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Contact Marti Schochenmaier on LeClair Group’s Asset Protection team with your questions.
If at first you don’t succeed, try, try again. That’s a popular saying that one of our producers took to heart — and helped him earn a big sale.
Recently, we had an agent who was helping determine a client’s life insurance need. The agent proposed a $1 million policy, but the client didn’t believe he should be insured for that much — the 42-year-old man was even struggling with buying a $500,000 policy, but eventually settled on a 20-year term policy for half a million dollars.
Here’s What Happened Next
The approved term policy was delivered to the BGA’s office with an enclosed upsell offer that could extend the coverage up to $1 million. The case manager encouraged the agent to show his client the upsell offer. The agent wasn’t sure the upsell offer would succeed, but agreed to present the offer.
While the term policy was being processed, the client (unbeknownst to the agent) asked his close friends how much life insurance they had and it became apparent to the client that he needed more coverage. When the agent called the client and presented the upsell offer, the client immediately okayed the offer and the agent doubled his sale.
Upsell Program Facts and Details
- Our upsell offers currently have a 15% acceptance rate (exceeding our initial expectations)
- For those who have accepted, the average increase is $350,000
- We underwrite all the way up to $1 million for clients ages 18-55, and our offer letter includes premiums for each $50,000 increment
- We issue the original policy so our upsell program doesn’t delay policy issue. If the client wants to take advantage of the upsell offer, we simply reissue the policy