Fex Contracting or the Insurance Squad

[HoosierLife]

Is it true across the board that if a Senior Life policy cancels due to NSF or death in the first 6 months, it's a 100% chargeback?

 

[Baseball7]

The info is free.

What people read from that is "oh this is free insurance"

 

[shonceman]

"Free" means somebody from the gubment is gonna come to your house and help you sign up for Uncle Sugar's most recent gibs.

Last week a lady was telling me about how she saw on FB that there's a new SS program that covers your funeral expenses. I tried to explain that it was an agent using vague wording, but she was suspicious of me.

I had an existing client that had made an appointment with me to increase her coverage. When I got there, she greeted me with "oh, I meant to call you. I decided I'm gonna take out the social security program." I told her there's no such program, so she went and got me the letter.

This thing looked exactly like it came from social security right down to the logo. Even the name of the return address looked like it really was from social security! It took me several minutes to find tiny italicized print near the bottom that said "underwritten by *** Insurance Company." She realized she'd been deceived, so we went ahead with her original plan to buy more from me.

She let me take the letter with me. I still had it in my car when I attended the monthly NAIFA meeting, where the featured speaker was the lead investigator for the Virginia Bureau of Insurance. He encouraged the attendees to call him directly if we came across unethical behavior with agents or companies. So, after the meeting I showed him the letter. A couple months later that company got a cease & desist order and paid a hefty fine.

 

[theinsuranceman]

What people read from that is "oh this is free insurance"

I may hear this once per year? I believe just about every FE lead piece has free on it.

 

[myinsurebiz]

Is it true across the board that if a Senior Life policy cancels due to NSF or death in the first 6 months, it's a 100% chargeback?

Yes - 6 months on all policies . . .

PDF attached.

 

[myinsurebiz]

I live in South Florida between West Palm Beach and Port St Lucie, very heavily populated. I watched that app for months and never saw a lead less than an hour away from me. I might revisit in a couple years. Maybe it's just weak in Florida but I thought SL was big here?

They must not be doing much TV in your area . . .

 

[myinsurebiz]

This is true. The SL contract asks way too much and you have to pay over $100 to get appointed. This is extremely non-competitive to say the least, and many top producers would never even consider it, regardless of what the company offered. I myself won't be paying to renew my appointment with them. There's not enough value being offered in return for an independent broker.

They charge the appointment fees because their churn rate is so high and don't want that expense.

 

[Abrasax]

They charge the appointment fees because their churn rate is so high and don't want that expense.

And this confirms that they're not really looking for experienced producers.

 

[myinsurebiz]

And this confirms that they're not really looking for experienced producers.

I believe they want the serious producers, but they get so many others that probably never write one app . . .

 

[Abrasax]

I believe they want the serious producers, but they get so many others that probably never write one app . . .

How many experienced independent agents do you really think pay that money to add SL to their arsenal? It seems like their marketing is designed for inexperienced agents. Or an oversight, but that's less flattering.