IDEA CENTER: MODULE VI
In this module you'll find a gathering of ideas from P/C agents across the country who are selling Life insurance. The idea is for you to see how other agents are selling, and perhaps become inspired for some unique ideas of your own.
You'll find samples of sales letters, advertisements, calling cards, and more. These examples will be updated on a regular basis.
This section is all about sharing-sharing ideas that will benefit you. If you have an idea that has worked for you, send it to us. We'll share it with other LifePLUS members.
SALES AND MARKETING IDEAS
There are as many ways to sell Life/financial services products as there are Life/financial services sellers. The intent of this section of the 'Idea Center' is to bring you unique, successful ideas for this type of sale. You'll find campaigns, seminars, direct-mail ideas, sales contests, and more.
Selling Through Seminars
The seminar format works well for selling Commercial clients on the concept of a payroll deduction employee benefits program, says Janet Cochrane of the Cochrane & Porter Insurance Agency in Wellesley, Massachusetts. The agency sends out this letter, which appeals to the pocket-it tells employers that by attending the seminar they can learn about a way to provide employees with benefits at no hard cost to themselves. The letter includes a copy of a brochure on the payroll deduction product from the carrier (not shown here). The seminar itself goes through the concept thoroughly, from the need to the solution. You see part of the seminar outline reproduced here.
COCHRANE & PORTER
INSURANCE AGENCY, INC.
70 HASTINGS STREET
WELLESLEY, MASSACHUSETTS 02181
ROBERT C. COCHRANE, JR.
1916-1982
J. BRUCE COCHRANE, CIC
Area Code 617, 239-1162
RICHARD PORTER
WAYNE F. SLATTERY. CIC
Dear _________:
Fringe benefits cost too much...yet employees expect and even demand increased benefit packages. We have all seen our benefits costs spiral and, unfortunately, there appears no end in sight to this expensive trend. The question is what can we do about it?
We can plan and act instead of reacting. We can take the initiative to promote new benefit programs that employees pay for themselves! The creation of unique products made available only through our buying power as employers and offered to our employees through payroll deduction is one way we can enhance our benefit packages without increasing our costs. Studies show employees appreciate these benefits even more than benefits provided free by the employer!
Chubb Life America, one of the major suppliers of employee paid payroll deduction products, has developed the Security Plus Program. A number of our clients have recently installed this fringe benefit averaging a 50% participation by their employees!
Due to the growing interest in this type of fringe benefit, we have arranged a seminar to be held in our office from 8:30-10:00 a.m. on February 26, 1987. At that time a representative from Chubb Life will explain Security Plus in detail and how you can make it available to your employees. Of course, there is no obligation on your part for attending the meeting.
Enclosed is a copy of one of the employee hand outs describing Security Plus. We think you will agree that it is extremely well written with the employer in mind. Why not join us on February 26th, to learn more about it?
Sincerely,
Encourage Financial Services Sales with Contest
Hamilton Schmidt, agency principal at the Charter Corporation in Baltimore, Maryland, wanted to increase financial services sales in the agency. So, he provided an incentive! He organized a sales contest for all Life and financial services producers. The details are explained below in the in-house memo that we've reproduced here. And the results? Well, says, Schmidt, 'it worked.' In fact, the agency plans to conduct these three-month production contests every spring. How about your people? Could they use such an incentive?
TO: Jim Ebaugh
John Heagney
Jack Kidd
Kay Long
Tom Sheridan
CC: Don Reinhart
Dennis Doyle
Tammy Palm
Kathy Pezzella
FROM:Hamilton Schmidt
RE: CONTEST! CONTEST! CONTEST!
DATE: April 8, 1997
Many of you have mentioned it; a few of you have demanded it! So here it is!!!!
I. Dinner for two at the world famous Georgetown gourmet restaurant, The Four Seasons Hotel (Aux Beaux Champs)
II. Your own limo from 7:00 p.m. to 2:00 a.m. to get you there and back.
BON APPETIT
New Financial Services: 10 points for every policy written
1 point/$100 of annualized premium
1 point/$1,000 of annualized premium for annuities and single premium whole life
(Max per policy of 100 pts.)
Contest Rules
1. New accounts must have effective dates between May 1, 1997 and August 31, 1997.
2. Contest results will be tabulated and published monthly by Tammy Palm of our Marketing Department. Highest number of points on August 31, 1997 wins the contest. Winner take all.
3. Eligibility questions or disputes should be directed to Hamilton Schmidt for settlement.
4. The winner and his/her companion will share the limo and dining with the winner of a contest being held for commercial lines producers.
Organizing a Campaign for Mortgage Acceleration
Direct response can be an effective way to sell financial services. At least, that's what Robert Lubin, president of the Lubin-Bergman Organization in Lincolnwood, Illinois, had heard. So he decided to try it out. His outline of the agency's Mortgage Acceleration campaign is so complete that we'll not bother to explain. You can read the outline for yourself below, and on the next page. Also, take a look at the direct-mail piece used in the campaign. The business reply card at the bottom was detachable to make it easy for the prospect to respond. And did they respond? Yes, says Lubin. The project was successful enough that the agency is continuing to run direct-mail programs on a regular basis.
Protection * Service * Strength
The Lubin-Bergman Organization. Inc.
7101 N. Cicero Avenue
Lincolnwood, IL 60646
Phone 312/673-4900
SUBJECT: THE USE OF DIRECT RESPONSE TO INTRODUCE A NEW INVESTMENT CONCEPT TO CURRENT CLIENTS
I. TARGET MARKET
All current home owner and/or condo insurance clients of the Lubin-Bergman Organization.
II. OBJECTIVE
Generate leads among interested clients for follow up by appropriate members of the Lubin-Bergman sales staff.
III. THE PRODUCT AND SELLING PROPOSITION
Introduce a new and unique Mortgage Acceleration Plan that offers the following dramatic benefits:
A. Provides for payment of mortgage in full at death of client.
B. Provides the opportunity to pay off mortgage 10 years earlier than scheduled.
C. Has the extra bonus of generating meaningful retirement income.
IV. ACTION PLAN
A. BROCHURE
1. Develop an attractive direct response brochure that will:
a. Invite readership.
b. Present the concept in an easy-to-understand; but exciting format.
c. Have strong Lubin-Bergman identity and sponsorship.
d. Include an easy-to-use reply card.
B. FOLLOW-UP PLAN
1. CLIENTS WHO RESPOND
All clients who respond by either mail back card or phone are to be contacted by appropriate Lubin-Bergman sales person within one week of response.
2. NON-RESPONDING CLIENTS
A second mailing to all non-responding clients will take place within 8 weeks of original.
Sales force will target market by phoning selective clients who do not respond to the original mailing.
GIVE YOUR MORTGAGE A RUN FOR ITS MONEY!
Good news for homeowners...
Would you like to:
- pay off your Mortgage if you die?
- pay your Mortgage off 10 years early?
- create $170,000 for your retirement income?
An Example
A 30 year $100,000 Mortgage at 10% interest costs $877 per month.
The Analysis
It is determined that the payoff of the Mortgage in the 20th year will be $70,094.
Our Solution
A payment of $2000 per year for 20 years into our Mortgage Acceleration Plan (using an interest rate of 9%) will produce sufficient cash to pay off the mortgage in the 20th year.
Your Bonus
Thereafter, direct the monthly payment of $877 x 12 ($10,524 yearly) into the Plan for the next 10 years. By the 30th year the Plan contains $169,013 created with dollars that would otherwise have gone to the bank.
Additionally, throughout the 30 years the mortgage was insured in the event of death.
This unique concept is part of a money management plan that is designed to accelerate mortgage payments and build a retirement fund while providing valuable insurance protection for the term of the mortgage.
To find out how this can work for you, fill out and return the attached reply card today.
Detach and Mail Today
YES-Send me information on your Mortgage Acceleration Plan and how it can work for me!
Name___________________________________________Telephone_____________________
Address_______________________________________________________________________
City______________________________State__________________Zip___________________
# Years in
Age______Sex______Smoker?___________Original Mortgage________________________
Original Years Left to Current
Amount of Mortgage______________ Pay on Mortgage_________ Interest Rate_________
Best Time to call is: * AM * PM * Evening
O'BRIEN INSURANCE SERVICES INC.
O'BRIEN INSURANCE SERVICES is an independent insurance agency serving the needs of both new and well established residents of Southern Maryland.
Specializing in Homeowners and related personal coverages. we at O'Brien Insurance are sensitive to the needs of our clients. Whether it's coordinating your insurance for settlement or assisting with a claim. Our professional agents stand ready to help.
O'BRIEN INSURANCE represents a number of superior companies allowing us to tailor a comprehensive policy to protect your most valued asset-your home. Since no two homes are alike, neither are their insurance requirements. We'll work with you to determine the amount necessary to protect your investment and shop for the right price. We would appreciate the opportunity to serve you.
- O'BRIEN INSURANCE SERVICES, Inc.
Suite 102, BedLam Building
Prince Frederick, MD 20678
(301) 855-1770 * (301) 535-0222
an affiliate of Glascock Insurance Agency, Inc.
and O'Brien Realty, Inc.
Joint Venture with Real Estate Yields Prospects
The Glascock Insurance Agency, Inc. in Prince Frederick, Maryland has formed an affiliation with O'Brien Realty, Inc., known as O'Brien Insurance Services, Inc. The real estate agency provides its clients with these handouts-which on the front describes the services of the agency and on the back provides tips for insuring a home. What a great way to get referrals for not only Homeowners insurance, but Mortgage Redemption and Acceleration insurance, and Life insurance, too.
TIPS on insuring your home
- Today's Homeowners policies combine fire, theft, and liability coverages.
- Review policy exclusions carefully! No policy covers everything. Certain items, such as motor vehicles, animals, rental property, are generally excluded from coverage.
- Be sure you know what perils are not covered. The two most frequent are flood and earthquake.
- Personal property coverage is generally limited to 50% of the amount on the house. This amount can be increased by adding an endorsement for personal property replacement.
- It's a good idea to reassess your homes replacement cost on a regular basis. We will be glad to assist you with this process.
- Most policies have limits on the amount of coverage provided for jewelry, furs, money, fine arts, watercraft, and silverware.
- Premiums are determined by the policy's provisions, home location in relation to fire protection, and the construction of the dwelling.
- Many companies provide discounts for newer homes; protective devices.
- Find an agent who has a thorough knowledge of the business and area.
O'BRIEN INSURANCE fits the bill perfectly!
Bulletins Provide Soft-Sell Message for Life/Financial Services
The Cochrane & Porter Agency in Wellesley, Massachusetts takes a soft-sell approach with its direct-mail program centered on financial services. Clients receive the 'Financial Services Bulletins' pictured here and on the following pages on a monthly basis. The idea, according to Financial Services Vice-President Wayne Slattery, is to create a 'degree of difference' from the piles of Life insurance mailers that overwhelm consumers. Each bulletin provides a one-page description of a product, such as Disability insurance (shown on this page), in non-technical, benefits-oriented language. The bulletins usually point out that the coverage, especially one such as Single-Premium Whole Life, may not be for everyone. The low-key approach gets clients' attention, says Slattery, and gets them to call the agency. Sometimes, as shown in the following pages, the bulletin will mention and include a pertinent magazine or newspaper article.
FINANCIAL SERVICES BULLETIN
DISABILITY INSURANCE - WHO NEEDS IT?
Unless you could quit your job tomorrow and still live comfortably ...You do!
Disability In come Protection is one of the most desperately needed yet overlooked coverages available today. Ironically, the majority of people insure their homes and autos but neglect to insure their income and their current lifestyle. Many individuals find themselves victims of serious accidental injuries or illnesses before they realize the need for such coverage.
One possible reason for this gap in protection is the fact that disability insurance isn't always easily understood. When asked, many of our clients respond with, 'I think I have that coverage through my employer.' Unfortunately, when researched, many of them find they either don't have the coverage they thought they had or they have no coverage at all!
If you are not sure whether you have disability insurance, or if you do have it but aren't sure whether you are adequately covered, following are some questions you should ask:
- Does your employer provide coverage for disabilities due to accidents and sickness which may occur off the job?
- Once you become disabled, how long would it be before you could expect to receive payments?
- How much would you receive each month?
- Is there a maximum amount you could receive?
- How long could you expect to receive monthly checks in the event of a permanent long-term disability?
Once you have the answers to these questions, there is one more exercise you should go through. List your major monthly expenses such as rent or mortgage, car payment, groceries, electric and telephone expenses. If these expenses exceed the amount of your disability protection, you should seriously consider purchasing additional coverage.
If you would like additional information on this valuable coverage, please complete the enclosed reply card or call Dot Cox in our Financial Services Division at 617-239-1162.
DON'T LET YOUR GREATEST ASSET - YOUR ABILITY TO EARN AN INCOME - GO UNPROTECTED.
07/01/97
COCHRANE & PORTER INSURANCE AGENCY, INC.
FINANCIAL SERVICES BULLETIN
DON'T GET CAUGHT WITH A GAP IN YOUR MEDICAL COVERAGE
We have recently received a number of requests for information regarding the availability of short-term medical insurance for graduating college students and individuals who are either out of work or between jobs.
Most comprehensive medical plans provide coverage for full-time students to the age of either 19, 23, or 25. If you have a child currently enrolled as a full-time student, you should check your medical policy carefully to determine the cut-off age for coverage.
Many people do not realize that as soon as the student graduates (regardless of age) the coverage ceases unless he or she has been accepted to and has enrolled in graduate school or continuing studies on a full-time basis. Of course, the age limit still applies.
The individual who has been working and becomes unemployed or is between jobs usually has an option to continue insurance through the previous employer for some length of time as long as he or she pays the applicable monthly premium.
There are companies that specialize in quality medical plans for individuals who find themselves in need of short-term coverage. The minimum term of a policy can be as short as one month and the premium is quite modest.
If you would like additional information on these plans, please contact Dot Coxin our Financial Services Division at (617) 239-1162.
06/01/97
COCHRANE & PORTER
INSURANCE AGENCY, INC.
FINANCIAL SERVICES BULLETIN
SINGLE PREMIUM WHOLE LIFE INSURANCE - 'SPWL' WHAT IS IT?
Login or
Register (for FREE) to gain access to thousands of other great articles.