Charge Back Hell

[Daytona_Guy]

Hey Chris...do you think the response rate is higher for $0-$15,000 income than higher income levels when doing Final Expense direct mail?

Actually, my response rate in my county actually went up.

I think those in government housing, etc. think they could not afford premiums in the first place and don't bother sending the card in. Therefore, instead of mailing to them in the first place, I'm mailing to more qualified folks that could actually afford it if they wanted to. These folks are also the ones that care enough about their financial situation to know that they need this coverage and how it will benefit their families.

When I was in the projects the attitude I saw VERY often was that they just don't care what happens when they're gone. They figure the "Gubment gonna take care of it".. like they always have taken care of them.

 

[maleman2045]

Good info here on how one should position themselves for the long haul on chargebacks.

Daytona,

Good info there. I was not sure about adding FE into the mix of products that I could sell and would like to become educated on how FE has advantages over small WL policies.

Any suggestions you have would be greatly appreciated.

 

[Daytona_Guy]

Final Expense plans are just that, small whole life policies. Their uniqueness is in the fact that they have very simplified underwriting that definitely fills a need in the senior market.

You should certainly consider adding final expense to whatever else is it you're selling. The learning curve is about 2 hours and you're an expert on the policies, themselves. When you ask a client of yours who will be paying for their burial costs, they'll often tell you that they have not planned at all for this. The next question, whether they want to leave this to their children as a financial crisis or take care of it ahead of time with small monthly payments usually leads them to the right decision.

You can ask of them if they have ever known anyone that died without a plan - and what that situation was like for their family. This will evoke memories of financial crisis and family turmoil - all things that can be avoided if they make a plan with you. This is really the job of any reputable financial advisor - to take their whole financial plan into account when doing their Medicare plan, estate plan, etc. etc. I would just propose it as just another service you offer.

Oh, and the commissions for helping them in this way are great, too! The residual commissions for the next 10 years out are a great way to build a long term income for yourself.

I was not sure about adding FE into the mix of products that I could sell and would like to become educated on how FE has advantages over small WL policies.
Any suggestions you have would be greatly appreciated.

 

[maleman2045]

Final Expense plans are just that, small whole life policies. Their uniqueness is in the fact that they have very simplified underwriting that definitely fills a need in the senior market.

You should certainly consider adding final expense to whatever else is it you're selling. The learning curve is about 2 hours and you're an expert on the policies, themselves.

...

Oh, and the commissions for helping them in this way are great, too! The residual commissions for the next 10 years out are a great way to build a long term income for yourself.

Daytona,

Thanks for the advice and will add that into the products that I sell. Which IMOs should I look at to sell FE products ?
I also noticed you're local and reference a website who's brick and mortar is also local in Seminole Cty. What have been your experiences with them ?

Thanks in advance.

 

[Daytona_Guy]

Daytona,

Thanks for the advice and will add that into the products that I sell. Which IMOs should I look at to sell FE products ?
I also noticed you're local and reference a website who's brick and mortar is also local in Seminole Cty. What have been your experiences with them ?

Thanks in advance.

Maleman..
That's my office in Lake Mary, at 801 International Parkway, Fifth Floor. The company name is Freedom Retirement Planning, LLC. I'd love to have you stop by for a visit!
I am in the field 3 days a week at varying times, so just give me a call first before you come to the office.

Of course I have some recommendations on the current best carriers in final expense!

Chris
(800) 729-9590