FE Saturated?

May 20, 2019

  1. Engcon
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    Engcon New Member

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    Hello, alot of people say many things, such as the FE market is saturated. Along with this comes a failure rate of 90+%, which no one seems to be able to verify. Following this logic, how is this market saturated? Just wanted to see what some of the people who do this everyday think. Thanks.
     
    Engcon, May 20, 2019
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  2. Chazm
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    Chazm Guru

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    I think insurance agents in general fail about 90% of the time in this biz. Its not really saturation as much as the cream rising to the top.
     
    Chazm, May 20, 2019
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  3. billyb
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    billyb Guru

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    I don't work leads every week, but when I do you always have those who bought recently or got a quote from another agent. The last order 6 leads told me this so far so I know there are other agents working around me. Don't know if it is 1 agent or 6 different ones.
     
    billyb, May 20, 2019
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  4. Rob Lion
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    Rob Lion Guru

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    There's not enough agents to be 100% lol.
     
    Rob Lion, May 20, 2019
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  5. Newby
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    Newby Guru

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    It’s always been very saturated with agents. When I got my license in 1996 there had to be a minimum of 20 agents in my medium/small town chasing the same customers with FE and Funeral PreNeed insurance full time. Add to that the non-FE focused agents that will sell a policy here and there plus AARP, Colonial Penn, Globe, MOO direct, etc. on top of that you have the revolving door of Bankers Life and back in those early days tons of captive Monumential agents.

    Everyone told me the glory days are over! Everyone that wants a policy has a policy. There are way too many agents chasing way too few seniors.

    They were wrong. Yes, the industry has a huge failure rate of agents. But that because there is mass pyramid recruiting and a LOT of agents who have no idea how to sell insurance and they sign up with places that have no way to train them.

    Good agencies don’t have a 90% failure rate. Not even close. Around 25% would be about accurate.
     
    Newby, May 20, 2019
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  6. Engcon
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    Engcon New Member

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    Ahh would you recommend someone pursue this or maybe Med Supps?
     
    Engcon, May 20, 2019
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  7. Chazm
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    Chazm Guru

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    You’re on an FE forum so you’ll prob hear FE. Go to the senior forum and you’ll hear Med supp.
    It’s all up to you. We can’t know your niche.
     
    Chazm, May 20, 2019
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  8. Newby
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    Newby Guru

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    Either one is fine. If you have more money behind you getting started then Med Sups can be good. You would take more years to get really profitable because it's renewal based. But once you have a few years in it is VERY steady and profitable.

    FE gets more money into your pocket quicker. If you have less money starting out then FE is usually the better choice because the commissions are loaded heavier in the 1st year. Renewals of course are not as good with FE.

    But with either, don't be afraid that there are too many agents. If you work smart you will rise to the top. If you are just average you will only do OK. Average agents are usually broke. But it's not too much competition that keeps broke agents from making money. It's that they do the same stuff and put out the same effort this year that didn't work last year. They get comfortable in their rut.
     
    Newby, May 20, 2019
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  9. HoosierLife
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    HoosierLife Want to write $20,000+ Guaranteed? bit.ly/learnfe

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    Newby is right. You can lead a horse to water...

    Most agents fail because they’re lazy. Or broke.

    You can overcome laziness by spending more money. For a number of years I was fine with netting $80k a year working 20 hours a week.

    Probably spent over $1000 a week in leads and appointment setter. But it allowed me to pursue my other passions. Golf, sleeping in etc.

    If you have a good system to replicate, a good work ethic and/or willing to spend $600+ a week on leads, anyone can make an above average income selling final expense.

    There’s 10,000 baby boomers retiring everyday. And that’s gonna keep going on for the next 15 years. I don’t care what industry you’re in, but the senior market is where the money is.
     
  10. rousemark
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    rousemark Still Here!

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    Don't listen to Newby. He knows the FE field s saturated and no one is making any money. He just wants you to think everything is going great so he can recruit you to not sell. He doesn't care if he doesn't make any overwrite from you. He has more money than he can spend anyway. He just wants to build a huge agency so he will have lots of friends.. Don't fall for his slick marketing talk. Get into something where there is real .I hear that selling payphones to service stations is poised to really take off. :jimlad::1smile:
     
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