FE - Shady Niche? Advice..

[Prtzl]

For starters, I'm not an insurance salesman. I'm basically looking for a way to penetrate/capitalize on the growing senior market. FE seems like a fantastic way to go about it.

BUT.. the last two weeks of reviewing different companies, programs, captive vs independent, is HIS a scam, is xyz a scam, telesales, no telesales, watch out for the MLM FE orgs, the lead pumpers -- on and on and on.. How in the heck can anyone new wrap their head around the FE niche with any confidence? The reputation is horrid.

I'v listened to "Trainers" basically bash the industry so I take their route and be "saved" from all the pitfalls or be "washed out" like 95% of the newbies.

I went into looking into this field with gusto to be extremely turned off by the seedy stories/Agencys. Who can I trust?

One thing I am weary of is the , "come on board and make the 200K per yr" - when they spend 70K on leads and charge backs aren't accounted for - let alone their personal expenses.

But there are people making a decent living doing this. I'm wondering if FE is like Network Marketing - recruit, recruit, recruit - churn n' burn..

Any advice for a newbie? I'm not a spring chicken - this would be a major change.. a risky one at that considering I don't have a lot of lazy $$ around to invest. Frankly, I'm not quite sure if this is for me. What a sour taste in my mouth -- sweet to sour within a week..

Thoughts for a Newbie considering a career change to FE?

 

[goillini52]

For starters, I'm not an insurance salesman. I'm basically looking for a way to penetrate/capitalize on the growing senior market. FE seems like a fantastic way to go about it.

BUT.. the last two weeks of reviewing different companies, programs, captive vs Independent, is HIS a scam, is xyz a scam, telesales, no telesales, watch out for the MLM FE orgs, the Lead pumpers -- on and on and on.. How in the heck can anyone new wrap their head around the FE niche with any confidence? The reputation is horrid.

I'v listened to "Trainers" basically bash the industry so I take their route and be "saved" from all the pitfalls or be "washed out" like 95% of the newbies.

I went into looking into this field with gusto to be extremely turned off by the seedy stories/Agencys. Who can I trust?

One thing I am weary of is the , "come on baird and make the 200K per yr" - when they spend 70K on leads and charge backs aren't accounted for. But there are people making a decent living doing this. What I'm wondering is if like a MLM/Network Marketing company -- recruit, recruit, recruit - churn n' burn..

Any advice for a newbie. I'm not a spring chicken - this would be a major change.. a risky one at that considering I don't have a lot of lazy $$ around to invest. Frankly, I'm not quite sure if this is for em. What a sour taste in my mouth -- sweet to sour within a week..

1st, ignore any marketers that PM you, they have something to hide and can't be trusted. The reason they don't comment on the open Forum is because they know the experienced agents will call them on their BS and low contracts.

If you get offers through your e-mail, run them past the Forum, that's one of the functions of the Forum.

Final Expense is where the quick money's at, Medicare Supplements are where the long term money's at. If you go the Med Supp route, Final Expense is a nice tie in and allows for not only cross selling FE, but other ancillary products too.

If you want to talk to somebody that'll give you an honest opinion and shoots straight, contact Ben Boman. He specializes in FE and also has Med Supps. Insurance Forums - View Profile: bboman23

Good luck and welcome to the Forum.

 

[Agentguy5]

Thoughts for a Newbie considering a career change to FE?

1. If you're not an experienced salesperson, and you decide to enter a new business, as with any new business, you will most likely fail.
2. If you don't have much money to invest into YOUR NEW BUSINESS, you will most likely fail.
3. If you have a negative attitude, lack confidence in your sales abilities, or are lazy, you will most likely fail.

However

1. If you're a talented sales person with the ability to adjust and to adapt, you have a good chance of making six figures.
2. If you have $5,000 to $10,000 to invest into a new business, and have the ability to understand that it will take several months to get it going, you have a good chance of making six figures.
3. If you are confident with a positive attitude, have a strong work ethic, and you connect with the right agency, you have a good chance of making six figures.

 

[TampaHound]

Like I tell everyone. I make 6 figures but the decimal point is in the wrong spot.

The best advice I can give you is scour the forums. Like you I'm "not a spring chicken" - I'm 50 - and in the midst of a career change. I've received good advice from this forum.

Unlike you I have experience in sales and marketing although it's all been over the phone. I've learned a bit by watching the video's and such that are posted here. These guys generally seem to be interested in helping a new agent and, as someone mentioned, if they weren't legit they would not be here long.

I would avoid the MLM groups, like National Agents Alliance and World Financial Group for two reasons. One is that they are more interested in getting you to recruit then develop a new agent. The second reason is that if your looking to specialize in one thing, like FE, then they really don't have the products. Or you have to reach a certain tier to obtain access to other carriers that offer FE products.

I wish you the best, God knows I'm going to need all the help that I can gain from this forum in the coming months.

 

[jdeasy]

For starters, I'm not an insurance salesman. I'm basically looking for a way to penetrate/capitalize on the growing senior market. FE seems like a fantastic way to go about it.

BUT.. the last two weeks of reviewing different companies, programs, captive vs independent, is HIS a scam, is xyz a scam, telesales, no telesales, watch out for the MLM FE orgs, the lead pumpers -- on and on and on.. How in the heck can anyone new wrap their head around the FE niche with any confidence? The reputation is horrid.

I'v listened to "Trainers" basically bash the industry so I take their route and be "saved" from all the pitfalls or be "washed out" like 95% of the newbies.

I went into looking into this field with gusto to be extremely turned off by the seedy stories/Agencys. Who can I trust?

One thing I am weary of is the , "come on board and make the 200K per yr" - when they spend 70K on leads and charge backs aren't accounted for - let alone their personal expenses.

But there are people making a decent living doing this. I'm wondering if FE is like Network Marketing - recruit, recruit, recruit - churn n' burn..

Any advice for a newbie? I'm not a spring chicken - this would be a major change.. a risky one at that considering I don't have a lot of lazy $$ around to invest. Frankly, I'm not quite sure if this is for me. What a sour taste in my mouth -- sweet to sour within a week..

Thoughts for a Newbie considering a career change to FE?

FE can be a great career choice or it can be a terrible choice. A lot of that depends on you but a lot depends on who you work with.

I'm going to disagree with Doug about the previous sales experience. What I've seen over the years is that people with prior sales experience come in behind the 8 ball because they so much to unlearn.

Selling FE is different than any other sales. Including other insurance sales. Selling FE is about learning the market and understanding the market.

The real problem with that is most of the companies in the FE arena don't understand the market either. So you can't get company training.

Most of the IMO's view FE as a sideline so they can't help.

Anyone you are looking at to contract under just ask them a simple question, are you actively selling FE now? If the answer is no then move on. If the answer is , yeah, back in the day, move on.

If the answer is yes. Ask how much they are selling and ask for proof. No proof, move on.

Once you think you have decided then ask to talk to some of their producers. Not fellow uplines or trainers. The producers of that IMO. That's where the truth comes from.

Can a person come into FE and make $100K after expenses in their first year? Yeah, it's happened. But it's pretty damn rare and it's not something to count on happening.

Another thing to watch out for, if there is even a hint of you recruiting now or in the future don't just move on, run away!

Scott has done a very good job of putting free content at fexcontracting.com.

I would recommend spending some time reading that free content before contacting any IMO and getting serious. You may very well read that and decide FE is not for you? It's good to learn that now if so.

And no matter which way you decide to go, a release upfront is mandatory. If you talk to any IMO that balks at that and you continue the conversation then shame on you. The release if your protection in the event you make a wrong choice.

There's some agents with FEX now that can't write certain companies because they chose wrong previously and are stuck in contracts with their other IMO.

Having to be released from a contract you never signed is one of the dirtiest secrets of this business.

 

[PA Bill]

If you want an industry devoid of scams and enjoys a stellar reputation, you could always get a job on Wall Street. I mean, if you had an opportunity to make big bucks doing that, would their "ethics" even cross your mind?

 

[goillini52]

If you want an industry devoid of scams and enjoys a stellar reputation, you could always get a job on Wall Street. I mean, if you had an opportunity to make big bucks doing that, would their "ethics" even cross your mind?

Another would be T.V. Evangelism. I can't recall any scams or unethical happenings in that industry.

 

[DayTimer]

I decided to get into this business after a friend of mine died with no life insurance, leaving his wife and two daughters destitute. My main focus, eventually, will be selling term insurance to families to protect them from a similar fate. I do write term cases now, but it is not my primary focus just yet.

I decided to focus on final expense life insurance because it pays well and quickly and I am changing careers, so I do need to replace my income. Also, insurance is a complicated product, at least it is to me. Final expense gives me a nice, simple, narrow focus by which to build my foundation of knowledge of and experience in the insurance industry.

In either case, I believe folks need life insurance. I have a wife and three kids. Every time my wife and I had a new child, I increased my life insurance. I'm a believer in the real risk of death and dying without leaving financial protection in place for those I love, and I believe each of us has a moral obligation to protect those who depend upon us from the potential loss of our income through death, and likewise to make sure we do not leave behind a financial burden for our children in the event we die without sufficient savings to pay our final expenses.

When I talk to a prospect about life insurance, whether it is a family with children who need a large term policy or a senior who needs a small whole life policy, they know without a doubt how important I feel it is that they do something to protect themselves and their family. I always say to them at some point during the presentation, "This isn't about me or the insurance company or whatever commission I may hope to be paid for selling you this policy. This is about the obligation you and I have to our families. I believe having life insurance, and just having it, but having enough it, and the right kind of it, is simply the right thing to do." And they always nod their heads in agreement, and say "I know you do. I can tell you really believe in what you're doing."

If you believe as I do, then you should have no qualms about the moral basis of this business you are contemplating entering. Protect yourself from the IMO's who are focused on recruiting and the MLM aspect of this business, and find an IMO that is focused on service to the agent. As far as the product goes, as long as you are helping folks get policies with highly rated carriers that they can comfortably afford so that they are not wasting money o a policy that they will have to let lapse, a policy that will provide them with a real benefit that they themselves, through your efforts, recognize as solving a problem that they have, then you are on the firmest of moral footings.

 

[rousemark]

Your business will be what you make it. If you conduct yourself in a moral, ethical manner then you business will be the same. What others do will not reflect on you.

 

[PA Bill]

Another would be T.V. Evangelism. I can't recall any scams or unethical happenings in that industry.

How about the opioid epidemic? Big Pharma is poisoning America and all they want to do is point fingers at the the Taliban and Mexican drug cartels. Gee, I wonder why? But not too many people who pick on other industries would turn down a well paying job with them, would they?