Questions to Ask Clients Existing Carrier

TripleH

Super Genius
173
Dallas
Agents always ask me what information they should ask while on the phone with the clients existing insurance company in order to do fact finding and gather information. Most of the carriers that we will be competing against are rarely other Indy agents and generally more direct to consumer marketing or captive organizations. I've sold in 12 states and only ran into debit routes in TX and MS, so I don't think they apply to this post as much as Gerber, Mutual of Omaha, AARP, Physcians Mutual, Globe life direct to consumer marketing and Lincoln Heritage, Senior life and Old American for the captive side of things. (But you can still ask the them questions to debit or their Indy carriers)

Meat and Potatoes-

When I am on the phone with a whole life carrier, I will ask the most important questions as follows:
-EFFECTIVE DATE
-FACE AMOUNT
-PREMIUM
-CASH VALUE
-REDUCED PAID UP
-EXTENDED TERM
-ANY LOANS BALANCE?

Now, draw up a T chart and put what they have on one side and what you can offer them plus cash value or reduced paid up insurance and a majority of times (if their health isn't dramatically different) you can put them in a better situation.

When asking a term company like AARP or Globe life, its okay to play dumb and still go through the normal questions with some additional steps.

-In additional to all that good stuff up there, I ask is this term or whole life?
Rep: Term
ME: Oh, term? Does that mean it ever goes up in price? (ONLY ASK WHEN YOU KNOW IT IS NOT A LEVEL TERM)
Rep: Yes, it does go up in price...
ME: Now in addition to it going up in price, does term also end?
Rep: Yes, it does end at age 80.
ME: Oh okay - now what happens to all the money she paid into it?
Rep: Once the term ends she doesn't get any money back...
ME: *baffled* so she gets NONE of the money back that she paid into to it when it ends?
Rep: Nothing..
-This is called letting the carrier hang themselves and is a brief example of how I would be able to put a client in a better situation with a Simplified issue whole life plan - you can also ask what the price would be at 75, generally it is dramatically higher then what they are paying
 
I write about half of my biz doing these types of things HHH. Super helpful for any new agents watching. This type of stuff will take an average agent and turn them into a top producer for sure!
 
Agents always ask me what information they should ask while on the phone with the clients existing insurance company in order to do fact finding and gather information. Most of the carriers that we will be competing against are rarely other Indy agents and generally more direct to consumer marketing or captive organizations. I've sold in 12 states and only ran into debit routes in TX and MS, so I don't think they apply to this post as much as Gerber, Mutual of Omaha, AARP, Physcians Mutual, Globe life direct to consumer marketing and Lincoln Heritage, Senior life and Old American for the captive side of things. (But you can still ask the them questions to debit or their Indy carriers)

Meat and Potatoes-

When I am on the phone with a whole life carrier, I will ask the most important questions as follows:
-EFFECTIVE DATE
-FACE AMOUNT
-PREMIUM
-CASH VALUE
-REDUCED PAID UP
-EXTENDED TERM
-ANY LOANS BALANCE?

Now, draw up a T chart and put what they have on one side and what you can offer them plus cash value or reduced paid up insurance and a majority of times (if their health isn't dramatically different) you can put them in a better situation.

When asking a term company like AARP or Globe life, its okay to play dumb and still go through the normal questions with some additional steps.

-In additional to all that good stuff up there, I ask is this term or whole life?
Rep: Term
ME: Oh, term? Does that mean it ever goes up in price? (ONLY ASK WHEN YOU KNOW IT IS NOT A LEVEL TERM)
Rep: Yes, it does go up in price...
ME: Now in addition to it going up in price, does term also end?
Rep: Yes, it does end at age 80.
ME: Oh okay - now what happens to all the money she paid into it?
Rep: Once the term ends she doesn't get any money back...
ME: *baffled* so she gets NONE of the money back that she paid into to it when it ends?
Rep: Nothing..
-This is called letting the carrier hang themselves and is a brief example of how I would be able to put a client in a better situation with a Simplified issue whole life plan - you can also ask what the price would be at 75, generally it is dramatically higher then what they are paying

Agents should also prepare themselves thst the person on the other end of the line OFTEN lies or is just full of wrong info. Record the calls!
And if a live person at an insurance company tells you they are recording the call for training purposes I always respond with I am also recording for my entertainment purposes.
 
Agents should also prepare themselves thst the person on the other end of the line OFTEN lies or is just full of wrong info. Record the calls!
And if a live person at an insurance company tells you they are recording the call for training purposes I always respond with I am also recording for my entertainment purposes.
Hahaha I like that part - but YES! That is a great point, these customer service reps are trained to RETAIN business, they must be on to us
 
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