Federal / Postal Market

[Montana2]

Federal employees have a 5 year increasing term group policy ,that reduces to a very small amount of coverage after they retire.

These folks, like most employees are going to need permanant insurance after they retire.

Cash value life insurance will also provide a place for some non-qualified money that they can use before they are 59 and a half.


Getting in front of them to explain these things to them will be a different matter.

 

[GreenSky]

Since most of them retire with more money than god in their pensions, many at age 45, explain why you assume they need whole life?

Rick

 

[M*R]

I would have to agree with the latest post. Most Federal employees do retire with great pensions. I often see ex Feds doing consulting work at the age of 50-55, already retired and continuing to earn income without tapping into their pensions.
However, although Whole Life may not be the best product, Term and No-lapse UL certainly is. As mentioned previously, the FEGLI program increases in price every 5 years. As long as the applicant is a Standard or better health risk, they can start saving money by obtaining an individual Term policy, at age 40.
I am a Life and Disability specialist in the DC area and the Federal market is a great opportunity. If you have resources and friends in the Federal government, try to use them. I promise it will not dissappoint you.

Mike

 

[Montana2]

I wish my friends in the Postal System had all that money. I know three actual people; age 50; 13-15 years in the system where retirement is no where in sight. They are just normal people looking to leave something to their children or church.

 

[Tony T]

I work the Postal/Federal market almost exclusively...I've always felt the key door opener is disability income since, as a Federal Employee, disability is not part of their basic benefit package...FEGLI replacement and optional permanent life insurance is always something I'll try and sell but, the hot button is income coverage...It's a very warm market...

 

[Tony T]

I've had some requests for infomation on the Federal DI market...Not eligible to respond by PM so, if you have questions or are interested call me....Tony (908) 964-0115

 

[Hopwood04]

I should have checked this thread before i commented yesterday. I recently entered the federal employee market and sent out 1000 mailers and got a 12% response (so far). I was amazed by the return. I sat down tonight and called about 15 people and was able to speak with 7 and set 7 appointments. As I work the market I will post more of my experiences.

 

[DS4]

Sorry.
I thought the thread title was about federal employees going postal.
My bad.

 

[agentinnc]

info on life insurance (and other benefits) for USPS and federal employees... (cant post links until 10 posts ...aargh! take out spaces) w w w . o p m . gov / insure / life

i'vegot a good spreadsheet on VGLI while were on group life.....calculates the total price they will pay over a term (eg 20 yrs) with VGLI so you can compare LI in the pvt market costs.

 

[somarco]

Those who market in this office try and sell FEGLI "conversion" to healthy folks via payroll deduction. FEGLI is competitive, even for healthy folks, until around age 45. After that it get's expensive and much more after retirement.

They also sell pension max life insurance.