Equita Final Expense Services: Beware the FINE PRINT!

[b61mack]

OP you have to put your big boy pants on. i suggest you get a list from josh at med solutions, and call away.. until your fingers hurt... i understand your concern. talk with hooiser daddy, he is with eefes, i believe he gives 90%. and offers good training. that is jd's group..
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as for the feud between insuranceman, newby and jd. i don't think a client has a clue on what field underwriting means, or underwriter. your feuds do get entertaining, and gregs seems to be able to keep up with you guys...

 

[bobwise23]

Is this from one lead generation system alone or multiple ones? Mailers or cold-calling lists??

 

[RAK]

I worked with EFES for nearly 2 years. I didn't really see a lot of problems working with them. It worked fine for a while, but they kept changing the formula they used to calculate the cost of leads. I found better results in getting a higher contract (15-30% higher 1st yr comm) and paying more (or the same) for my leads through varying mail houses. The key to getting away from EFES is realizing that they put you on a contract that not only reduces your 1st yr commission rates by 25-30%, but that your renewal commissions are about 60% of what they would be in a regular contract situation.

 

[b61mack]

josh, is the little jumping guy,he is a data guy,he supplies alot of us on the forum with lists, to cold call. give him the income and ages.

 

[Tearmann]

...Some of the language in the paperwork like that of the Equita group from Dallas states that you have a moving target on lead cost based on your production, some formula based on premium generated per lead and leads could run up to $34 a lead. Also, I believe it is this same group that states that if you ever want to leave or end your lead program with them that you must give at least 2 weeks notice in writing but that you will pay $32 or $34 a lead on any mail that comes in that was sent out for you. The potential fine print trap there is how the heck do you know how much mail was actually sent out for you and how many future lead returns will you be actually on the hook for...
I also heard through some other sources that they will never let you out of a Carrier Contract if you decide to leave and that your only recourse is to find new carriers to work with or sit out the carrier's defined sit out period.
Any of you have any experiences about trying to leave this group and are there any other marketing groups with more reasonable separation terms?

Looks like the Final Expense business is a good one but just want to ensure I know all the facts before wading in.

Still Looking.

I have had some experience with a different IMO using direct mail - it's not unusual for them to want you to purchase the leads in your area should you decide to leave. The way around this is to stop ordering leads and when they run out you'll owe nothing. As to releasing you from your contract - also not all that unusual but unfortunate. Not granting releases, in my opinion, is ridiculous. Better quality GA's or IMO's will release you within 30 days of your last placed policy date...which makes sense.

 

[TDinsgrp]

DJW...I don't jump on here much as you can see why. LOL Wow...I'm exhausted just reading this thread. But, you are more than welcome to contact me or ask me on anything you like? As you might see from the very few posts I have on here, I'm always upfront. No reason to sugar coat or get nasty. Just state facts. With that said...the facts about EFES on here aren't really accurate. And I say that on a high note. Not a dig. I decided to move onto to a higher level in my career and EFES was a great stepping stone. Just not much room for the growth I want in my career. To make it clear...you need to give a 2 week notice yes for the reasons implied. They dropped the mail so you can't just up and quit? They can't call the client and say "yes, mam, our agent left so please don't return that card". However, it also goes onto to state for some of the newer agents that is, that any leads that come in after that "may" be your responsibility. Meaning, if they can't find a home for them, they could drop them in your box and you will get charged. Your card declines? They have forms from you that allow them to capture your commissions from the carriers to pay back those lead charges. If you quit...they do not just charge you $34 per lead for the rest of the leads that come in. Who would sign that? What is saaaay's... If they catch you using THEIR leads to sell with another carrier NOT under their umbrella of carriers, they "MAY" charge you the "difference" of what you paid and $34 per lead for every lead you ever received from them. I've only seen them do it to a few agents though. But, for every crook, that's another page added to one's contract LOL. I would lose a lot of agents that would not sign the contract and it sucked! But, it has to be that way for those who want cheat? So, it's simple. Give them the 2 week notice but be prepared to run other leads that come in after that if they can't get rid of them. Simple as that. Last note, there is life after the IMO. Me personally, I would never do the IMO deal again. Low renewals and low comp...most of the time. Not everyone is the same. I like my deal. Work direct for the carrier. Do lead deduction through commissions. Offer high contracts with great renewals. That's just what "I" believe to be a good formula to raise a $1 million agency. I wish you and anyone else luck who may be looking for answers on their next move. Weigh the pros & cons.

 

[primetime166]

I worked with EFES for nearly 2 years. I didn't really see a lot of problems working with them. It worked fine for a while, but they kept changing the formula they used to calculate the cost of leads. I found better results in getting a higher contract (15-30% higher 1st yr comm) and paying more (or the same) for my leads through varying mail houses. The key to getting away from EFES is realizing that they put you on a contract that not only reduces your 1st yr commission rates by 25-30%, but that your renewal commissions are about 60% of what they would be in a regular contract situation.

one post.... interesting... some things make you go hmmmmm?

 

[rapidrobert]

You say "interesting" like it's a rip-off. It isn't. It's simple math. I've never seen cheaper leads from a mail drop- ever!

I have a couple of high comp contracts OUTSIDE of EFES, but I have never, nor would I, use those companies for EFES leads- unethical.

However, if I'm wanting to run EFES leads 4 days a week and my own 2 days a week- best of both worlds.

Also, like JD says- IT IS NOT FOR PART-TIMERS!

 

[floridabroker]

Bottom line issue is agents many times wont work leads that are even given to them let alone pay for them.

We were approached to work a closed program where we would be given leads (actually people who wanted the life insurance) to write. Their BIGGEST concern was that we only use agents that would actually work the leads!

So for contracts like these trying to protect the company I can see why they do it.


The releases though are rediculous. Why hurt someones career if they dont want to work for you? If you treat people right 99% of the people stay with you. The other 1% either want to start their own businessses or are crooks!

 

[rousemark]

as for the feud between insuranceman, newby and jd. i don't think a client has a clue on what field underwriting means, or underwriter. your feuds do get entertaining, and gregs seems to be able to keep up with you guys...

As a newby reading several past posts, I find the argument amusing. It seems no one wants to admit to being what they are..Everybody wants to be a Field Underwriter, Insurance Advisor, Insurance Representative, etc. Nobody wants to be known as an Insurance Salesman (person) or Sales Agent.. But that is exactly what most are unless they are working on a fee only basis. Don't know any FE agents that go to a prospects house just to "advise" They go to sell or they go broke.