David Duford's Biggest FE Sale

Back when In started in the business, running a debit in 1971, National Life and Accident was still selling their Industrial Weekly Premium products. $1500 was the maximum issue on any one life but that was enough to pay for the funeral in those days. One nice thing was the policies had a sight draft on the front of the policy. When the insured died, the beneficiary could get the funeral director to sign the certification on the draft and then it could be presented to any bank and they would cash it. Actually could provide same day payment upon the death of the insured.

I sold many to supposedly non FE people with the approach, when you die the funeral home is going to want either cash or and insurance policy before they provide services. The last thing you want to do is have your wife take your $50K policy down there. First of all, it is none of their business how much total coverage you have. Second, if they know the money is available they may be tempted to up sale your wife convincing her to overspend. This "burial" plan assures that doesn't happen. Doesn't that make sense to you?

In fact, it still works today. Earlier this year, I had an interview with a 79 year old retiree that had a very comfortable income. He told me he had enough insurance. I used this approach and sold him $10K for a premium $169.00 per month and he was very pleased.
 
Great video by Dave talking about his largest FE sale and the fact he almost did not make the call because of his biased thinking..



Great story! That was a typical funeral preneed home. But I've run many of those where they take FE (or WL if they are healthy) over preneed. Most want preneed if they sent the card in to just cover the funeral though.

I assume in this case she had some heath issues or Dave would have sold one large WL policy.
 
This is a great story and a good lesson. I used to take the leads that other agents were afraid to run. From the high end neighborhoods, to the poorest of the poor neighborhoods. Just because someone lives in a "rundown" house does not mean they don't have money sitting aside somewhere.

I went into one house years ago and you wouldn't have thought they had any money to eat that day, much less for a whole month! I walked out with 2 Med Supps, 1 LTC plan (on both), 2 FE polices, and a referral to their son who bought LTC and a UL. There was also a small annuity that I can't recall the numbers on. So, you never know!

I too am curious on the health of this woman and why Dave couldn't do one policy on her.
 
This is a great story and a good lesson. I used to take the leads that other agents were afraid to run. From the high end neighborhoods, to the poorest of the poor neighborhoods. Just because someone lives in a "rundown" house does not mean they don't have money sitting aside somewhere.

I went into one house years ago and you wouldn't have thought they had any money to eat that day, much less for a whole month! I walked out with 2 Med Supps, 1 LTC plan (on both), 2 FE polices, and a referral to their son who bought LTC and a UL. There was also a small annuity that I can't recall the numbers on. So, you never know!

I too am curious on the health of this woman and why Dave couldn't do one policy on her.
Yeah... I had one of those... a ramshackle house that looked as it was about ready to fall in.. sparsely furnished but was clean. I presented United American med supp and even though I usually quoted an annual premium, I gave him a choice of monthly or quarterly. He asked me how much for a year and I thought, "yeah, right" but gave him a quote.. He said, "maw, go get him his money". She disappeared into the front of the house, we were at the kitchen table, and came back with a fistful of crisp $100 bills. Later I would go on to sell them burial plans and LTC... Also wrote 3 of his 4 daughter's families various coverages... one of them just had a claim on her 18 year old cancer policy.
 
Most want preneed if they sent the card in to just cover the funeral though.

I think he said it was a Legacy funding sale. She wanted to leave different people money.

I assume in this case she had some heath issues or Dave would have sold one large WL policy.

Same.

Many SIWL have to low maximum face amounts. The may have been appropriate 40 years ago but way to low now.
 
From the high end neighborhoods, to the poorest of the poor neighborhoods. Just because someone lives in a "rundown" house does not mean they don't have money sitting aside somewhere.

Yup me to. When I started I would take the Oakland, CA leads because the skinny recent college grad kid was afraid to go there. The thing is, Oakland was very poor and gangs to very rich old money. The flat lands to Kensington hills. I made much bigger single app sales in the hills but have made more career sales from the lower middle income clients.
 
Had a DM, Jess, who had been a car salesman for a small dealership here in Athens, TN before going to the insurance business. Said that when he had just started there an old man with overalls and a torn shirt driving an old ragged pickup came on the lot. None of the other salesmen went out meet him so he did. Said he talked with the old man and he was interested in a new pickup. My DM didn't know what they could do on the price so he went in to talk the dealership owner. The owner looked out the window and grunted, "that old man ain't got no money. You are wasting your time."... However, he did quote a price. Jess went out and told the old man the price. He said the old man spit out his tobacco, wiped his chin and said, Reckon I will take it". He reached in the bib of his overalls and pulled out a wad of money and paid cash for the truck. Jess always preached to us to never judge the thickness of a man's wallet while it was still in his hip pocket. :)
 
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