most policies that get replaced are being sold by product pushers, not by someone who is seen as a trusted and valued advisor. Don't underestimate the value or perception of a relationship.
A few things, JD.Don't overestimate that crap. I haven't seen that to be the case on any product over 20 years.
I've heard that story from people pushing overpriced products for 20 years though.
It is not difficult at all to replace that stuff. I had one a couple years ago that had bought OA. Almost $100/mo more than the best price for the husband and wife. Husband was a former Combined agent. They were a little reluctant to change because "she was so nice. She sat down right there on the floor and told us all about her life story and how hard she had had it and raising 2 little girls alone now. We really liked her". So I asked if it was worth paying too much to have her as an agent. They said no. I wote the two applications. He said since he was a former agent he knew how that would affect her so he was going to send her some money.
This wasn't instant approval but they were approved and when I delivered the policies I asked him if he sent the other agent the money he was talking about. He said, "no, the more I thought about it she just used that BS to get us to pay too much".
And the other side of that is that they can get good, (better), service and have a relationship with a "trusted and valued advisor" that gets them the best price. I find the agents that sell the overpriced products are the ones that are pushy and don't provide any extra value. That lady didn't deliver the OA policies. They came in the mail. I'm a $100/mo less and I delivered the policies. When one of them. or both, die I will be helping with the claims. That lady is probably out of the business.
When you pay too much you don't get more. You just paid too much!!
A few things, JD.
1. I did say it is difficult to replace the most expensive policies. Perhaps I should have put limits on that. Paying $100 more per month is excessive, especially when we are talking about the average FE demographic's financial situation.
2. Those clients in your example felt they were doing the agent a favor. They never related to him as a valued and trusted advisor.
3. Those pushy agents that don't provide any extra value are the same one's I was defining in my argument. That was my point, exactly.
You are the opposite of that type of agent. You walk into an appointment and you literally show prospects how, why and where they are not benefitting. This level of service is the beginning of a relationship built on the truth, which will naturally lead them to listen to what you have to say. Once they see and believe the product you have shown them is is more favorable or suitable, they start to value you as an advisor and product replacement takes effect. That kind of relationship is hard to overcome.
Now, let's say an agent comes behind you with a less expensive product. One that is new to market that hasn't come to your attention yet. Provided it's not grossly underpriced, 9 out of 10 times your client will call you first. Not because you gave them a sob story about how hard life was coming up, or your grandchildren need new shoes. I would like to believe that they will call you because they value you as their advisor, and they believe that if something out there was so much better, you would be the first to tell them.
A few things, JD.
1. I did say it is difficult to replace the most expensive policies. Perhaps I should have put limits on that. Paying $100 more per month is excessive, especially when we are talking about the average FE demographic's financial situation.
2. Those clients in your example felt they were doing the agent a favor. They never related to him as a valued and trusted advisor.
3. Those pushy agents that don't provide any extra value are the same one's I was defining in my argument. That was my point, exactly.
You are the opposite of that type of agent. You walk into an appointment and you literally show prospects how, why and where they are not benefitting. This level of service is the beginning of a relationship built on the truth, which will naturally lead them to listen to what you have to say. Once they see and believe the product you have shown them is is more favorable or suitable, they start to value you as an advisor and product replacement takes effect. That kind of relationship is hard to overcome.
Now, let's say an agent comes behind you with a less expensive product. One that is new to market that hasn't come to your attention yet. Provided it's not grossly underpriced, 9 out of 10 times your client will call you first. Not because you gave them a sob story about how hard life was coming up, or your grandchildren need new shoes. I would like to believe that they will call you because they value you as their advisor, and they believe that if something out there was so much better, you would be the first to tell them.
“zero roll up debt”
No such thing.
Well there are companies that have this as a benefit of their IMO, so either they are lying or you know something I dont know.