that will put your cancel and lapse chargebacks away until your as earned commissions take over and pays it back a little at a time?
Do You Know if There Are Any FE Carriers
- Thread starter 5pill
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Senior Life also.
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Settlers Life
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- #5
thanks guys...i really appreciate it.
Reworded for what you really mean.
a. you didn't "earn" the money by placing a quality piece of business... why keep it?
b. look closely at the interest charged on such commissions as well as the whole advanced balance
MY diagnosis: You're selling to a predetermined income need. Say you need $3,090/mo... you'll sell withing 10% give or take of that needed level. When that goal is realized you lose the drive to keep going . When you're selling to satisfy a set income need and miss a sale or get a chargeback you're hurting, but when you pass it you pay bills or blow it.
I may be way off base with you, but I've watched many many agents living off advances and what I'm talking about rings true more often that not.
- 7,066
Cancellations and lapses are an occupational hazard of selling FE insurance to extremely low income people.
I know that doesn't answer your question but it may give you a better insight regarding the demographics that you are targeting. I have sold a lot of FE but have never prospected for it. All of the policies I have written have been to people who have Med Supps with me.
They have "money" and don't make emotional decisions regarding taking a small life policy to cover their funeral expenses. In fact, I don't even "sell" it to them. I simply suggest that they may want to re-invest a portion of the money they saved on their Med Supp in a FE policy.
It works extremely smooth because I'm not using any "new" money for the FE premium.
- 26,147
United Heritage
Also you may want to start backing off your advance percentage. Say, 75% to 50% then to 25% Then as earned. I like 25% only because that first little advance feels like an "at a boy" for the sale.
Also you may want to start backing off your advance percentage. Say, 75% to 50% then to 25% Then as earned. I like 25% only because that first little advance feels like an "at a boy" for the sale.
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Wise thinking, WB.
- 707
colorado bankers ...
BTW ... you can't avoid chargebacks .... you can reduce them by staying in touch ... but you can't totally avoid them ...
it does help to have a company break up for you, regardless of interest ..
all in all, it will work out though ... just keep writing business ... most will pay
BTW ... you can't avoid chargebacks .... you can reduce them by staying in touch ... but you can't totally avoid them ...
it does help to have a company break up for you, regardless of interest ..
all in all, it will work out though ... just keep writing business ... most will pay
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