FEXQuotes for Beginners

[goillini52]

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!

Nice post Ben. I'd add that FexQuotes also shows the UW guide for most companies. They also have some nice tools for looking up their Dr.'s info if they can't find it(all aren't listed), prescription look up that shows what they're used for and condition/disease look up that tells about the conditions. Oh, and you can go back and forth between term and FE.

----------

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



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

Adam, I know that there's a plan description by each quote, but can you please put true Graded in a separate category from the Modified and the companies like SNL that incorrectly call their Modified Graded?

 

[FEX Quotes]

Adam, I know that there's a plan description by each quote, but can you please put true Graded in a separate category from the Modified and the companies like SNL that incorrectly call their Modified Graded?

This has been a sore spot since day one. Many agents and even some home office people often refer to ROP/Modified as graded.

I think separating the two might create more problems than it will solve.

First of all, users will suddenly see plans disappear and may not realize they have to run the quote again.

Wanna take those phone calls

Secondly, running the quote twice to compare Modified vs Graded adds an extra layer that is potentially cumbersome.

I do have an idea that might solve this issue, but prefer not to publicly discuss it at this time. However you can expect to see it in the near future.

/
/

 

[goillini52]

This has been a sore spot since day one. Many agents and even some home office people often refer to ROP/Modified as graded.

I think separating the two might create more problems than it will solve.

First of all, users will suddenly see plans disappear and may not realize they have to run the quote again.

Wanna take those phone calls

Secondly, running the quote twice to compare Modified vs Graded adds an extra layer that is potentially cumbersome.

I do have an idea that might solve this issue, but prefer not to publicly discuss it at this time. However you can expect to see it in the near future.

/
/

I can see how it would get confusing for some since the company calls it Graded(that just annoys the hell out of me). I think it's misleading and gets new agents that don't know any better to tell a new client that they have a Graded policy, when in fact, there's no 1st day coverage.

Looking forward too seeing that idea.

 

[bboman23]

I can see how it would get confusing for some since the company calls it Graded(that just annoys the hell out of me). I think it's misleading and gets new agents that don't know any better to tell a new client that they have a Graded policy, when in fact, there's no 1st day coverage.

Looking forward too seeing that idea.

Just change the names on the quoter. Immediate coverage, limited coverage, return of premium.

True graded shows up under limited and rop graded shows up under rop.

 

[goillini52]

Just change the names on the quoter. Immediate coverage, limited coverage, return of premium.

True graded shows up under limited and rop graded shows up under rop.

That would work, but the companies will have to change their terminology. I agree with JD, the terminology should be standardized in the industry.

 

[bboman23]

That would work, but the companies will have to change their terminology. I agree with JD, the terminology should be standardized in the industry.

No they wouldn't. If you go to limited pay, snl graded won't show up. Only true limited. If you go to ROP and see SNL graded, then a new agent will know it's a ROP plan.

Only glitches will be states like Arkansas where SNL is really a true graded.

 

[goillini52]

No they wouldn't. If you go to limited pay, snl graded won't show up. Only true limited. If you go to ROP and see SNL graded, then a new agent will know it's a ROP plan.

Only glitches will be states like Arkansas where SNL is really a true graded.

Ok, that makes sense. Just might work. Adam?

 

[bboman23]

Ok, that makes sense. Just might work. Adam?

Think about it....when you run level it also shows preferred and standard. Doesn't matter what it's called because it's under level you know it's 1st day. No difference with the rest!

 

[goillini52]

Think about it....when you run level it also shows preferred and standard. Doesn't matter what it's called because it's under level you know it's 1st day. No difference with the rest!

I agree. When you run Graded/Modified, companies that have both Graded and Modified...like Foresters, it shows a Graded and a Modified.

Then you have KSKJ and New Era/Philadelphia American that call theirs Modified, when it's really a Modified/Graded . ROP the 1st year, the true Graded after that.

 

[bboman23]

I agree. When you run Graded/Modified, companies that have both Graded and Modified...like Foresters, it shows a Graded and a Modified.

Then you have KSKJ and New Era/Philadelphia American that call theirs Modified, when it's really a Modified/Graded . ROP the 1st year, the true Graded after that.

Then KSKJ and new Era should show up under modified since it's ROP