FEXQuotes for Beginners

[bboman23]

I know a lot of the vets here will probably laugh at most of this, but so many new agents are confused/lost about certain parts of the quoter. I figured I would make a quick post to explain how to use it more efficiently.

The main thing new agents ask questions about is the plan types...

LEVEL - this is the companies Immediate Death benefit plans. Some companies call their Level product PREFERRED, but it will show you that in the company list. Also keep in mind that some companies like Transamerica, Liberty Bankers, etc. have two different level products. The cheapest will be called Preferred, then the 2nd one will be called Standard, but they will both be under this tab. Just scroll down until you see that companies second selection and it will show standard.

Graded/Modified - this will have the companies with Graded (30/70/100) plans etc. It will also have Modified plans which are 2-3 year waiting periods. Some companies like Security National call their 2 year ROP plan a Graded, even though it should be Modified.

Guarantee Issue - this is for the companies that are not supposed to have health questions like Gerber. Be careful with this section though since some companies in the column are not Guarantee Issue. Columbian for example is not a GI since it does have knockout questions.

Limited Pay - this is where you find 10 pay, 20 pay, etc. policies. So if someone is concerned about paying in more than they get out, see if a limited pay policy makes more sense.

Traditional/SIWL - this section is for the really healthy clients. I only use this section when they are really healthy or I am in a replacement situation that requires me to find the best rate possible. Also be careful in this section since some of the options at the top will be UL's and not Whole Life.

Tips........
You can change from My Companies to All Companies and see if some of the competition is on there. For example, a lady I met with recently told me she was also waiting on a Senior Life agent to meet with her before she made a decision. She wanted to see their prices also. So I just ran a quote and showed her how about 40 companies were cheaper than SL for her.

Another way it can be used is to check to see if a client's existing policy adds up when they can't find their policy. I always recommend calling their company if they don't have a policy handy, but this is a little prep work that can be done BEFORE calling them. If she says she got 10k with American Amicable 2 years ago, then just run a quote on FEX with her age 2 years younger and see what AMAM shows up at for 10k. If she says she pays $30 and the quoter shows $80...then you know something is not right.

I also use the quoter for when someone asks me if a certain company is in their state. Just run a quote for that state on the quoter and see if the company shows up. A quick note on this, don't run a high face amount since you might run it for 30k and a companies max be 25k so you won't think a company is there when actually it is. Also don't run a quote for under 60 if you are trying to see if Aetna is there since they only show up for age 60 plus.

I don't work for FEXquotes or get any money for them, so this post is not an offer to anyone. I am just simply trying to help new agents by answering some of the questions I get from time to time. Please feel free to add in any other tips you might have!

 

[myinsurebiz]

Well done . . . I love that fancy quoter . . .

Some products for some companies aren't in it. SNL has their FE rates in there but not their Term or other WL rates . . .

Love it though . . .

I know a lot of the vets here will probably laugh at most of this, but so many new agents are confused/lost about certain parts of the quoter. I figured I would make a quick post to explain how to use it more efficiently.

The main thing new agents ask questions about is the plan types...

LEVEL - this is the companies Immediate Death benefit plans. Some companies call their Level product PREFERRED, but it will show you that in the company list. Also keep in mind that some companies like Transamerica, Liberty Bankers, etc. have two different level products. The cheapest will be called Preferred, then the 2nd one will be called Standard, but they will both be under this tab. Just scroll down until you see that companies second selection and it will show standard.

Graded/Modified - this will have the companies with Graded (30/70/100) plans etc. It will also have Modified plans which are 2-3 year waiting periods. Some companies like Security National call their 2 year ROP plan a Graded, even though it should be Modified.

Guarantee Issue - this is for the companies that are not supposed to have health questions like Gerber. Be careful with this section though since some companies in the column are not Guarantee Issue. Columbian for example is not a GI since it does have knockout questions.

Limited Pay - this is where you find 10 pay, 20 pay, etc. policies. So if someone is concerned about paying in more than they get out, see if a limited pay policy makes more sense.

Traditional/SIWL - this section is for the really healthy clients. I only use this section when they are really healthy or I am in a replacement situation that requires me to find the best rate possible. Also be careful in this section since some of the options at the top will be UL's and not Whole Life.

Tips........
You can change from My Companies to All Companies and see if some of the competition is on there. For example, a lady I met with recently told me she was also waiting on a Senior Life agent to meet with her before she made a decision. She wanted to see their prices also. So I just ran a quote and showed her how about 40 companies were cheaper than SL for her.

Another way it can be used is to check to see if a client's existing policy adds up when they can't find their policy. I always recommend calling their company if they don't have a policy handy, but this is a little prep work that can be done BEFORE calling them. If she says she got 10k with American Amicable 2 years ago, then just run a quote on FEX with her age 2 years younger and see what AMAM shows up at for 10k. If she says she pays $30 and the quoter shows $80...then you know something is not right.

I also use the quoter for when someone asks me if a certain company is in their state. Just run a quote for that state on the quoter and see if the company shows up. A quick note on this, don't run a high face amount since you might run it for 30k and a companies max be 25k so you won't think a company is there when actually it is. Also don't run a quote for under 60 if you are trying to see if Aetna is there since they only show up for age 60 plus.

I don't work for FEXquotes or get any money for them, so this post is not an offer to anyone. I am just simply trying to help new agents by answering some of the questions I get from time to time. Please feel free to add in any other tips you might have!

 

[FEX Quotes]

Good stuff Ben!

Even though our system is very easy to use, there are many features that are often over looked. Here's a few off the top of my head..

1. Direct Face Amount Input. Most users simply select a face amount from the drop down list. If you click the "face amount" link, you are able to input any face amount - Who has the best rate for $17,437

2. Graded/Modified/ROP info tips. Next to each of these plans, we have an info icon that explains the graded benefit. There are times when one plan may be a bit more expensive than the others, but will have a greater immediate benefit and/or reach full benefit sooner.

3. Agent guides. I am amazed at how many people don't even see these or know they are there!

 

[bboman23]

Good stuff Ben!

Even though our system is very easy to use, there are many features that are often over looked. Here's a few off the top of my head..

1. Direct Face Amount Input. Most users simply select a face amount from the drop down list. If you click the "face amount" link, you are able to input any face amount - Who has the best rate for $17,437

2. Graded/Modified/ROP info tips. Next to each of these plans, we have an info icon that explains the graded benefit. There are times when one plan may be a bit more expensive than the others, but will have a greater immediate benefit and/or reach full benefit sooner.

3. Agent guides. I am amazed at how many people don't even see these or know they are there!

Doesn't the agent guides require adobe? I know they open on some of my devices but not on others.

 

[FEX Quotes]

Doesn't the agent guides require adobe? I know they open on some of my devices but not on others.

Agent guides require either adobe or flash. Almost everybody has one or both of these installed.

 

[bboman23]

Agent guides require either adobe or flash. Almost everybody has one or both of these installed.

Remember I'm from Mississippi! It wouldn't pull up on my typewriter at all!

 

[springbokhouston]

Good stuff Ben, we need more posts like this for the new agents. I'm tired of reading all the bitching and moaning, there is plenty of room for all of us and we should be helping each other more. What comes around goes around.

I'm glad FEX posted too, I never knew that you could put in face amount and get a quote....now I know! I can't tell you how many times I would have made a few extra bucks quoting a $7500 policy instead of a $7000 policy, every dollar counts.

Great product FEX Quotes!

PS...One request. I love the fact that you can pull up the PDF, but don't love the fact that it's trapped in that little window. Please add a feature to full screen it so that we don't have to zoom around the screen trying to read things.

 

[BibH]

You can only enter the face amount when you first sign in? If your're in the middle of quotes it looks like you have to exit the program and resign in and enter your face amount? I CAN'T TELL YOU HOW VALUABLE BEING ABLE TO QUOTE ACCIDENTAL DEATH IS. I would put on every policy if it were in the quotes. That other vendor on here has it. Are you going to be putting it on the quotes?

 

[bboman23]

You can only enter the face amount when you first sign in? If your're in the middle of quotes it looks like you have to exit the program and resign in and enter your face amount? I CAN'T TELL YOU HOW VALUABLE BEING ABLE TO QUOTE ACCIDENTAL DEATH IS. I would put on every policy if it were in the quotes. That other vendor on here has it. Are you going to be putting it on the quotes?

The companies that offer accidental have the rates in the guides. It is usually just a flat rate. It is not hard to add that in to the quote.

But trust me, I agree that it would be nice to be able to just select it. But it is not a huge problem since I can add it in quickly. I am from Mississippi...if I can do it I KNOW you can do it

 

[FEX Quotes]

You can only enter the face amount when you first sign in? If your're in the middle of quotes it looks like you have to exit the program and resign in and enter your face amount?

No need to sign in again to change quote parameters. Simply make any changes on the results screen up top where you can edit quote.

For new quotes, you can just click "Home" on the toolbar to take you back to the front screen

I CAN'T TELL YOU HOW VALUABLE BEING ABLE TO QUOTE ACCIDENTAL DEATH IS. I would put on every policy if it were in the quotes. That other vendor on here has it. Are you going to be putting it on the quotes?

This is a good idea and I will definitely put this on the road map.