More About Orphans

Last issue’s bit about ‘orphan policyholders’ brought these comments from subscribers:
“The girls in my office were talking about orphans one day, and said they had two famous orphan cases. One was the owner of a large trucking and construction business, and the agent sold fifteen million dollars of insurance to the client. The other was Peter Demeter who was convicted of first degree murder for killing his wife.”
Peter O'Rourke
“About 10 yrs ago, I came across records of ‘orphans’ with policies purchased 10, 20, 30, even 40 yrs ago.
"Every week I’d contact 5 of them, suggesting that it would make good business sense to review the old policy, updating addresses, phone numbers, beneficiaries, etc. Out of 5 calls, I’d usually make only 1 or 2 appointments. From these I made some sales, and felt good about my service to the rest.
”One was a man in his early 70's who welcomed my call, and asked to meet me. During our meeting, it was apparent that he had no need for additional life insurance, but I’d made an impression because I had listened. A few months later, he called me, to inform me that he had $78,000 at the bank, and asked what I’d recommend. I offered a few suggestions, then asked what interest rate the bank offered. His bank told him 1/2%, plus 1/4% senior citizen bonus. Imagine, a measly .75% in the 90's on $78,000!
”Obviously I made a sale, and 6 months later, he contacted me again, telling me he had over $90,000 coming due at the same bank. Again I made a sale.”
Wayne Sandvik
“I've had a lot of success working with orphans, replacing insurance in some instances and selling additional insurance, and investments to others.
”As some old policies had significant "dividends on deposit", it’s easy to find money for a new sale if you reveal a need. With a ‘willing’ orphan, there is plenty of opportunity for new business.”
Penny Kahramanos
“I like working with orphans, explaining that it embarrasses the company when an agent quits. But I’m selected to look after them because I'm a 'lifer’, so they can rely on me as the last agent they'll meet. It’s rare that I don’t do some business with them, if not on the first visit, then at the 6 month check-up.”
Suzanne Ferguson

More About Orphans - To learn more about this author, visit Donald F. Pooley's Website.

Like this article? Share it with your friends

E-Mail | Print | More

Related Articles
More About Orphans
	Last issue’s bit about ‘orphan policyholders’ brought these comments from subscribers:
Heres a Source I Forgot
	Lunch with Jack Singer at a new Italian place today gave me the chance to ask him how he started to prospect. Jack's a fund and stock broker who brought his family here from South Africa about a decade ago. Over th...
But Is the Pope a CFP
	Peter Baigent's article reminded me of a Crown Life manager I knew decades ago. Pierre, in telling me about his trip to Rome, and audience with the Pope, said, "You know, he'd make a good insurance agent because ...
The Role of Microfinance in Addressing the HIV/AIDS Pandemic in Zambia: The Rainbow Model Provides a Future for AIDS Orphans
	Poverty and HIV/AIDS constitute a vicious circle. Poverty creates vulnerability to HIV/AIDS, and HIV/AIDS leads to poverty. Unfortunately, the interventions of the national and international community are not moving...
Not Just Treasure in Heaven Alliance for Christians in Development ACID to Grant Micro Loans to Benefit Ugandan Schoolchildren
	The Alliance for Christians in Development (ACID) Trust, a non-governmental development organization based in Uganda which, among other projects, provides microfinance services to rural women and youth, will be exte...

---

Related Forum Posts