Sell low cost policy

Mr Tan
How many low cost policies must I sell a day, to earn an decent income?

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REPLY:

If a life insurance agent sells an average of 1 policy a week, he needs to earn $1,000 per policy, to achieve a monthly income of $4,000.

If the agent sells 1 policy a day, he only needs to earn $200 per policy to achieve the same income. This is lower cost to the customer.

If the agent sells 4 low-cost policies a day, he only needs to earn $50 per policy. This will make the product more affordable to the customer.

You can sell 4 low cost policies a day, if you get the customer to come to you (eg visit your office). They will do so, if you offer simple, good value products.

Many people buy shares by telephoning the stockbroker. The stockbroker does not have to visit the customer!

Lesson: To make life insurance more affordable to customers, we need to develop a new and more productive way of selling the "good value" products.