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More About Orphans
Written by: Donald F. PooleyArticle Overview: Last issue’s bit about ‘orphan policyholders’ brought these comments from subscribers:
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Free Download - Banks Cant Sell By Donald F. Pooley |
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
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