The formula, once
Cost per issued policy equals per-lead cost divided by the product of contact rate and write rate. Everything else in this article is applying that formula across realistic ranges.
Per issued policy = per-lead cost / (contact rate x write rate)
Realistic ranges, 2026
Real-time form-filled life inventory:
- Per-lead cost: $20 to $50
- Contact rate: 35% to 50%
- Write rate on contacted: 4% to 9%
- Blended per-policy cost: roughly $450 to $1,200
Aged inventory (life, 30 to 90 days old), worked with a full cadence:
- Per-lead cost: $1 to $3
- Contact rate: 10% to 18% over full cadence
- Write rate on contacted: 2% to 5% (lower because intent has cooled)
- Blended per-policy cost: roughly $400 to $1,000
The surprise for most agents: at the aged ranges above, per-policy cost is often within 20% of real-time, and occasionally lower.
The volume ceiling is the real difference
The cost math converges. The volume math does not. Aged inventory has near-unlimited available volume at low cost. Real-time is bounded by how much traffic the upstream funnels can generate in a given day. An agency that wants to grow to 50 producers cannot do it on real-time alone; it has to blend.
The cadence difference matters more than the price difference
Most agents who decide "aged does not work" tried to work it on a real-time cadence (three dials over two days, then abandon). Aged works on a 14 to 21 day SMS-led cadence with 8 to 12 dial attempts distributed across dayparts. Switching from a real-time cadence to a proper aged cadence often doubles aged contact rate.
When real-time is strictly better
- Solo agents with fewer than 20 hours of dedicated dial time per week.
- High-AFYP advanced-market products (IUL, large-face term) where one case pays for 30+ leads.
- Seasonal sprints (Q4 Medicare AEP, Q1 ACA OEP) where speed is worth more than volume.
When aged is strictly better
- Multi-producer call centers that need to fill dialer capacity.
- Agents running SMS-first cadence with disciplined nurture.
- Teams that write final expense at scale where $1 leads align with $200 target premiums.
- Teams building recurring book value from a slower conversion funnel.
The blended program
Most well-run agencies land on 60% to 70% aged by volume, 30% to 40% real-time by volume. Aged fills the dialer; real-time spikes daily write rate; the blended per-policy cost typically settles in the $400 to $900 range depending on product and discipline.
The agent who buys a small real-time test and writes off aged as "junk" is rarely evaluating aged; they are usually evaluating their own cadence.
Run your own numbers
Use the ROI calculator to plug in the contact rate and write rate your team is actually hitting. The per-policy cost that comes out of the calculator is the number that should drive all lead-budget decisions.
Written and fact-checked by The ClosrLeads Team.