The Biggest Scam In The Life Insurance Industry

Alright, what's going on guys? I wanted to film this quick video to talk about one of the biggest scams in the life insurance industry. And it's not only scamming clients, but it's also scamming agents, right? And when I show you guys this in just a second, it's going to make a lot of sense as to why so many of the leads in our business are so garbage. Right? And also I feel like this has a big, a big factor as to why the fail rate in the final expense and life insurance industry is so large. And it really comes down to this one thing. There's obviously other factors like, you know, this, this career does require a large amount of outbound dialing and you do have to, you know, be able to handle rejection and you have to learn the skill of sales. But I feel like this just makes it way harder for everybody. Makes it worse for the clients and it makes it worse for the agents. When I show you guys this, you're going to, you're going to know exactly what I'm talking about. Okay? But first, if you don't know who I am, my name is Tim Shilker. I run the life insurance sales channel where we put out free content to help insurance agents make six figures over the phone. And, and I feel like this key, this piece right here is one of the biggest reasons that people fail and ultimately don't see that. Right. And so the thing that I'm talking about is basically whenever, like whenever you're running a business or you're doing sales, the leads that you have are extremely important. Right? And what I mean by this is like what people are opting into or what they are, quote, requesting information on determines the type of prospect that you're gonna get. Right? So for me personally, when I first got into the insurance business, I was working. Let me see if I can even find a photo of this. They're called free Walmart gift card mailers. Right? Free Walmart gift card.

Mailer life insurance. You guys will get a kick out of this. And so basically what happened is.

The company I was working for would send out these like mailers that said like send this back for a free Walmart gift card. And so what basically happened?

Well, basically happened, I can't find it online. But what basically happened is people would send this mailer back just to get a free gift card, right? So I would go out and knock on their, knock on their doors, we would have these little five dollar Walmart gift cards show up to their house. Like you know, hey, Ms. Jones, I was just responding to this form that you had filled out. Looks like you had listed, you know, your name is blah, blah, blah. Is this your handwriting? Whatever it was, it was that form you had sent back about the free Walmart gift card. And it mentioned the state approved life insurance program. And they're like, state approved? What? I was like, oh, it was the free Walmart gift card. And all of a sudden they knew what I was talking about. And so what happened is we would get all these people that thought life insurance was free or they didn't even want life insurance or, you know, you can imagine. Think about the type of person that sends something back in the mail to get a free gift card because they sent it in the mail. Those were the people I was talking to. And so it's the exact same thing when it comes to life insurance. And this is what I'm talking about.

Most or a lot of leads are generated through Facebook. All right? And so there's this pretty cool tool called the Facebook ads library, which is what I'm going to show you guys here. So you can go to Ads library. And when you type in final expense, I can actually see what most people are running ads for, right? So let's just take a look at some of these ads. So the first one that pops up and this is like, guys, this is what your lead vendors are running. This is what your IMO's are running. Like, this is what your, your leads are seeing. So Here you go. Americans 55 plus can save thousands. You may qualify for a new burial insurance program that can save you thousands. Only available this week. Hurry check your eligibility here. And then look, this is like, this is the, the crap that people are running. Save up to $170 a week. Like, what does that even mean? That has nothing to do with life insurance. Oh, no.

Oh no.

Oh my God.

My mother recently passed away unexpectedly. It destroyed my family. Thankfully, she was able to give us $25,000 to cover her end of life expenses. Here is what she did to take care of us even after she left. This is important. If you haven't gotten your $25,000 funeral.

Benefit, there it is, $25,000 funeral benefit. And so when you call these people up and they're like, you know, hey, I thought this was free, so on and so forth, like, I wonder why? Or here's another one, right? They're using the state seal.

Attention Greenville county seniors worried about the financial burden. So on and so forth. New final expense program is designed to Ease your family. There they go. This is actually solved. So they say it isn't a free program, but it's a comprehensive one. But the thing is like if you have the freaking state seal right here, you're going to get people that think it's from the government, right? And so when you look through these ads and you scroll through and you scroll through like it's just like state seal after state seal. And so like when you call these people and they think it's some free government program or they think it's like a burial benefit or you know, they think it's about Medicare or whatever. Like the reason why is most of these cats out here that are generating leads, they're doing it so like, so misleading, right? Like the whole game, the whole thing that people will teach you is to say state approved, bureau program, state regulated program. And I used to do the same thing, to be honest with you. But what I've realized, and if you want to actually have quality leads and actually have like people that are serious about life insurance, the best way to do that is just change your messaging on the front end. And when you do that, everything else becomes easier, right? You're not going to get people that think it's a free program. You may pay a little bit more for leads, to be honest. You might, but the quality of lead is going to be so much better. And so honestly, that's the end of my rant. I think the biggest takeaway that you should have from this is just like if you're going to generate your own leads, use a, use messaging that's actually like about life insurance and talks about, hey, this is what life insurance is, this is what the program is, this is what pain point it solves, right? That's what I would do. And if you're going to buy leads from like a vendor or have somebody generate them for you, make sure that you know what they're running, right? Make sure that they're, they're not running state approved funeral program or funeral benefit or whatever like that type of language. Yes, you'll get a lower cost lead, but your leads are going to think it's free. So that in my opinion is the biggest scam in the life insurance industry. When people sell these leads to agents and then also like when you're calling these people they and you're like, oh well you know Ms. Jones, nothing's free. Like your ad said it was free. So that's the biggest thing. Take care guys, I'll see you in the next one.