As you’ve probably noticed our email inboxes have been inundated with AEP lead options, carrier appointment solicitations and everything in between. This also marks an excellent opportunity for Life Insurance.
One of the first things to do and often overlooked is contacting your current book to do annual policy reviews. It’s a great way to see if everyone has enough coverage, has the appropriate coverage for their goals, and to see who might be ready for a policy conversation.
If you’ve had the unpleasant experience of joining an unethical IMO, they will be using your book to provide new recruits the opportunity to rewrite your clients with different products. Doing a review with these clients might just save your business from replacements creating chargebacks and Vector’s for you.
If you’re an agent who works AEP, then setting up another appointment to talk about their life insurance is a must. At the very least be sure to contact each one of your new clients after the first of the year to go over their new AEP policy and review what they have setup for life insurance.
For life agents working the Final Expense market it’s time to stop lead campaigns for directmail and reduce digital campaigns. The reason for this is during AEP people often get confused about who they’ve contacted or been contacted about their insurance. You’ll still be able to sell FE it will just take more targeted and qualified leads for the same production level you had prior to AEP.
The best market for life agents to work during AEP is Mortgage Protection and Family leads. These folks are generally a little younger than the FE market and more tech savvy which translates to a better understanding of the lead they have returned and the agent calling on them.
Both the Mortgage Protection and Family markets use simple issue products to achieve the clients’ goal for life insurance coverage. Most often simple issue term products are used to achieve a client’s goals. Be sure to talk about the features and benefits of living benefits that now, come with most all simple issue term products built in without having to add a separate rider.
The presentation is very similar to final expense in that it is a one-call close. As this clientele is more tech savvy they have and use their email. Meaning it’s easier to walk people through remotely signing their eApp.
The premiums for Mortgage Protection v. Final Expense are similar or higher with persistency closer to 85% to 90%. Meaning less time chasing business for premium lapses or NSF’s.
Family leads are the same. Providing additional income protection for newlyweds, college tuition, and spousal retirement income protection should a bread winner pass away.
I’ve seen a significant jump in Go-Fund-Me pages to help families with medical bills and funeral expenses for people that said “…I’ll get it later.” I don’t want any person I talk too to have to beg for money on the internet.