Final Expense + Aged Leads + Knocking on Doors

[TDinsgrp]

Re: Final Expense + Aged Leads + Knocking on Doors ...

slushpuppyking...there are a few things they didn't explain to you at the LH meeting that they normally don't and a lot find out as you get into it with them. But...treated me good when I was there and I was there for 4 1/2 years but...it was hard on the "agent". See, the math is correct...but not 100% truthful?

See, you get that full (80% which is OK, you can get higher) commission & full advance (75%) ONLY...if you write a 1st day, immediate benefit plan. If you write modified...on an 80% contract, you get a 60% commission and 50% advance. If you write a case and you're "drafting" out of a savings account...you get, on that contract, 60% commission and 50% advance.

So to do the REAL math...basically just consider yourself getting 70% commission and a 70% advance. That's if you're writing consistent business week in, week out.

Depending what group you're in...most likely that 80% is where you're at, period. Not much room for growth or management opps (if that's of interest anyway). Most of the groups are 4-5 levels deep already.

Hope this helps. If you like the LH "structure", but are looking for full advance regardless, much higher comp and great field sales training...let me know.

Good luck regardless!

 

[ActingBoss]

Re: Final Expense + Aged Leads + Knocking on Doors ...

slushpuppyking...there are a few things they didn't explain to you at the LH meeting that they normally don't and a lot find out as you get into it with them. But...treated me good when I was there and I was there for 4 1/2 years but...it was hard on the "agent". See, the math is correct...but not 100% truthful?

See, you get that full (80% which is OK, you can get higher) commission & full advance (75%) ONLY...if you write a 1st day, immediate benefit plan. If you write modified...on an 80% contract, you get a 60% commission and 50% advance. If you write a case and you're "drafting" out of a savings account...you get, on that contract, 60% commission and 50% advance.

So to do the REAL math...basically just consider yourself getting 70% commission and a 70% advance. That's if you're writing consistent business week in, week out.

Depending what group you're in...most likely that 80% is where you're at, period. Not much room for growth or management opps (if that's of interest anyway). Most of the groups are 4-5 levels deep already.

Hope this helps. If you like the LH "structure", but are looking for full advance regardless, much higher comp and great field sales training...let me know.

Good luck regardless!

"See, you get that full (80% which is OK, you can get higher) commission & full advance (75%) ONLY...if you write a 1st day, immediate benefit plan. If you write modified...on an 80% contract, you get a 60% commission and 50% advance. If you write a case and you're "drafting" out of a savings account...you get, on that contract, 60% commission and 50% advance."

Such reductions are standard

 

[JimmyUt]

Re: Final Expense + Aged Leads + Knocking on Doors ...

"See, you get that full (80% which is OK, you can get higher) commission & full advance (75%) ONLY...if you write a 1st day, immediate benefit plan. If you write modified...on an 80% contract, you get a 60% commission and 50% advance. If you write a case and you're "drafting" out of a savings account...you get, on that contract, 60% commission and 50% advance."

Such reductions are standard

Standard only with certain carriers. I don't have a single carrier that cuts my commission checking vs savings acct, and have enough others that if I do have to write a graded plan I can get paid full commission as well. Advances are all the same unless the client pays by direct bill

 

[TDinsgrp]

Re: Final Expense + Aged Leads + Knocking on Doors ...

"such reductions are standard"...yes...on the up front commission. But not on the advances. No other company but Lincoln lowers the adv based on a saving account draft. It's not a "stab" at LH. It's just a fact. Like you said...let's not start a degenerate thread about them. You stated your point. I stated mine. You work for them. I managed for them...for almost 5 years. We both have hands on experience with them and state what we know, as fact. It's all good.

I'm just curious, just asking...how long have you been with them? You said you have a 92% & 90% pers with them. Is that on their "newsletter" on the LH site? Under the "persistency" section? They measure it under 7th month. Typically, newer agents are high up as the shorter time you're there, the higher the persistency is. But if you look at that board, there aren't any "veterans" with those kind of "high" persitency #'s.

Again...not a knock. Just stating facts. LH...as a manager, provided me and my family an amazing life. We just took it to the next level. That's all.

Much luck and Happy Selling.

 

[jacobtn]

Re: Final Expense + Aged Leads + Knocking on Doors ...

Ill take a stab at them. They suck, plain and simple.

"such reductions are standard"...yes...on the up front commission. But not on the advances. No other company but Lincoln lowers the adv based on a saving account draft. It's not a "stab" at LH. It's just a fact. Like you said...let's not start a degenerate thread about them. You stated your point. I stated mine. You work for them. I managed for them...for almost 5 years. We both have hands on experience with them and state what we know, as fact. It's all good.

I'm just curious, just asking...how long have you been with them? You said you have a 92% & 90% pers with them. Is that on their "newsletter" on the LH site? Under the "persistency" section? They measure it under 7th month. Typically, newer agents are high up as the shorter time you're there, the higher the persistency is. But if you look at that board, there aren't any "veterans" with those kind of "high" persitency #'s.

Again...not a knock. Just stating facts. LH...as a manager, provided me and my family an amazing life. We just took it to the next level. That's all.

Much luck and Happy Selling.

 

[isabella]

Re: Final Expense + Aged Leads + Knocking on Doors ...

Absosutely great advice.....mine is the same.....yesterday doesn't matter, start everyday at zero...you will work harder

 

[rapidrobert]

Re: Final Expense + Aged Leads + Knocking on Doors ...

ActingBoss you have done something exceptional- you have actually given somebody advice that will be helpful- why is that exceptional? Because it's rarely done on here.

Another thing? It's not all about you. Sometimes people really ARE too broke. You can Alec Baldwin them till they can't walk right and you're STILL not going to leave with an app, OR it will crater really quickly. If a person is on disability, is a diabetic AND has COPD can you write him? SURE a graded death benefit- think he can afford that $150 per month?

 

[slushpuppyking]

Re: Final Expense + Aged Leads + Knocking on Doors ...

Thanks so much for taking the time to post this, certainly more thought out then so many other threads that just state LH sucks and stay away. As a brand new agent it seems like LH would be a great place for me to start to learn the business with free training and support.

I've spoken with Frank about med sup and after looking at the LH contract it seems I would have the option to sell other products so maybe I can blend Indy and Captive. Go captive on FE with LH but then be Indy on the Med sup side of it and delagate some hours a week to making calls to set appointments for that.

2 things I wanted to ask you about in your post:

#1. What is an NTO?
#2. What is a Free Will kit and Power of Attorney that you are offering clients when you deliver the policy?

Disclaimor:

I'm an Indy but my main contract is with LH. I am just an agent, not a manager or a recuiter, and have nothing to gain from this post.

You will be bombarded (as you already have) on this post by sophomoric, juvenile, spastic comments/posters who have nothing but contempt for LH, the Londens, and anyone who's contracted with or works for them...this should bother you not in the least.

Here are the plain, unvarnished truths:

Lincoln is not the cheapest or the most expensive carrier for FE......it will very, very infrequently matter either way.

Your success (or lack of it) will in large part, outside of your own efforts of course, be determined by the agency you contract with. Most LH agencies will 85% you after 20 apps.....they did me.

The agencies with Lincoln are, in large measure, top flight. The training, all of it, is free, direct, valid, on-point, and without fluff or embellishment, and in my Agency's case, done by men and women who are multi-millionaires still active in the industry.

If you are young/inexperienced do not try to do this on your own....get an LH (or whomever) contract and be a sponge....Young and Indy=failure.

LH's leads are no better or worse than the others, but buying aged leads is fruitless.....you'd be better off doing door to door surveys, which are both free and an invaluable source of experience.......if you can stand the failure component, which is measurable.

In your breakout above, you're missing something....what I can tell you is this:

On a FE sale of $50/month from a checking account:

I earn $600 x .85% = $510

x .75

= $382.50 (forget about lead costs and chargebacks for now, just to gather the math and be able to project.

7 deals out of 20 leads ($500 spends in your example)

x $382.50

= $2677.50 in income in one week (presuming you'd buy your above 20 leads in one week)

x 4.33 weeks in a month

= $11593/month.....$139122 per year

on a lead cost of:

$500 weekly in leads x 4.33 weeks/month =$2165 spends

Think clearly on this for a minute..........if you close 7 in 20 you'll clear, under our assumptions, $9428 per month.

There are some other things to consider:

not every deal will be $50/month....my average policy is $45, and I've been with LH since July of 2010

not every deal will be paid by checking account......advances will be lower when they aren't

not every deal will be first day coverage....some will be 2 year Mods, etc..........advances will be lower when they aren't

not every deal submitted to underwriting will close, obviously

you will have NTOs and if your recruiter didnt mention that its not a big deal, I don't have many and you won't, either if you do it right

you will have lapses often and early......its the nature of the beast in FE......don't get excited about it (like I did)...and
my persistency %s are at 92 and 90, respectively

LH WILL write deals on first-day that others won't.

97.5 of my deals submitted to LH close on an as-submitted basis.

What you will discover very, very quickly is this:

TV leads are best

door knocks are tougher ( I still struggle with this daily....get on them immediately after you buy them and knock on the door)

Delivering the policies will prove an invaluable method of both maintaining persistencies and generating referrals....if you do it right, you won't even have to ask for referrals...so very few agents deliver policies customers really, really appreciate it when you do.

Involve a value-added in your presentation...I offer free Will Kits and Power of Attorneys with mine........very few of the folks you will see will have either or even have thought about it.

Have a short memory...whether yesterday you wrote 15 deals or talked to no one at all.....tomorrow act like whatever happened today didnt

In the end, you'll find out real quick what they're really buying is you......the product behind it is important, true, but the real issue is you.

When I started with my local LH agency, the trainer there told us all, in very clear, factual, real-life terms, that the first year and a half the business will test you.........if you can make it thru that, you'll be fine, but keep a level head, realize at times (if you're like the rest of us mortals) you will struggle........but keep your processes pure, don't be afraid to be told no, have a short memory and a clear focus.

If you'd like more, email me off-board.....Lincoln's not popular here (not that I care one whit) but I don't want this thread to degenerate into any further silliness by adding forum back-and-forth.

Best wishes.

 

[b61mack]

Slush, call TD. he will give you sound advice.

 

[TDinsgrp]

Re: Final Expense + Aged Leads + Knocking on Doors ...

Thanks so much for taking the time to post this, certainly more thought out then so many other threads that just state LH sucks and stay away. As a brand new agent it seems like LH would be a great place for me to start to learn the business with free training and support.

I've spoken with Frank about med sup and after looking at the LH contract it seems I would have the option to sell other products so maybe I can blend Indy and Captive. Go captive on FE with LH but then be Indy on the Med sup side of it and delagate some hours a week to making calls to set appointments for that.

2 things I wanted to ask you about in your post:

#1. What is an NTO?
#2. What is a Free Will kit and Power of Attorney that you are offering clients when you deliver the policy?

Not that you're asking me but NTO is Not Taken Out. Like, if you were to draft 1st premium let's say the 3rd of next month and they canceled before the draft. That is an example of an NTO.

As far as your business model goes, I'm NOT speaking of LH as a whole but most of the the groups w/ LH won't be happy if they know you're doing that. meaning, they want you to be 100% LH. If you're running around selling med sups and they find out, first off, they will think you're using their leads to sell that and 2nd, they will tell you to focus that energy on selling FE for them.

But, who knows? Again, it depends on the RD/mgr/group you go under. Also, on an 80% or anything under 100% w/ LH, the renewals are a joke.

"Disclaimer: that was not bashing Lincoln to discredit them. The renewals are way, way lower than most any other carrier especially at an 80%. To me, that's a joke." End Disclaimer.

If you wanna find someone who does both FE & med sup I would find an organization who does it openly. Save yourself the headache. Or...my opinion...concentrate on one or the other and master it?