Annuity marketing strategies

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Annuity Sales Strategies

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Annuity Marketing Tactics To Sell More Annuities

I mean it, selling annuities is the easiest sale in the insurance industry. It is all a matter of positioning and having a focus. The focus is simple: numbers. Having lots of people to see and tell the annuity story to is the secret. Leads and lots of them is all that it takes.

Insurance agents all have one thing in common, who can I see today? Many agents even have such a fear of not having anyone to talk to that it makes them almost paranoid. The solution is very simple, do more marketing. Remember, it is all about numbers.

Here is how to do it. Decide on a target market such as seniors age 65 and above as an example. Your target market can be almost anything such as any age group, any income and any asset level. Once you have located your target market then place your marketing plan in motion.

The marketing plan can be built around many different approaches so for the sake of simplicity let's use direct contact (direct mail.) With your selected target market decide on a subject that will be of interest to this group. A sample topic may topics like this:

o Reduce your social security taxable income

o Protect your assets from nursing home expenses

o New rules regarding your IRA and how to reduce taxes

o Avoid probate cost for your heirs

o Etc. Etc. Etc.

Next select a service to do the marketing so the actual work is outsourced. Numerous choices are available and trying several will help you select one which fits your geographical area and personal approach. A simple Google Search will locate several choices but my personal favorites are (America's Recommended Mailers, Kramer Mailing Services and Russ Jones)

Next do this, mail 5,000 mailers a month for a solid year. Do not stop and do not evaluate the program for the whole year. Be focused and do not quit. The cost will be approximately $1,300 a month and you should expect a return of about 2%.

Take the expected returns of 100 leads and have a professional telemarketer set your appointments (cost should be about $10 and a little spiff to her/him will go a long way, start small and bonus). If averages hold, you can expect approximately 40 quality leads a month or an average of 10 a week. The leads that you are unable to see place in a drip system and have your telemarketer recall every 2 months for a year. Working 10 quality leads a week for the work year will provide you with 1 (one) sale and the drip system will provide ½ sale every other month.

The total sales you should make is 52 plus 6 from the drip system for a total of 58 a year. Next calculate your average premium per sale and for this you may use the industry average of $37,000. Multiply the $37,000 times the 58 sales and your total premium will be $2,146,000.

Multiply the premium ($2,146,000) times the average commission of 7% (varies and should be higher) and your gross income will be $152,220. Now subtract your cost of leads (12 months times $1,300 = $15,600) from the gross income and that will leave you a net income after sales cost of $136,620. You also need to average in the cost of the telemarketer and that will depend on your personal situation but a good rule of thumb should be $500 or so a month.

An annual income of $136,620 will place you in the top .6% of income earners in the United States. And it is all done with a simple process based on numbers. One important type is this; throw away the leads that you cannot reach and those who want to be contacted later. By throwing away the leads will set you free, truly.

There it is, simple, easy and totally manageable. Oh, one other thing, it is very profitable.

Bill Broich is a 30 year annuity salesman who helps agents generate annuity leads. Visit his website to learn more - Annuity.com

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Annuity Leads The Good, The Bad, and The Ugly

The Senior Annuity marketplace landscape has changed significantly in the past twenty years. This is due to increased competition as more agents enter the lucrative Senior market. The birth of the EIA annuity brought a whole new prospective to annuities, and their uses in the financial planning field. Informational Seminars, and now free dinner seminars are still popular but the wind is being taken from their sails. It is my belief that using direct mail to obtain qualified annuity leads is the most cost efficient method available to day.

We understand that a seminar lead has a perception of being a better, more solid lead because the speaker has bonded with his audience. However most of the appointments that are booked don't turn out to be a solid annuity lead. Why, because in most cases the seminar attendee feels embarrassed for taking the free meal, so although they have no intent nor need they still agree to meet with the presenter. How many times has this waste of time happened to you? I know it has happened to me all to many times. Annuity leads can be obtained a heck of a lot easier and for less money than the typical seminar obtained annuity lead. Annuity leads purchased from Premier Annuity Prospects will change the feeling of wasting your time, and money.

You will get a true value that is much less expensive than an annuity lead received from a seminar annuity appointment. Not only that, as a person you can take on a much better quality of life with direct mail annuity leads. When you run leads from a seminar there is a constant sense of urgency that needs to be given. Why, because in order to keep the steady flow of appointments there has to be the steady flow of seminars in order to keep up the annuity leads. This takes its toll on you and takes away from the quality time you can enjoy in your life with your family, golfing, fishing, exercising, etc. With appointments booked by Premier Annuity Prospects annuity leads are now annuity appointments without lifting a finger. They send the mail, book the annuity leads into annuity appointments for you, and that's all you do is show up to work meeting with qualified annuity appointments just waiting for you.

A direct mail annuity lead that is booked into an preset annuity appointment has better quality than a seminar appointment. The person whom the annuity lead response card is mailed to is asking for more information about the bullet points. They have filled in their name ages and signed the card. They return the annuity lead card and they take the time to place it in the mail box themselves. Just think about it, they filled out the annuity lead card and then brought it to the post office, or mail box. They had to put an effort into sending the annuity lead card back to Premier Annuity Prospects.

These annuity leads have been obtained by people that made a physical effort to receive information. This is not like a Seminar annuity lead that a person dresses up to go out for a nice free meal. Everyone likes to go out for a free meal, and why not listen to this presenter while I get what I truly want, a free meal. The preset annuity appointment has the best quality you could want, however along with the quality comes the problem of having enough territory to meet your desired level of people to see. Premier Annuity Prospects only has a few territories left.

Newspaper advertising is also a method that has been tried from all different angles and let me give you my take on what's going on. Before I write about the subject let me preface this by saying I have been marketing in the annuity and life insurance business for 30 years. I have tried everything. I myself have been running a 1/4 page add each week in the local newspaper ( Fall River Herald News ) for the past 8 weeks. I pay $488 each week and I run an add for Standard Life's Total Command 5. This is a nice compliant add that has in big letters 5.40 percent interest.

I don't know if I should be happy because it proves my point that direct mail annuity leads are easier, better and more cost efficient, or be upset because I have not got one call in 8 weeks. I'm not kidding and this information can be verified. I figured that in this interest rate environment I would have the phone ringing off the hook. I figured they could be pretty much phone interview leads and if they were good I would go see them. Not so, I did not receive one phone call. I will be running this ad until the end of June, as I'm hoping to be somewhat wrong and at least get one sale to pay the $3,000 I owe.

How about running the disturbing ads in the newspaper. The lazy guy who sits at home in his underwear making hundreds of thousands of dollars a year.I have done it and they don't work. They have a very negative effect on your future renewals and the ability that you have to keep a good perception alive of yourself with the public. Negative advertising sometimes has a certain stigma attached and I choose to stay away from this method. Part of the problem that exists is that you are publicly bad mouthing what you sell, while trying to sell them the very same thing that your bad mouthing. It doesn't work with repeat business and it doesn't bod well when your current clients want a copy of the report. This method doesn't have any legs to it. Obtaining a good annuity lead is more than just getting in the door. There are plenty of other ways of disturbing without doing it in your local newspaper. This only a temporary fix for someone who is at the end of his rope for getting annuity leads.

While I'm on the subject of negative annuity leads how about the system that went out of business in February and after bankruptcy reinvented itself under a new name. This was by far the largest annuity lead system known. It had people who loved them and people who hated them. The majority hated them however the majority of successful agents using their annuity leads said that it was a numbers game. It only took one sale to make their money invested in the lead program a value of 8 to 1 of dollars spent in the annuity lead program Case to the income that was earned. It had its faults but it truly was a numbers game. It is my opinion that there was no integrity to the program and that it was oversold to agents around the country. It was to often when agents were calling on the same annuity appointments within 3-6 months.

When the company did send mail, and that wasn't often, they sent out a extremely controversial annuity lead card that made it look like the person receiving the card had an annuity that they didn't know they had, or may have forgotten about. The card said. You have or may have an annuity that is at or may be at the end of it's surrender period. Please call for more information. Nothing else! They got about a 13% response rate to this card. The best part is the people called in themselves. You didn't have to call them. Just figure 13% response rate to annuity lead card, calling you. The operators ( telemarketers ) just sit there and book appointments for you with these people. So easy that the telemarketers would average a successful annuity appointment made for you in one out of three calls. Now comes the ugly part, this company made millions and millions of dollars but got shut down for a number of disturbing reasons that if the agents who were purchasing the annuity leads understood, would have never bought them.

The people who called in from these lead cards, were most often dead broke, destitute, down on their luck people who were hoping that an old insurance agent made a mistake, or that an insurance company did an accounting mistake and that there was some free money out there. The marketing company in question just simply made a bold calculation and a gutsy business decision of mailing out this particular card. Sure they were able to book appointments for a good price, but what you had to deal with was not particularly professional. Just figure that they were receiving a 13% response rate. That is almost 5 times the normal response rate for an annuity lead card. So if you calculate the factor of the response rate and the quality of the people who called, along with the reason why they called in, it added up to a lot of wheel spinning and a great loss of quality time.

All in all this company had a glow about itself, and that glow was negativity. And the shocker is the reason why I understand it so well is that I tried it myself for 3 months. We sent out tens of thousands of cards on a weekly basis and had a room full of appointment setters. Booking the appointments was like shooting fish in the barrel. The appointment setters did a great job of asking qualifying questions, but in the majority of the cases the people who called in were often dead broke and would say anything to get an agent to come by. This program truly had the opposite effect of what I was looking for. However there was the occasional miracle of a good annuity lead that netted a huge annuity sale, surely for the only reason of it being a numbers game.

This program was ran separately of our standard program and was only offered to a few dozen preferred agents. "I'm not so sure that they felt they were preferred after this program". In my opinion it was a great learning experience for all who were involved, and it would have been a tremendous loss to my integrity if I were to have brought it to the entire public. If you think I'm crazy, their back in business and you can find them under a new name.

Internet annuity leads are just what they are. I'm sure that some of them are good but this is where internet fraud rears it's ugly head. It takes no capital to start these businesses. Anyone can do them by just making up a name and purchase a URL. There are countless companies starting in this business as well as going out of it on a daily basis. There is no stability. The even larger issue is the audience involved. Your typical annuity buyer isn't surfing the internet for information. Let's face it, getting annuity leads for $8 to $10 would be a great price to pay, but for what. I will agree that there can be a place for some of these, but availability is to few to make any significant headway.

It has been and always will be that the best way to get a annuity lead is a referral. Everyone should be scheduling annual annuity reviews with their clients at this time. Any excuse can be given, annual review, anniversary of a EIA annuity review for investment options, tax free withdrawals from their annuities using the zero tax method, IRA tax free ROTH conversions, or one of the many options available at the annuity education center. You have gotten in the door and its time to get the annuity lead along with the sale your about to make.

There is no reason that you shouldn't make at least a 10% of their entire portfolio sale at least once a year. It's simple and I will talk about it in detail on a future blog date. During the review just simply ask for a referral. There is no secret to it. These people are your client. They respect you, have trust in you and there is no reason why they can't give you multiple referrals and annuity leads. This is the best way to get annuity leads and there will never be a better way. You can't beat the cost and you will be paid as you get them

Peter has thirty years experience selling annuities and is one of the most respected authorities on marketing annuities and life insurance in the Senior market. Peter first made a name for himself back in the early eighties for his ability to sell 150 plus universal life policies per year using a very simple telephone prospecting system. In 1990 he started selling annuities and from then on it was a seven figure income with a complete change in the way he and his family were able to live.

Beautiful homes, fancy cars, Ocean front home overlooking Marta's Vineyard, two boats in front of the house, world class vacations with the family, and no worries about where money was going to come from. All of the business written was from leads generated by a simple 4x 8.5 card which mentioned some very simple yet powerful topics.

In 1997 Peter began to think about Seminars and in late 1998 he dove into the very easy at that time senior seminar market. His first seminar he wrote 1.2 million dollars of annuity premium and over $40,000 of target UL premium.

In 1998 he wrote 18 million of annuity production and hasn't looked back. In 2004 Peter decided start his own Annuity and life NMO National Annuity Brokers http://www.nationalannuitybrokers.com , and at the same time seminar attendance had slowed dramatically so he decided to go back to his prospecting methods of the early 90's and revisit the method of sending out cards to seniors and started another company called, Premier annuity Prospects
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Mortgage Protection Leads to Annuity Sales - Learn the Secrets

Most insurance agents know the basics of selling mortgage protection plans. Generally the choice is term insurance that will pay a future benefit in the event of the death or disability of a mortgage payer. It is simple and an easy need to be understood by the prospect.

How do you convert a possible $600 to $1,000 commission to a larger payday and one where the result is not a transaction but a client relationship is developed? How do you make jump to big time sales from this basic insurance need sale? Here is a tried and true system which never fails.
Explain to the client that there are three ways to protect against the mortgage in the event of death. Each has different expenses and each has different benefits. Start with plan one.

Plan one is pay for protection. The death benefit will be paid in the event of death and it can be used to pay off the mortgage. This is the least out of pocket premium but there is no refund on the premium, think of it like you would car insurance. You purchase the protection and the monthly premium is $100. (term life insurance)

Plan two is mortgage elimination. The death benefit is always paid but this plan has a side fund that can be used for paying off the mortgage early. As an example in year 15 this policy has an accumulated cash value of $100,000 and at that time the funds an be removed from the policy and applied to the mortgage. This policy has terrific benefits and can have the side fund be available for emergencies and even college education. Because of the benefits that this policy provides the amount required to save each month is $500. (whole life)

Plan three is a blend. This policy provides all the death benefit needed to pay off the mortgage in the event of death but it also has a side fund. The side fund can be used to pay off the mortgage at some future date and it can also be available for emergencies and even at some time in the future for a college fund. This plan allows for a flexible deposit and at some future date should you decide to increase the monthly deposit, you may. The amount of monthly deposit to initial this plan is $200 a month. (Universal life)

Almost 100% of the time plan two will be selected and it will result in a higher premium for the insurance company, higher commissions for you and greater benefit for the insured. Because the selection of plan two insinuates a future living benefit the assumption of client counselor relationship is assumed.

The next step to accomplish is a fact finder and to determine the overall financial situation of your new client. At this time a determination of their overall needs can be assessed and it allows for setting of the stage in the future to discuss how annuities and other insurance products can be used.
By thinking outside the box even about the most simple of sales, mortgage protection) a whole new world of sales potential emerges.

Bill Broich is thirty year annuity salesman who helps agents generate leads and sales. To discover more visit his website: Mortgage Protection Leads

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Increase Annuity Sales Leads With a Pitch Book!

A pitch book is a very good tool to use when selling annuities.  The fact that you are the author has somewhat of a "glamour" appeal to the prospective client.  Along with that appeal is the value in basic information and historical components of annuities.  

When writing your pitch book, keep your target market in mind.  Usually you will be marketing annuities to seniors.  Bring up historical facts that they can relate to and link it with annuities. Compare and Contrast the way annuities used to function in society and explain where we are now as well as the future of annuities based on past events.  This is a major selling point simply because it spells out the benefits clearly as well as backing up those benefits with past examples.

Don't be afraid to be negative about annuities.  One thing that you can say is that global events can (and Have) affect the financial market.  This will show the prospect that you are honest. Some people think that annuity salespeople are sharks in that they are just in it for the money and not to help anyone.  Break this sense of distrust that most people have with a blunt honesty. This is a huge marketing advantage.

Add information from third parties!  This is vital in sounding credible.  You can use quotes from well established newspapers or highly acclaimed news programs.  It will show your audience that you are knowledgeable in your field as well as a diligent researcher.

Remember, a pitch book is not an infomercial.  It is designed to explain the product that you offer, how it will benefit the reader, and what you hope to accomplish in building the client-agent relationship.  Roughly explain the industry and the products that you offer.  Explain the products can be shaped in a way that fits the clients needs.

For more lead generating ideas, check out this website: http://endlessannuityleads.blogspot.com/ This is the best book I have ever read as far as generating good annuity leads.

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Suitability for Annuity Sales Makes Sense - Use it to Sell More

What is wrong with doing things right? Isn't it in the long run the best for everyone? The new suitability rules about to enter the annuity business is a step in the right direction. I applaud it and I think it is long overdue. What bothers me about the new rules is that they haven't gone far enough, they need to be better. Suitability should be the backbone of our industry and should be as normal to us as a blank application.

What should be considered when looking at suitability issues?

Does the annuity make sense for the prospect? Does it get any more basic than that. Is it in the prospects best interest? How do we go about making that decision? What really should be considered?

· Does the time frame of the prospect match up with the annuity being proposed?

· Does a guaranteed income stream make sense for the prospect?

· Has the prospect considered inflation and how it can affect retirement?

· Does the prospect understand the surrender charges if funds are withdrawn prior to the end of the surrender-charge period?

· Does she understand that the withdrawal could also trigger an IRS pre-age 59½ 10% tax penalty?

· Does the benefit of tax deferral make sense if 100% of the funds are needed in an emergency?

· Does the risk tolerance match up with the annuity being proposed?

· What is the prospects investment experience?

· Has the prospect been exposed to other options to an annuity?

· Does the prospect already own an annuity? Does the prospect need a second one, or maybe a different one?

· Are the income requirements going to be met with the annuity being proposed?

· Does it make sense for a high percentage of the available funds to be in an annuity?

· Will the annuity help or hinder estate planning for heirs?

· What is the financial status of the prospect?

· What is the prospects current tax rate?

While completing a suitability form gives the agent time to ask probing and meaningful questions. These questions along with their answers will help the agent build a relationship with the prospect. There are many other questions that could be asked and completing a good and accurate fact finder is essential for both the agent and the prospect. Asking these questions will make a better agent and provide more opportunities to make annuity sales.

Bill Broich is thirty year annuity salesman who helps agents generate annuity leads and sales. To discover more visit his website: Annuity Leads.

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Mortgage Protection Insurance Leads - The Great Secret to Annuity Sales

I have used this for years to find annuity prospects. For just a moment think about annuity sales and what comes to mind is the financial planner/estate planner/ certified senior advisor/ it just keeps going.

All those charts and new ways to explain how indexed annuities work and how much we all need to buy them. After awhile it becomes such a chore to compete with them and soon you will be looking for a simpler method to sell annuities. It seems to me the simpler method the better and I think most prospects feel the way I do...just show me the benefits and if it makes sense to me then I will buy the annuity.

I have a very simple method for making things simpler and to provide myself with virtually unlimited people to see....That method is the back door approach and here it is.

Mortgage protection insurance leads! You heard me right; they are a wonderful way to back door into an annuity sale. Just think about it for a minute. A new mortgage should be protected for the family in the event of death or disability. If the man is the bread winner and the stay at home spouse needs to be there for the sake of the family then what would happen if he died? How would she exist and keep the family together? Maybe she could return to work and maybe she couldn't. Either way it is a perceived need and almost everyone wants to be protected. Mortgage protection insurance is a simple sale and if you are smart...can lead to an annuity sale.

Here is how I do it. After my needs presentation I always ask a few questions such as:

o How long have you been at your current job? (potential 401 k rollover)

o Do you own life insurance? (potential conversion or possible combination with the mortgage protection policy)

o Do you own an IRA? (possible annuity sale)

o Do you own an annuity? (possible rollover, 1035)

o Do you own mutual funds? (possible annuity sales)

The list can go on and on. There is a secret about mortgage protection insurance and it is this....most people do not think of it as life insurance!. It is considered a need for family survival because we all need a house that is ours and nothing feels better than not having a mortgage....it is the basic safe harbor instinct.

Use direct mail and cover an area for leads. A return of 1-2% is successful, make the appointment and do the mortgage protection pitch and then turn the process into a fact finder and a two call close. No other mortgage protection insurance salespeople are doing it and it makes you stand out. Plus you will be accumulating clients instead of policies. It is how you build a business and a profession instead of always needing the next sale.

Be a professional and not an amateur by doing something everyone else will not do. Plus regardless of how you are currently selling nothing makes you sharper or helps you think on your feet more than 5-6 appointments a day.

It is a very easy sale and it is one that no one is doing.

Bill Broich is thirty year annuity salesman who helps agents generate leads and sales. To discover more visit his website: Annuity Leads

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