- 707
You are right on target!!!!
You can't really mess up with FE ... it is so simple.
It comes down to what they can afford and how much insurance they want.
If they want 25k but can't afford the payment, you sell them a 10k ... everyone is happy ... or you sell them a 25k term that converts to whole life later ... you work with their budget.
No one is really going to get that screwed if you are new and don't sell the best policy.
True, you could have done better, but there isn't going to be a financial disaster.
The main rules you have to play by as an FE agent is:
1. Be truthful about their health conditions on the application.
2. Reveal whether they are a smoker or not (don't try to lie about it to get them a better price).
3. Tell them if you are putting them on a modified or graded policy. Many agents in South Texas sell seniors policies that have a two year modified benefit (meaning there is basically no coverage for the first two years) without telling the client.
Other than these three things, you just do your best. You will learn as you go as to which products are the best for each client. I personally like 10pays and 20pays ... this is a great sales tool that even if it's a little higher premium than another companies, you have given them a good product which most FE agents don't sell. You've done them a favor. These are exciting products to sell seniors who've only heard of Level Pay policies ... it's a GREAT SALES TOOL!!!! It sells itself.
That's my 2cents
You can't really mess up with FE ... it is so simple.
It comes down to what they can afford and how much insurance they want.
If they want 25k but can't afford the payment, you sell them a 10k ... everyone is happy ... or you sell them a 25k term that converts to whole life later ... you work with their budget.
No one is really going to get that screwed if you are new and don't sell the best policy.
True, you could have done better, but there isn't going to be a financial disaster.
The main rules you have to play by as an FE agent is:
1. Be truthful about their health conditions on the application.
2. Reveal whether they are a smoker or not (don't try to lie about it to get them a better price).
3. Tell them if you are putting them on a modified or graded policy. Many agents in South Texas sell seniors policies that have a two year modified benefit (meaning there is basically no coverage for the first two years) without telling the client.
Other than these three things, you just do your best. You will learn as you go as to which products are the best for each client. I personally like 10pays and 20pays ... this is a great sales tool that even if it's a little higher premium than another companies, you have given them a good product which most FE agents don't sell. You've done them a favor. These are exciting products to sell seniors who've only heard of Level Pay policies ... it's a GREAT SALES TOOL!!!! It sells itself.
That's my 2cents
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