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Presented by Jim Linn When it comes to placed business ratio: Let use this as an example: Agent submits 10 applications at a monthly premium of $100. 10 x $100 x 12 months= $12,000 Annual Premium For illustration purposes, assume a commission rate of 80% Placement ratio of 50% = $4,800 commission Placement ratio of 60% = $5,760 commission 20% more commission for placing 10% more business. How do you increase your placement ratio?
  1. Complete a needs assessment with your clients to determine the amount or clarify the amount of life insurance they said they want. (How did you arrive at that amount of insurance?)
  2. Utilize a fact-finder to get a better overview of your client’s situation and don’t forget to ask the health questions. All of them. NOTE: Just asking if they smoke is not enough. Ask them if they use or have used ANY tobacco products (the patch, Nicorette gum, e-cigs, chewing tobacco, etc.) Marijuana usage?
Depending on the type of tobacco product and/or marijuana usage they may still qualify for non-tobacco rates depending on the carrier.
  1. What is their budget? Without knowing what they can set aside each month you are guessing if it is affordable. Mr. /Mrs. Client based on your current budget what amount would you like to contribute to your life insurance program? If they give you the “depends on how much it is” look them in the eye and tell them it will be $1,000 a month. Then explain that you have some clients whose budget is $50-$200 per month and others that are $500+. You are just trying to put together the best options for them based on their budget. Mr. /Mrs. Client would you say your monthly budget is somewhere between $50-$200 or something else? Keep redirecting to get a closer range that you know is acceptable to them.
  2. Put together 3 options for them to review. Low, Medium and High. If you only present ONE option it is easier for them to say NO. By having THREE the plan they elect becomes their own decision. 80% of the time they will choose the middle option.
By taking a few extra steps with your clients, you will not only close more business and place more business, but increase your commission as well.
National Western – Option Life Series is Now Available
Mutual of Omaha – Express and Life Media Kit

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