Buying Aged Insurance Leads: Everything You Need To Know

Sam Walton once said, “There is only one boss – The customer, and he can fire anybody in the company.” These are the words of a man who ran a company of over 200 million customers weekly. He understood the significance of knowing the customers in any business; and in this struggle to know and understand customers, sales leads were birthed.

A sales lead is an individual or corporate entity that may eventually become a client or customer for your firm. Sales lead also covers data that makes a person or business a potential customer – age, gender, and the likes. In today’s business world, the chances of a business surviving without leads are tight, and the insurance agency business is no different.

According to reports, companies in the US spent over 2 billion dollars in advertising for generating leads in 2019 only. By 2023, the figure is expected to be in the range of 3-4 billion US dollars. This article tries to understand insurance aged leads and answers one of marketing’s most asked questions; are aged leads worth buying?

Real-time Leads vs. Aged Leads

There are two types of leads that a business can purchase: real-time and aged leads. Real-time leads are fresh, recently submitted by the clients. For example, someone who recently filled a health insurance form is a potential real-time lead.

Buying real-time leads gives a business the advantage of being one of the first to nurture and close the sale. One benefit of real-time leads is that it allows businesses to build better relationships with their potential clients because the policies are still fresh in the client’s memory.

On the other hand, aged leads have been generated 30, 60, or 90 days beforehand. The data from aged leads are usually not exclusive, and most times, the client must have already filled and forgotten about that policy. Aged leads are way cheaper than real-time leads and are recommended for upcoming businesses with a low marketing budget.

Types of Insurance Aged Leads

An agency can invest in different types of insurance aged leads. They include;

1. Auto Insurance Leads

Auto insurance is a type of insurance that provides car owners with financial compensation for any physical damage to their vehicle. It means every car owner is already a potential auto insurance client. Also, all states in the US require car owners to have an active insurance policy, so auto insurance leads are pretty common and sought after.

2. Health Insurance Aged Leads

According to a 2019 census, over 600,000 people were admitted to a hospital daily. Health insurance helps cover the cost a person incurs due to an illness. With over 36 million US citizens visiting hospitals yearly, health insurance leads are the most sought-after insurance leads in the market. Businesses can get insurance aged leads based on health history, geographical, and age factors.

3. Life Insurance Aged Leads

It’s easily the biggest insurance lead data in the market because every living person is a potential prospect. Life insurance leads can be filtered and tailored specifically for your business. Different sites offer you the chance to buy life insurance aged leads for different age groups.

Pros and Cons of Buying Aged Insurance Leads

Buying aged leads come with several advantages and disadvantages.

Pros of Buying Aged Leads

Many argue that buying aged leads is not as productive as advertised, but there are several benefits. For starters, upcoming businesses with low funds can utilize aged insurance leads to pitch to clients from across the globe. Aged insurance leads are cheaper, accurate and sometimes they are fresh and might not have been used before.

Cons of Buying Insurance Aged Leads

Buying aged insurance leads might not be the best option for upcoming businesses. Although they offer cheaper access to potential clients, they are pretty old, and most times, the leads have lost potency, and the clients may have already chosen another policy.

Also, aged insurance leads are not exclusive, and the companies offering them may have sold them to different agencies. These agencies must have pitched their policies, and they might be old and redundant to the clients by the time you get to them. Some of them might have changed their cars or houses, and some might have chosen other insurance agencies.

How to Find the Right Aged Insurance Leads For Your Business

Buying aged insurance leads isn’t just enough; finding the right ones is essential to your firm’s success. Companies can offer either exclusive or shared aged insurance leads.

Exclusive leads are only sold to your business; no other person has access to them. It eliminates the problem of competing with others and puts you in the front position to land clients.

Shared leads are owned and used by different businesses. These are by far the cheapest aged insurance leads and are not advisable for struggling businesses.

Some sites that offer quality insurance aged leads are; 

  • QuoteWizard
  • NextGen Leads
  • ZipQuote Leads
  • With Auto Leads
  • Hometown Quotes
  • InsuranceLeads

The Bottom Line

Now that you know what aged insurance leads are and understand how they can influence the growth of your business. It shouldn’t stop you from using social media and other platforms to reach other clients. 

Buying aged insurance leads will help you expedite things, but nothing beats sourcing and pitching your own clients. Even after buying these leads and landing these clients, you should use Customer Relationship Management (CRM) to hold onto them.

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