The new drop ticket process for applying for life insurance is a great innovation in the life insurance industry. It makes the process of selling life insurance so much easier than in the past. Add in accelerated underwriting and you have a win, win!!
But sometimes there is some miscommunication about the process. You drop a ticket and the client never gets the phone interview done. The carrier’s tele-interview center calls your client 5 times and they don’t respond!! You just had a missed opportunity to get your client the life insurance benefits they need, and you lost a sale plus the compensation that goes with it.
When I visit with advisors that are first utilizing the drop ticket process, I say to them “You really should tell your client at least twice, maybe even three times What Happens Next!” They need to understand what is going to happen and follow through in the process.
Here are some Best Practices to help you make the Drop Ticket process easy and successful:
- As with any life benefit sale you need to Pre-Qualify your client to make sure you are offering the correct tentative rate classification. Drop Ticket does not mean guaranteed issue. The insured will still be fully underwritten for life insurance.
- Once you have provided a proposal to your client and they accept, explain the drop ticket process. Something like this:
- We are going to be using a drop ticket process for your application for life insurance. I will be getting some basic information which I will send in to the carrier. This will take about 5 minutes.
- The carrier will then give you a call to take the full application over the phone. We can provide them with a time and date that works best for you. This is when you are actually applying for the life benefits.
- Now, if you give me your cell phone number as the phone number you wish to have the carrier representative call you on, remember, their call will be coming from an 800 number and if you are like me, you don’t answer 800 numbers. If the call is at the time we have requested, please answer or please listen to the message they will leave and make sure to call back.
- The phone conversion will take anywhere from 35 to 45 minutes. It is important that you have ready:
- Driver’s license number and social security number
- Names, addresses and phone numbers of the doctors you have visited in the past 10 years
- Reasons for and dates of medical treatment
- Names of any prescription medications you are taking
- Other life insurance policies including company names, coverage amounts and policy numbers
- Financial information including income, assets, liabilities and net worth.
At the end of the phone conversation, the tele-interviewer will set up the paramedical exam at a time and place convenient for you.
- Now, once you have told your client all of this, drop the ticket and tell them the process all over again!
- After you hang up the phone or your client leaves your office, send them an email saying something like this:
- Thank you again for choosing _________ and ________ Life for your life insurance needs. Just as a reminder, what we just completed is a preliminary transmittal, this is not the actual application for life insurance. The carrier tele-interviewer will be giving you a call in about 24 to 48 hours to complete the application over the phone. The call will come from their 800 number. Their call back number is 800____________. This call will take about 35 to 45 minutes. They will set up the paramedical exam with you before concluding that call. It is always a good idea to fast before your bloodwork so I suggest setting the paramedical exam early in the morning. I have attached a What Happens Next piece for you to review in preparation for the tele interview.
- Lastly, if you know the time of your client’s interview, shoot them an email or text reminder that morning to get them ready for the interview. The more you can remind your client of what happens next, the more successful the process will be.
The Drop Ticket process for selling life insurance can be very quick and easy on both you and your client, but if your client does not understand “What Happens Next”, you are setting them up for a challenging process. Explain it again and again. You will be glad you did!
Want to learn more about Drop Ticket and how it can make your life sales easier? Give us a call at 800.747.4445!