FE Insurance over the phone

[Hockeynut]

I am new to the business and looking at a company that specializes in FE telesales to seniors. The leads cost $20, all sales are done in their office and they offer health insurance if you average $12,000 a month. They offer full training and a licensing class. The leads are from mailers and TV. They have just started to try passing the TV leads directly to the sales agents as they are called in. Trial run last week was $112,000 for 8 Agents. Commission rates are 70%, with a 65% passthrough. Residuals are 2-5%. Would this be a good deal for someone new to the business?

Second part is I have contacted Americo, Oxford and Settlers to see what they have to offer. I have only received one of the packets so far but the commission rates are about 40% higher along with the residuals. What are your thoughts. I have over 20 yrs selling experience.
What would be a good place to go to receive more product knowledge?
Thanks,
Hockeynut

 

[myinsurebiz]

You must be talking about the group in Thomasville, GA?

I was with them ( still am kinda ) - so were a few of my closest friends. I spent more on leads than I made. The rates suck. The business doesn't stick and it was a very political arena to play in. My friends got royally screwed by their upline.

Good Luck!

Tom

 

[magagent]

Would these companies happen to be Senior Life, Lincoln Heritage, or Senior Direct USA?

 

[myinsurebiz]

Lincoln doesnt do phone anymore do they?

Neither does Baltimore Life.

I'm sick of Final Expense, old People and sick People.

I lasted a whole month in FE with SL - I could care less if I write another FE policy.

Give me a 5' 2" 300 woman anyday OR a healthy couple in the late 20's.

Tom

 

[magagent]

As far as I know Lincoln still does F.E. over the phone here in Mississippi, Louisanna, Alabama. Baltimore Life, had discussed suspending their phone sales in this area for whatever reason.

 

[Hockeynut]

You must be talking about the group in Thomasville, GA?

I was with them ( still am kinda ) - so were a few of my closest friends. I spent more on leads than I made. The rates suck. The business doesn't stick and it was a very political arena to play in. My friends got royally screwed by their upline.

Good Luck!

Tom

You are correct. It is the company from Georgia but at a different location. This branch has 16 agents. Two of the agents made over $5,000 last week all by phone sales.
If at a different office without the politics would it be worth looking into?
Thanks, Hockeynut

 

[jdeasy]

As far as I know Lincoln still does F.E. over the phone here in Mississippi, Louisanna, Alabama. Baltimore Life, had discussed suspending their phone sales in this area for whatever reason.

Lincoln Heritage does not do FE over the phone. I've only been writing for them going on 2 years now, so, I don't know if they did it in the past or not. They are insistant now that you see the person. If an agent is doing their FE over the phone, they are doing it without the knowledge of LH.

I have asked in the past if I could take an app by phone was told a resounding "NO". I called again today after reading this to see if anything had changed or if there were States where it could be done by phone, I was told absolutely not, not in Ky. Not in In. Not in Tn. Not in Mo., {my licensed States}, and not anywhere else.

 

[magagent]

Well if LH is not allowing phone apps, then I know of a couple of call centers that has about 100 agents and several managers that LH needs to come visit then. They have been doing it for at least a couple years.

 

[jdeasy]

Well if LH is not allowing phone apps, then I know of a couple of call centers that has about 100 agents and several managers that LH needs to come visit then. They have been doing it for at least a couple years.

Obviously we are getting two different stories. I can only go by what they tell me. I haven't tried to buck the system and write on over the phone.

They don't allow faxed apps because they want the "original" signatures. How are they getting that over the phone?

 

[magagent]

I am being told no sigs required, here is how it was explained to me by a an agent who sells LH over the phone. They call Mrs Jones and go through the entire phone presentation, ask Mrs Jones if they can record the phone call, "yes" Mrs. Jones said. They do a "three way" phone call with the agent, Mrs Jones, and a underwriter at LH. The Health questions are asked while all 3 are on the phone. The Phone call that was recorded is also, saved to a cd, and sent to LH.

Agent gets paid 6 months on submit, the other three when the policy is issued.