Final Expense As a Career

[Stephen]

I think that this situation is going to be a hard one to hit the ground running and make money.

I have worked a similar system and prefer to do my own prospecting and order my own leads when I need them.

 

[EB34]

Actually, my Columbian contract through the FE division is 10% residuals years 2-10.

 

[Newby]

Hi Newby,

Why do you say Old American is difficult to work with?

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

Thanks

Old American is not priced well. If you sell it you make it easy for people like me to come in a month later and replace it.

Renewals should last a minimum of 10 years. The agency you are talking to is taking it all for themselves. I would go elsewhere.

 

[kb24]

I have an opportunity to contract with a company paying 110% first year. I was told I will get no less than 20-30 leads per week at $20 per lead, targeting blue collar families. I anyones experience is this a viable opportunity or should I run like an antelope? Thank you in advance.

I am evaluating the FE Exp business as well for a career transition. Did you make a decision?

Thanks

 

[Insurance1guru]

I have an opportunity to contract with a company paying 110% first year. I was told I will get no less than 20-30 leads per week at $20 per lead, targeting blue collar families. I anyones experience is this a viable opportunity or should I run like an antelope? Thank you in advance.

Maddy it could be good. These are people that live paycheck to paycheck and don't have a lot. Very nice people that need and want something that they can depend on for that time when it comes. Easy sell.

 

[liquidglass]

Well Maddy, nothing personal, but from what I do know about those companies, if possible I would replace a lot of policies you wrote because most people fill out lead cards like passing out candy.

In my opinion the FE is a great opportunity, so consider them, but take the wise advice of the guys on here.

I do FE almost exclusively right now (being in NC doesn't help lol) but I have about 4 low cost companies that I can place anyone in. And when their monthly budget is $30-$70 they will shop around left and right.

 

[Hopwood04]

If you have to pay for your own leads you should be able to sell for any company you want. Don't let them tell you that you have to sell only for them. If another company helps you make the sale, sell that company. 110% contract is very good utilize it when you can.

 

[ActingBoss]

Well Maddy, nothing personal, but from what I do know about those companies, if possible I would replace a lot of policies you wrote because most people fill out lead cards like passing out candy.

In my opinion the FE is a great opportunity, so consider them, but take the wise advice of the guys on here.

I do FE almost exclusively right now (being in NC doesn't help lol) but I have about 4 low cost companies that I can place anyone in. And when their monthly budget is $30-$70 they will shop around left and right.

"the wise advice of the guys on here. "

something thats in very short supply

The answer, IMHO, to the poster's question is FE can be a good career, but FE has some unique (I would think) issues attendant to it that no other (or at least not many) lines have:

1) higher rate of NTOs, lapses, etc........for obvious reasons

2) your clients need constant massaging after the sale......drop-ins, small notes written to say thanks, postcards for no other reason other than to say thanks.......you must keep your name in front of them long after the sale on a much more frequent basis....otherwise they'll lose their fire after the sale and spend it foolishly on material goods

3) they will also give you more referrals than other lines.......you'll be much more likely to sell the whole house

4) they require face-to-face contact.......do not try to do this over the phone, it won't work because it won't stick

5) they will value value-addeds more than other lines........which I use daily....and said use carries me a long way......use Free Will Kits and Power of Attorney forms.....lighted pens, etc.

6) to show my ever-strengthening grasp of the obvious.....they will have more death claims...

7) they will tend to focus (without your guidance) on price......you must sell a concept, not a price......otherwise they'll hear a Matrix Direct commercial and swear you're cheating them.

 

[ims01]

A lot of good advise here, but I would argue that you can sell FE over the phone and do so very effectively.

Many agents take too many short-cuts when selling over the phone and they tend to sell and move on. The follow-up suggested here after a F2F sale is just as or more important for a phone sale.

Don't go off on your own to sell FE over the phone. Find an IMO who has already paid the "dummy tax" figuring it out.

If you buy leads on your own, then you are truly independent and can place the business where it best suits the situation.

 

[TWicks]

I have been doing final expense for 2-3 months now, I am new to insurance but very experienced in phone sales which is how the final expense I am working right now is structured.

I have found it hard to make enough on 20-30 leads a week, but if I were going out to the home I think my close ratio would be higher than it is on the phone. Unfortunately this isn't an option for me since our leads are based out of 5 states and the expense of travel would wipe out any more commissions I would be making.

One thing I have found with final expense is that it is hard to prospect, most people in the age demographic aren't online and don't go out and about too much. The best way to market for final expense it seems is TV or direct mail both of which are pretty costly.

Just my opinion and like I said I'm not an insurance sales expert...yet!