You can try and understand all you won't, but no matter how well you understand, you will never get Greg to understand. He simply doesn't want to understand anything else other than SL. He's stuck in that rabbit hole and refuses to see there is a whole world outside of it.
Experience with Senior Life ?
- Thread starter Roses39
- Start date
You can try and understand all you won't, but no matter how well you understand, you will never get Greg to understand. He simply doesn't want to understand anything else other than SL. He's stuck in that rabbit hole and refuses to see there is a whole world outside of it.
It works for him and he is happy so that is great.
Lol I'm rolling in laughter . If you miss a 3 month production window you have to pay over $1900 a month . Doing $1.2 million you still pay $400 a month for family . I bet it has a $5k deductible . If you miss months of production goals they terminate the coverage. Do you really want to put your health insurance in the hands of senior life ? Wow I'm speechless Greg would even mutter they have a "health" plan
BarryNY
Guru
- 271
[QUOTE="DonP, post: 1373488, member: 90591
Do you really want to put your health insurance in the hands of senior life ? [/QUOTE]
Doesn't this question say it all?
I mean if a company has the balls to put together (what they are calling) a "benefit" for their agents that is so unattainable that it actually puts you/your family in danger....doesn't it tell you a lot about their corporate philosophy & personality....
With ALL the choices out there for anyone to do Final Expense business, either F2F or telesales, whether independent or captive - then truly the bigger question should be:
Do you really want to put your financial well being in the hands of a company like Senior Life?
Do you really want to put your health insurance in the hands of senior life ? [/QUOTE]
Doesn't this question say it all?
I mean if a company has the balls to put together (what they are calling) a "benefit" for their agents that is so unattainable that it actually puts you/your family in danger....doesn't it tell you a lot about their corporate philosophy & personality....
With ALL the choices out there for anyone to do Final Expense business, either F2F or telesales, whether independent or captive - then truly the bigger question should be:
Do you really want to put your financial well being in the hands of a company like Senior Life?
Their agent contract seems to have more "gotchas" than any other contract i have ever seen.
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BarryNY
Guru
- 271
Yikes...like the NorthStar gotchas.....run and hide...
Their agent contract seems to have more "gotchas" than any other contract i have ever seen.[/QUOTE]
Folks getting hosed everywhere. Maybe democrats should do more organizing and less philosiphizing.
- 26,137
I guess, for people like me, the bigger question is why would you put your financial well being in the hands of any company or captive agency?
Back to your question and the unbiased truth.
SL has some good things about it, as well as some...(things they can improve). Those here who do not represent SL offered what they felt were the bad, without sharing the good. On the other hand, those here who represent SL, as expected, did not share anything bad about the company. Therefore, I will chime in, from personal experience.
The Good:
1. Contrary to what anyone else says, SL has the best Live Call Transfer Leads on the market. The App is designed to alert every agent at the same time who is licensed in the same state that the call is coming in from. The caller will be transfered to the first agent who accepts the lead. PERIOD! No different than how Uber and Lyft do it. The cost for each lead is $34. They are the most competitve out here for this quality of lead. The Bad: The call is not qualified before the transfer. Their definition of a quality lead and screening is, "May I have your name, address, telephone number and date of birth, in case we get disconnected?" These are the first words the caller hears when the telemarketing represenative answers the phone. The inbound caller is caught by surprise thinking they were calling to seek general information, but instead asked for personal information right away. That is the extent of the qualifying process. If the caller refuses to provide all or some of the information, or provides bogus information, it will still be sold as non-refunable lead. You are only refunded a) leads that do not qualify due to age; b) transfer did not occur AND contact information is not provided (assuming the call drops while processing the transfer); c) caller is a current client; and d) same household within the last 30 days.
2. The Good: They have an easy system to learn for any agent coming into the industry who is new to FE. Using an iPad, you have the ability to insure any health condition you can imagine. In addition, you can insure those imprisoned, without their signature. The Bad: Of all the policies they offer, the only rates that I and most independent agents agree to be competitive are Ultimate Preferred (which your training manager will literally advise against selling, because the commission sucks) and Super Preferred. However, there now exists a handfull of companies on the market that compete very well against SP. Again, you don't have to worry about competing with UP, because SL doesn't even sell it.
3. The Good: It is true that their Legacy Assurance product has proven to be of some value. This is evident by those consumers who fully understood what it does, and what it does not, its separate membership fee and still agreed to buy. The Bad: If the beneficiary is unaware of this benefit, what good is it. After all, the policy owner can't tell them after they've passed away. In addition, it's a separate business entity. The beneficiary files a death claim with SL, not with Legacy Assurance.
4. The best part about SL is that you will learn what FE is, only FE, and how to write a policy. You should also learn that it takes a lot of leads to make this gig work.
Unfortunately, there is more to be concerned about:
1. You are not given access to a commission schedule prior to signing. As a result, you find out after the fact that what you thought you would receive per policy, is not true. For example, assuming you are new to the business and agree to a 75% commission, that rate only applies if your client qualifies for Super Preferred and Preferred policies. However, if you do not insist that every policy include a Legacy Assurance membership for an additional $4/month, your 75% commission on your SPref and Pref client drops to 45%. Did they tell you that in their presentation? In the event your client's health condition(s) disqualifies them for SPref or Pref, your commission drops even lower. Did they at least tell you that, in their presentation?
So, let's put some math to it: We all agree that the average annual premium for a FE polisy is $600. Assuming your client qualifies for SPref (best case scenario) and you sell them Legacy, your first year commission is $450. Assuming their typical advance of 60% (this is negotiable), you can expect to see $270 in your bank account. Keep in mind, their best leads, the GlenGarry leads, are $35. Assuming you buy 20 leads per week, investing $700, you must close 13% of those, or 2.6 leads out of every 20 to break even on what you were advanced. Let's assume you are average and closing 20%, or 4 out of every 20. You will net $380/week ($1,080 advanced - $700 lead cost). Not counting your paythrus, that's as good as it gets! For now, we're only talking immediate cash inflow and cash outflow. Now, consider how much your weekly income will plummet, if you sell someone who does not qualify for Super Preferred or Preferred. How much higher does your close/lead ratio need to be now just for you to survive, God forbid feed a family of 3?
If we are more optimistic and assume you are an above average closer, would it make sense for you to agree to 75% commission schedule when it only pays on 1 or 2 of their whole suite of products; when most of whom you sell won't qualify; especially, when you can get an additional 40% commission elsewhere for those clients who won't?
2. They have been known to re-assign agents that you have recruited to build your own agency and provide for your family, to other managers. This has occurred in both, protected states and non-protected states. However, in the same breath, they will swear that you are building your own business. If that sounds a bit oxymoronic, I tend to agree.
3. The Good: They do, in fact, offer heath insurance benefits. LOL. I apologize for the LOL. The Bad: Here is the cost-benefit breakdown: Production requirements: a) $150,000 in annualized premium over 3 months entitles the independent agent/agency to pay medical insurance premiums costing $450/mo. for an individual and $755/mo. for your family. b) $200,000 over 3 months, $350/mo and $640/mo, respectively. c) $250,000 over 3 months, $300/mo and $575/mo respectively. d) last, but not lease, $300,000 in annulized premiums, you pay $200/mo for an individual and $450 for your family. In other words, if you write $900,000 in personal production, you get to pay just as much as one would in the Individual Marketplace for a High Deductible Bronze Plan. I submit, that if you are capable of producing $150,000 in annualize premiums per quarter, not only would you not have posted your question, you would be a superstar in this business. So, why is SL and their representatives promoting health insurance as a major benefit to contracting as a career agent with them, when less than 1% of all their current agents qualify? If my percentage is off, ask them to please provide you the correct information.
4. The Good: SL accepts CC and Direct Express as a form of premium payment.
The Bad: Regardless of the policy your client qualifies, or them agreeing to the Legacy Benefit, the agent commission is 1%. To add insult to injury, this 1% is paid out to you as-earned. This is another example of one of their infamous, "Gotcha's!"
In closing, you asked for the good, the bad and/or indifferent. Take what I stated with a grain of salt. There are obviously some very successful agents within the organization. Experience them for yourself and make your own decision. The good news is that it won't kill you to do so. Neither will it be the last mistake in life you will ever make, provided it doesn't work out for you. If my response to your post is not disputed by any current SL reps, I suggest you not only accept what I said as the truth, but nothing but the truth, so help you! Hope I have enlightened you.
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I think he may have too much to lose to consider alternatives at this point.
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