Cross-Selling Annuities with Life Insurance Leads | 7 Figure Annuity Sales Podcast | Ep. 164

Today we're going to talk about something that every life insurance and Medicare agent wants to know how to cross sell over to annuities.

Hey, everyone. Welcome back to the annuity sales coach. I am Chad Owen, boy Wonder over here. You know, once he gets 30, I don't know if we're going to do boy Wonder. We'll probably actually. Once your voice changes, of course we're talking about my voice right now. And the dust we just in your tail dust. It's just non stop. And every day I get this little alert saying, today's going to be a doozy. Dust levels are high. And it's so frustrating, especially now when you got everybody nervous about the Rona.

Oh, I know.

They're going, why?

Why you sound like that. Yeah, yeah. Are you coughing?

Exactly. Hey, when's that cat caterpillar gonna turn into a butterfly? Oh, because it needs to.

Yeah, it's gonna sprout wings.

You know what? This. As long as you keep that mustache, I'm never gonna get grandkids, so.

Probably true.

He needs shave back. Okay, so what are we talking about today?

I don't know that clean shaven is a better option.

It's not. You need a little bit of fuzz there. What Isn't that, like, you could do. Was that Rogaine or something?

I'm concerned. I've heard that if you do that, it actually can, like, go all the way up your face. I'm not trying to like, I've got. I've got some very hairy genetics. I've got an uncle who is. I mean, he looks like a silverback gorilla and I am not trying to have.

They're going, how'd you get out of the zoo, man? Get back. You know, Is that the guy that, like, you can't tell if he's wearing a sweater.

Oh, yeah. He takes his shirt off, he'd be 30 degrees outside and he's warm because.

Didn't your brother freak out or something?

He would. When my brother was a little baby, he would take his shirt off and. And my brother would just start crying his little eyes out, put his shirt back on. He would stop. And my uncle was in absolute denial. That that's why Tanner was crying. But no, that was absolutely just terrified.

Braid his back, Yeti.

Sasquatch came to visit.

Exactly. That's the proof. Hey, you know what? I had a sighting out the lake. Nope. That was my uncle.

Well, what are we talking about?

All right. Cross selling Medicare, life insurance and annuities. You know, Chad, that's actually Your background. So I wanted to take a minute.

Let's be clear. Life insurance, that's fair.

Never Medicare medic help.

You say? I'd rather hit my pinky with a hammer.

Yeah. It's because it's so time consuming. And you know, anybody who's done Medicare will always tell you, man, that time of year comes around, they have, they can't go on vacation, they can't do anything because they are consumed by that.

Right?

Yep.

It's true. But you did, you sold life insurance. You did very, very well. I mean, I think your first month, didn't you set a company record for life insurance?

Yeah, I didn't know any better. I just, hey, someone bought a, they need help and I want to be the one to help. And Right. It was like 35, 37,000 and first year's premiums in the first month.

Yeah, there's, there's guys that have been doing that for literally years, agency owners that are still producing at high levels that aren't even hitting that. That's pretty insane.

But kind of the very beginning, my thing has always been I see a need that a client has and I want to fulfill that.

Right.

That's what it comes down to.

Yeah, absolutely. And during that time, mind you, you also were willing to use leads that everybody else were not willing to use.

Oh yeah, cheap leads, man. They're free.

Sitting in the corner right now.

I used to get first pick on leads after the first month because they're going to feed this guy. But still we had 13 or 15 agents there and I would still end up with three or four because it just how many came in that. That week?

Right.

So I just kept going through the BNC leads and hammering it like crazy.

Right. Then in 2008, you made a transition over to annuities, but during that time you ended up cross selling over $5.8 million in annuity premium in one year off of life. Life insurance, final expense mortgage protection.

Funny, once I pass that 5 million, I'm like, I'm not doing life insurance anymore.

Well, that. And that really was what propelled you and catalyzed you into being an annuity.

Yeah, there's two things that happen. So I had that 5.8 million dollar year cross selling, but that's also 2007 to 2009 when the mortgage market collapsed.

Right.

So a lot of those leads, I mean, it became very challenging to get anybody because people weren't refinancing homes, they were trying to keep their home.

Right. So yeah, we call it cross selling. A better term that would, I think.

Meeting a need of a client.

Exactly. It's cross problem solving.

Yeah, it is. It's basically finding something that someone needs in an. That you know. Right. And why not help them?

Right, exactly. We call it cross selling because that's kind of the known term there. But it is. If you were to use the process that Chad uses and has used for that, it would be broken down to cross problem solving. Because at the end of the day, that's what it always comes down to.

We have a module that does that.

We do. And yeah, in the academy, we talk about cross selling. We also have a document in the annuitysalescoach.com under free resources that talks about cross selling. Actually breaks it down in a little bit more depth and detail than what we have for today. Free document.

You guys sure give away a lot of free stuff. Hey, I love it. But I also.

Well, we know too, the academy is always deeper. It's always deeper because there are agents all over the country that are. That are paying for that. There's organizations paying for that. I mean, it's. It's always the next level. And the academy is really where they get to see the exact things that you're doing. The free resources is taking the system.

The process is the Costco samples. That's all it is. Because I go to Costco and I taste one of those samples, I'm going, oh, I need all those. Oh, not just one box. I need three boxes. So, yeah, well.

And there's value in and of.

We give annuity sales coach samples.

Yeah, okay. Yeah, yeah. And there's value in and of the samples. If you need a little, especially when.

You circle back around again, get another one. Then you have one of your kids go grab.

Oh, yeah. Who gets one sample at those at the Costco, you go by the stand, who's taken one, it's like, go buy, grab one. Accidentally forget something, come back, grab another.

You know what's funny, though? I don't know if I've ever tasted anything at Costco as a sample that I didn't like unless it said vegan.

Well, knowing you, that would make sense.

So, yeah, there's no samples we have that you won't like because there's no vegan in our platform.

Right.

Maybe we might have a couple vegans.

We probably do.

We do.

There's too many agents to not have some vegans.

That's true.

And we still from too many places.

Around the country, we still love them no matter what we do. Okay.

Medicare. They're already 65 plus.

Yes.

Most, or many, rather, are already retired. Many are still at risk and largely at risk.

Retired. Many, many.

65. Yeah.

It's. You'd be surprised the number of people. Well, in life over 65 that are not retired.

That's fair. That's sad there. I think, too, there's probably some that are. I mean, you.

We.

They talk about. We. We have a generation right now that has some of the youngest consistent retirees. Like the way. Like, there's more millennial millionaires in this, like, in this generation than there's ever been.

Cryptocurrency.

Yeah, It's. It's all. Yeah, it's all.

The. Not now. If you would have followed it back down. How do you make an unrealized gain realized. Gotta protect it. Okay.

But they are.

Will you stay focused?

I'm trying.

Yeah.

For those of you that don't know what it's like to try and host a podcast with Chad. Okay. Imagine if you've ever seen the running of the bulls in Spain, where you've got bulls just tearing through the streets and people trying to, like, keep them. That's kind of what it's like. It's like Chad sees a nice little detour and feels obligated to take it so bad.

I mean, that's why I'm a PowerPoint speaker.

Yeah.

If you want me to speak, I'm an excellent PowerPoint speaker. You don't give me a PowerPoint man. Rabbit trails all over the place. I don't have ducks in a row. I have squirrels, and they're running everywhere.

And always a lapel or a face.

Yeah.

Never a handheld because you use your hands.

Okay.

All right.

What are we talking about?

Why'd you get Medicare? To protect you from unexpected health care expenses. Right. What kind of longevity insurance do you have that protects you from unexpected market downturns?

What is that, Caleb.

There'S a perfect little intro for you. The essence of cross selling is seeing that somebody actually has a need. With Medicare, you're dealing with people that are already starting to get to the point where. Yeah. Protecting what they've. What they've grown, what they've gained, what they've built over the course of their working career is becoming very important. So if you've used something like that to segue into that conversation, gets that response. What is longevity insurance? Right. And it's a. You know, at the end of the day, it's annuity.

Is not an annuity with an income rider. Is longevity insurance.

Right. And we can talk about that for a minute too. Talk about? There's two retirement unknowns.

Talk a lot longer than a minute about that.

Well, that's fair. Two retirement unknowns. How long are you going to live.

And where's the stock market to be tomorrow? Let them. 5, 10, 15 years and one product. But I'm a broker. I'm a long term planner. Oh, Mr. And Mrs. Broker, where's the stock market going to be tomorrow? Well, I don't know. Oh, I'm sorry, You said you're long term planner. Where's it going to be in five years? Well, I don't know. Oh, you're a long term planner. Where's it going to be in 15 years? Well, it's probably going to be higher. Really? From 2000 2014, the SP was almost at the exact same spot. So tell me where it's going to be in 15 years. Well, I don't know. Well, then you're not a long term planner. I am. Because I can tell you exactly the worst case scenario.

There you go.

Creating the guarantees, the income, all of that that you need to protect you from the two things that you cannot answer. How long you're going to live, where the market's going to be. One product can shore all of that up.

Yep. Beautiful. What insurance do you have that protects your money from market downturns being indexed?

Oh, you were. I didn't know you were asking me.

I wasn't.

I thought you were asking a statement.

Yeah, why should I be asking him now you know the answer. Yeah.

Sign up for a business strategy session. Go to theannuitysalescoach.com, click on free resources and sign up for that business strategy session where I will personally get on the phone with you, break down your process. I know what this guy does through and through. I've run appointments with him, I've listened to him an ungodly amount of time on calls.

I feel so sorry for you. I have a team that all they do is whether they're editing podcasts, video when I'm talking events, whatever it is, he's right next to me in the office. I'm just going, God, I would hate to be them.

We have Jed's voice in our ear more than anybody else's.

It seems like it's like traumatic. You're gonna have to have some sort of counseling someday, I assure you that.

But that said, because I know the process through and through, I can actually look at yours and help you implement things from his that will sure that up and help you increase your annuity production, and that's what we are all about.

He is way more focused than I am during those sessions.

You don't want me doing business development.

Get it done and get out.

Yeah, exactly. Okay.

All right. Life insurance. Okay, well, they're getting life insurance. Why? Because they're concerned about risk. They're concerned about the unknown. You don't buy life insurance if you know when you're going to die.

Correct.

Because if you did, you would just buy it right before. Right. So you don't know.

So if I just happen to take a very large life insurance policy out on you, you would have.

I would have to be considered a.

Key employee or you're about to die.

Well, to get it, you would have to admit I'm a key person.

No, I look at it more as an opportunity. You're an opportunity for me to retire sooner.

There you go.

We need grandkids first.

And with the life insurance clients, again, many are still at risk. Right. So why'd you purchase life insurance? To protect you from the unknown of potentially passing prematurely. Right. What kind of longevity insurance do you have that protects you if you live longer than expected?

Protect you on both ends if you die prematurely.

We've already taken care of you in death and life.

In death and life. It's funny. I always like to say life insurance is really death insurance with an income rider is really life insurance.

I. I hear this comment especially when I was in the life insurance business. Well, how much do I get when I die? You get nothing. You're dead.

Right.

Their revelation is like, huh? Yeah, it's true.

Health insurance is sick insurance. Life insurance is death insurance. An annuity with an income rider. That's actual life insurance. Huh.

Okay. I'm restarting a marketing campaign nationally.

There you go.

Yeah.

Awesome. Well, Chad, do you have any other thoughts, ideas? I mean, you obviously have background in this. We go into much more detail in the academy. We've obviously got the document they can go and download, and there are two scripts, one for Medicare and one for life insurance, that you can use to create that. That conversation to go over to the annuity.

The one thing I want to. And I'm going to spend a little bit of time on this because it's really important to me. Our perception of who we are and how we help people is so important. So if you're going out there for a Social Security lead, then talk about Social Security. Don't talk about annuities or life insurance. When they wanted information about Social Security. If they have A life insurance. They don't go out there talking about annuities, talk about life insurance serviced. Because you never want to be accused of bait and switch. You go out for the initial need. Now during the fact finding process, you can find other reasons, you can help them, but don't use a lead system like I see this all the time. So CPAs, accountants, whatever it is, they, they get out there to do your taxes. The only reason they're doing your taxes is to find out where your money is. That's in. That's an ill intent from the beginning. And a lot of these people are not even qualified to do the type of accounting they need.

Right.

Like there's this one guy in our area that sends out things to people and I'm going, man, you actually should have had an itemized. I'm not a tax person, I'll tell that. I'm not a cpa, I'm not an expert. But you have all these deductions that you said that you have. You probably should have had that itemized. I would get a second opinion on that. I'm not telling. I'm going to do it. I do. I'm very clear. I'm not an expert in this area. That's why you need to get a second opinion. But if you have a lead for Medicare, life insurance, long term care, Social Security, address that concern first. Don't bait and switch. It's a black eye for you, it's a black eye for our industry. It's once again leading with intent of deception. And anytime you do that, we talked about this in previous podcasts. When you lead with something that's not honest, ethical and it's immoral, then you are automatically going to have that client with this perceived something's not right, their subconscious is picking it up. I mean, let's. First thing is be honest, ethical, moral, have values, have integrity. You know, that's where the great people get the success in the success the right way, not superficial success at the cost of someone else. It goes back to what we were telling. You know, I've said this many times, you can sell at the cost of someone or for the benefit of someone when they inquired about the initial response on the card. Always make sure you're talking about that, do a proper fact finder and then also see if there's other areas you can help them in. So that's what I would say.

That's so good. That's so good. I'm glad you brought that up because that is one of the things that we talk about in great depth and detail is in the document that I mentioned.

Yeah.

And also in the academy. So it's huge.

Well, it's funny because I actually have an agent. I'm going to be reporting to the insurance commissioner and it's because they're actually taking existing annuities that they wrote sending letters out to existing clients to replace the annuities. His response was, well, you obviously don't know this industry well because there's a lot of insurance companies that want you to replace the business. You wrote. I'm like, what? And it doesn't even account for the income account value. So the surrender charges maybe 5%. They put them in a 7% bonus product. But the actual income value, the Surrender was more like 15 or 20%. And they put them in a product that doesn't have an income rider or does, but they lose all that income value. So I'm telling you, honesty.

Yeah, that's good.

Integrity, ethics. You want to do this because if you're in my area and I find out I'm reporting you. And that's just how it is because I want our industry to have a really good reputation. So that means when you're leading win with a life insurance lead, address the life insurance concern first. No matter what is life insurance, long term care, Medicaid or excuse me, Medicare, anything like that, Social Security information, address that concern first.

Absolutely. That's so good, man.

Hope this helps you guys. You have a great day and of course, happy selling.