Final Expense As a Career

[Frank Stastny]

There is no way to identify blue collar, white collar or no collar people.

I'm certain they are identifying "blue collar" as people with a reported income that is extremely low. Most likely in the zero to $10,000 range. When prospecting, one of the first questions you will probably have to ask is whether or not they have a checking account.

If this is the case there will be very few cross selling opportunities. FE first year commissions are attractive but renewals are usually extremely low.

 

[maddydogg]

Thanks for all the responses guys my family and I are having a tough year. Our house collapsed on 2/8 due to the weight of snow and ice and my prior company decided that it was a good time to lay an entire division off the same week, its been real difficult trying to weed out the scams from legitimate career paths.
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There is no way to identify blue collar, white collar or no collar people.

I'm certain they are identifying "blue collar" as people with a reported income that is extremely low. Most likely in the zero to $10,000 range. When prospecting, one of the first questions you will probably have to ask is whether or not they have a checking account.

If this is the case there will be very few cross selling opportunities. FE first year commissions are attractive but renewals are usually extremely low.

From what I understand it seems they will be doing alot of marketing and mailings to more of the "blue collar" towns.

Do you have any other good questions I can pepper the guy with?

 

[b61mack]

what is the name of the imo/company.

 

[Newby]

I would not want to try to make a living selling Old American. Just say no to this one.

Columbian is OK but not unless you also have two or three other companies to sell with it. Different companies are good in different situations.

20 new leads at $20 per is a good price. If they are giving you OLD leads that someone else has already worked, they are worth $2 or less. How recent are all of these leads?

 

[EB34]

I'm currently contracted directly with Columbian, and they are very easy to work with. Their final expense division also pays 10% renewals years 2-10. Just make sure you keep your graded death benefit with their final expense division less than 30% of your business written. If I find myself writing an excess of graded death benefit, I toss the extra at my Lincoln contract so as not to turn away business. I write my cheap term through American General Life and Accident.

 

[Frank Stastny]

Thanks for all the responses guys my family and I are having a tough year. Our house collapsed on 2/8 due to the weight of snow and ice and my prior company decided that it was a good time to lay an entire division off the same week, its been real difficult trying to weed out the scams from legitimate career paths.
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From what I understand it seems they will be doing alot of marketing and mailings to more of the "blue collar" towns.

Do you have any other good questions I can pepper the guy with?

Are you expected to assign your commissions or are you the AOR (Agent of Record)? If you are not then you will receive your commission checks from him, not the company. If you are not the AOR and leave them you will leave without a penny.

What income levels are they targeting? In cities they will most commonly target the ghetto areas.

How much are your renewals and how long do you continue to get them?

How old will your "leads" be and how many agents have they already been given to?

 

[arnguy]

I am looking at the open collar market!

 

[shooter]

I am looking at the open collar market!

With chest hair and gold chains or without?

 

[VolAgent]

With chest hair and gold chains or without?

Move to South Beach, you can work both.

 

[kb24]

I would not want to try to make a living selling Old American. Just say no to this one.

Columbian is OK but not unless you also have two or three other companies to sell with it. Different companies are good in different situations.

20 new leads at $20 per is a good price. If they are giving you OLD leads that someone else has already worked, they are worth $2 or less. How recent are all of these leads?

Hi Newby,

I am looking at the similar opportunity as maddy it seems. Why do you say Old American is difficult to work with? Leads are supposed to be new leads.

also to all others, what are the typical residuals- I am hearing 18.75% for yr 2 at Old American- nothing beyond yr 2- is this normal?

Columbian Life is only 6% for yr2 and nothing beyond?

I appreciate all responses as I am looking at transitioning to this FE sales career.

Thanks