Deleted

[noah]

Buy more leads deal with people who have regular bank accounts

Get trained correctly by an experienced agent at the top of his game who has bought leads and made their living actually selling final expense

Go out of your way to avoid marketers who never wrote a final expense application and are simply contract hustlers

Repeat these three sentences over and over in your mind until you have mastered final expense field underwriting/sales

 

[Telesales314]

Like most people have already stated, try to screen out this type of business if you can. Especially starting off.

HOWEVER, sometimes during the screening process clients incorrectly tell myself or the prequalifier that they do have a bank account with a real bank. When I find this out at the end of the process (after they have already picked a plan) it will generally only take about 10-15 more minutes to write the policy with a carrier that accepts those cards, so I will.

ALSO---If you are going to go down that road and write that type of business, I would avoid Prosperity IMHO. I cant really speak to them as a default/#1 choice carrier, but I previously used them for any cards/online banks that would slip through.
----Out of 20 clients, only 4 placed (20%) and NONE made it past the 5th month. Although really only 2 (10%) placed since if they only make 1 or two payments prosperity claws back that commission.
----At that point I started using Great Western for these clients and so far 10/15 (66%) have placed. To be clear, that is STILL not ideal, but at 66% vs 10% it is at least more worth my time for the extra 10 minutes.

 

[jdeasy]

Like most people have already stated, try to screen out this type of business if you can. Especially starting off.

HOWEVER, sometimes during the screening process clients incorrectly tell myself or the prequalifier that they do have a bank account with a real bank. When I find this out at the end of the process (after they have already picked a plan) it will generally only take about 10-15 more minutes to write the policy with a carrier that accepts those cards, so I will.

ALSO---If you are going to go down that road and write that type of business, I would avoid Prosperity IMHO. I cant really speak to them as a default/#1 choice carrier, but I previously used them for any cards/online banks that would slip through.
----Out of 20 clients, only 4 placed (20%) and NONE made it past the 5th month. Although really only 2 (10%) placed since if they only make 1 or two payments prosperity claws back that commission.
----At that point I started using Great Western for these clients and so far 10/15 (66%) have placed. To be clear, that is STILL not ideal, but at 66% vs 10% it is at least more worth my time for the extra 10 minutes.

Prosperity charges back 100% if the person doesn't pay 4 months.

The only thing worse than writing junk business is writing junk business by phone.

 

[Telesales314]

Prosperity charges back 100% if the person doesn't pay 4 months.

The only thing worse than writing junk business is writing junk business by phone.

Absolutely correct, as I said definitely not ideal and I would NOT do it if I was a new agent as the poster stated they are. When projecting my income based on sales made, I basically assume none of these accounts will place, so that if they do, its just a bonus. And to be clear Great Western has an identical chargeback rule for their GI (although not for their immediate or graded plans).

But I also like GW for when the client has a real checking account (Wells Fargo/PNC/ US Bank etc) but cant get access to the account number and only has the debit card on them. After exhausting all other options (call bank/online banking/app/etc) sometimes I will write them Level with GW right then and there and be done with it, rather than trying to call them back later, since it is tough to get a hold of people days later.

Debit cards tied to REAL bank accounts and Direct Express cards are still not ideal, but I am much more likely to give those a chance than the green dots-chime-type cards.

 

[jdeasy]

Absolutely correct, as I said definitely not ideal and I would NOT do it if I was a new agent as the poster stated they are. When projecting my income based on sales made, I basically assume none of these accounts will place, so that if they do, its just a bonus. And to be clear Great Western has an identical chargeback rule for their GI (although not for their immediate or graded plans).

But I also like GW for when the client has a real checking account (Wells Fargo/PNC/ US Bank etc) but cant get access to the account number and only has the debit card on them. After exhausting all other options (call bank/online banking/app/etc) sometimes I will write them Level with GW right then and there and be done with it, rather than trying to call them back later, since it is tough to get a hold of people days later.

Debit cards tied to REAL bank accounts and Direct Express cards are still not ideal, but I am much more likely to give those a chance than the green dots-chime-type cards.

I rarely write GI. With anyone. Over 6000 life apps in my career and I would have fingers left if I counted all the GI apps I've written on fingers.

And I chose to not write GW, or Wallabe?, for anything.

 

[Telesales314]

I rarely write GI. With anyone. Over 6000 life apps in my career and I would have fingers left if I counted all the GI apps I've written on fingers.

Yeah my stance is just trying to recoup SOMETHING. I only use GI when they are declined from other carriers, because at that point I've already sunk in my time, and I've already spent the money on the lead.

If I write 20 GI's after declines, it only costs me an additional 3 hours total since I can write a GW app under 10 minutes (since I already have all their info for the app with the declined carrier).

If average AP is $900 and commission is 80%- Lets say for argument that only 1/20 pays the first year, and the other 19/20 don't place at all.
The result is $720 from the 3 hours additional work, which can be used to offset the wasted lead cost for the declines.

Additionally, I don't waste any time chasing GI plans that fall off to try to get them back on the books. The team that does that is much better served trying to save core business.

And I chose to not write GW, or Wallabe?, for anything.

For Chime/Direct express/etc---same stance I use GW because I have already spent an hour, already bought the lead.

For REAL debit cards it is just about giving myself the best odds for a sale. I can try to call them back tomorrow after they run to the bank, but the odds of actually getting on the phone with them again are not guaranteed. I would give myself a 100% chance of closing the deal today Level with Great Western KNOWING that debit cards will inevitably perform are worse than ACH. The alternative is a getting ACH tomorrow that will perform better, but I may only be able to get a hold of the person again 20-40% of the time. I always always always try to get ACH, but its just not possible in every circumstance on the initial call.

But everyone is different, if you have 6000 policies w/o GI/debit then obviously that stance is working well for you.

 

[jdeasy]

Yeah my stance is just trying to recoup SOMETHING. I only use GI when they are declined from other carriers, because at that point I've already sunk in my time, and I've already spent the money on the lead.

If I write 20 GI's after declines, it only costs me an additional 3 hours total since I can write a GW app under 10 minutes (since I already have all their info for the app with the declined carrier).

If average AP is $900 and commission is 80%- Lets say for argument that only 1/20 pays the first year, and the other 19/20 don't place at all.
The result is $720 from the 3 hours additional work, which can be used to offset the wasted lead cost for the declines.

Additionally, I don't waste any time chasing GI plans that fall off to try to get them back on the books. The team that does that is much better served trying to save core business.


For real debit cards---same stance I have already spent an hour, already bought the lead. I can try to call them back tomorrow after they run to the bank, but the odds of actually getting on the phone with them again are not guaranteed. I would give myself a 100% chance of closing the deal today with REAL BANK debit card level with Great Western KNOWING that cards will inevitably perform are worse than ACH. The alternative is a getting ACH tomorrow that will perform better, but I may only be able to get a hold of the person again 20-40% of the time.

But everyone is different, if you have 6000 policies w/o GI/debit then obviously that stance is working well for you.

I just chose to not write GI because they can get a far better deal from mofo or PM. I give those numbers all the time.

It's not a matter or right or wrong. It's whatever you want to do.

 

[Jccwell]

Yeah my stance is just trying to recoup SOMETHING. I only use GI when they are declined from other carriers, because at that point I've already sunk in my time, and I've already spent the money on the lead.

If I write 20 GI's after declines, it only costs me an additional 3 hours total since I can write a GW app under 10 minutes (since I already have all their info for the app with the declined carrier).

If average AP is $900 and commission is 80%- Lets say for argument that only 1/20 pays the first year, and the other 19/20 don't place at all.
The result is $720 from the 3 hours additional work, which can be used to offset the wasted lead cost for the declines.

Additionally, I don't waste any time chasing GI plans that fall off to try to get them back on the books. The team that does that is much better served trying to save core business.


For Chime/Direct express/etc---same stance I use GW because I have already spent an hour, already bought the lead.

For REAL debit cards it is just about giving myself the best odds for a sale. I can try to call them back tomorrow after they run to the bank, but the odds of actually getting on the phone with them again are not guaranteed. I would give myself a 100% chance of closing the deal today Level with Great Western KNOWING that debit cards will inevitably perform are worse than ACH. The alternative is a getting ACH tomorrow that will perform better, but I may only be able to get a hold of the person again 20-40% of the time. I always always always try to get ACH, but its just not possible in every circumstance on the initial call.

But everyone is different, if you have 6000 policies w/o GI/debit then obviously that stance is working well for you.

I would write a Gerber before I'd write another Greendot.

 

[Telesales314]

I just chose to not write GI because they can get a far better deal from mofo or PM. I give those numbers all the time.

It's not a matter or right or wrong. It's whatever you want to do.

That's a good point. I thought about that a lot before I ever started GI. That's another reason why I don't try to conserve GI policies, if they replace it with MoO, then good for them.

I mainly started offering GI because if they haven't taken the step to get insurance in the first 60-70 years of their life, I am doubtful that they will actually take the next steps and get the MoO coverage. Some might, but not all. So I want to give them a chance to lock in something.

However, if I quote the GI and they say 'thats too expensive I cant do that' I always point them towards MoO.

But I agree with you, there's not really a wrong answer.

 

[jdeasy]

That's a good point. I thought about that a lot before I ever started GI. That's another reason why I don't try to conserve GI policies, if they replace it with MoO, then good for them.

I mainly started offering GI because if they haven't taken the step to get insurance in the first 60-70 years of their life, I am doubtful that they will actually take the next steps and get the MoO coverage. Some might, but not all. So I want to give them a chance to lock in something.

However, if I quote the GI and they say 'thats too expensive I cant do that' I always point them towards MoO.

But I agree with you, there's not really a wrong answer.

Many agents think like that. Especially the ones that write the over priced companies too.

"something is better than nothing".

And maybe they are right?