Selling life insurance is so incredibly easy how easy you might be asking yourself well today on this episode of selling life and annuities Brady Doppler associate director of Medicare supplement Senior Life Insurance and Randy Pearson vice president of life and annuity sales we're going to discuss exactly how easy it is all right Brady Doppler so

Let's talk about how the selling life insurance space has changed and really become so much more easy and fast yeah it certainly has changed um I think one of the things I started in the business about seven years ago and one of the things that were surprising to me and I'm sure it was surprising to you um was how behind they were with sort of technology and the ease of doing business all right and with you know the

Acceleration of Technology right in front of our eyes insurance is finally catching up on that um on that drift so it is very easy now it is very fast now and it's slowly being introduced to some of our core carriers um if not every carrier I would say within the next two years we can really say that that they're becoming faster and more efficient yeah I couldn't agree with you more I've been in the business 35 years and I would say

Um the traditional way of writing life insurance taking applications going through the underwriting process changed very little for the first 25 years of my career it's only really been in the last 10 years that we've started to see uh an evolution in the way in which applications are being submitted and processed but to your point in the last year or two or three and I would submit perhaps because uh covet had something to do with that, of course, the last you

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Know 36 months or so uh there's been a dramatic change right in the way life insurance applications have been taken in general across all spectrums of life insurance but particularly in the arena of final expense wouldn't you say I would say so yeah um like we were just getting at you know not every carrier is on this platform yet and not every carrier has the ability to do some of the things that we're going to say to you here but it's

Coming right it's coming and I think the carriers who are out in front of this are going to be much more susceptible for more business right it's faster it's easier you go on our website now and it can become confusing for some agents you know which quota am I supposed to use how am I going to get an application how am I submitting that application and how long does it take for me to get paid yeah are all being dummy down I guess we could say

How Easy Is It To Sell Life Insurance?

Um into a much faster process so yes it is coming yeah and I would say I would submit um that to why is speed so important it's not just about how quickly can I get paid as an agent but also the longer the time period is from submission to issuance and delivery of that policy, uh the less likely you are the odds are that you're actually going to be able to deliver that contract right

You're going to give the client time to perhaps change their mind reconsider perhaps talk to competitors um so the speed is of the essence so let's chat a little bit about technology why has technology facilitated or maybe even how has technology facilitated this Speedy application process yeah so with these carriers that I mentioned are on this drift now their e-application is an instant decision so by the time you are completed with this application you're

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Going to know whether your client is accepted or declined and how they're doing that is sometimes they'll ask for a signature on the very first page right they're asked for this client's signature and in some, it's situations you know it's going to wait to the end of the application but as you are going through this application the client can sense to have their MIB their strip chat MVR Phi all done while you are doing the

The application so as you're going through and asking those health questions asking them about their social security number date of birth other insurance that's in force these things are happening in the background right so by the time you get done with it they can confidently tell you whether this client will be approved or declined and in some situations it's happened to me very little but you could get a pending result may be a red flag was raised during a health question or

How Easy Is It To Sell Life Insurance 

How they answered a health question a red flag could be raised you could get a pending decision but typically those pending decisions are still 80 or 90 percent faster than going through the old process of having an underwriter review it and getting back to you maybe you're missing some information still a much faster process so instant decision yeah with these new e-applications are making this process seamless and the carriers that that that we're alluding

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To that have these types of processes are literally approving 95 of applications on an instant decision basis um but you know a lot of this is facilitated by you know artificial intelligence tools in the background that are helping to process the decision-making uh in a much more expedited uh fashion so much so where some of these carriers were referencing in this video

Are providing underwriting decisions in as little as eight or nine minutes certainly less than 10 minutes yeah one of our new core carriers I'm going to call them a core carrier now and I want to make you guys call me to figure out who does this right so that's my hook um one of the carriers we can write four policies um so two insured two policies a piece in less than 20 minutes on an instant

How Easy Is It To Sell Life Insurance 

Approval platform so you could write two Medicare supplements and two final expense cases in less than 20 minutes and it could all be done with policy in Hand by the time you close out of your computer and what I think I heard you say right there are four policies means four commissionable events and by the way, I happen to know that for the carrier Breeze referencing we're also offering some dramatic bonuses for the sale of those contracts and so I

Mean it's an income opportunity if you were to do that right before two Insurance uh two policies a piece that would be an extra 550 income extra that's not counting your regular call just extra income so to find out who that is please give me a call I'd love to have that chat yeah absolutely and in addition to speaking about that specific carrier please contact Brady because he can clue you into some of these other carriers that in particular

If you're working in the final expense space can transform your business and provide a whole new and dramatic income Silo to your practice so reach out to Brady of course but unfortunately, for now, we've run out of time on this episode of selling life. More: Life insurance & Types