Final Expense Bank account question on the phone ?

[suranceman]

Stop selling FE over the phone.

You can use a drop ticket Term carrier that doesn't require SSN or Bank Info on the agent portion of the app... you complete a 5 min eapp (called drop ticket) & then you live transfer straight to the carrier and they ask for the sensitive info (people are more willing to give the carrier the SSN & bank info, go figure). Then they get the voice signature. Carrier takes care of the rest of the process... ordering APS, exam, etc...

Again... total time agent spent 5-7 mins. Then you're back to the next call.

You'll make much more $ with Term. Trust me. Seniors are way too skeptical & all FE carriers have dog crap telesales processes (except AmAm). Not saying it can't be done (it can, I have agents who do it) but all I'm saying is if you recruited 100 FE telesales agents & 100 Term telesales agents , the term agents would average more commissions per hour & would still love life. LOL

ya man I don't know about that. Northstar does everything over the phone. Granted they are a business rather than an independent agent, but they still do everything via phone.

Heck in another thread someone said one of the top guys at one life is all phone sales. Not sure if that's true or not, but it seems like there are folks who do successfully sell fe entirely by phone.

Now whether its better to just focus on term vs fe when all done via phone I don't know. I don't have experience in either.

 

[NSRH]

Wow very interesting mike, what do you think Ramiz ?

Final expense telesales is a different animal than term sales.

It requires a totally different approach.

I am however a firm believer in telesales, regardless if its term or FE.

Driving to peoples home will get you burnt out quick, and force you to either recruit or sell leads to other F2F agents (most of the time). Why? Because recruiting or selling leads is done over the phone, and is more convenient.

 

[FinalExpenseDojo.com]

ya man I don't know about that. Northstar does everything over the phone. Granted they are a business rather than an independent agent, but they still do everything via phone.

Heck in another thread someone said one of the top guys at one life is all phone sales. Not sure if that's true or not, but it seems like there are folks who do successfully sell fe entirely by phone.

Now whether its better to just focus on term vs fe when all done via phone I don't know. I don't have experience in either.

NorthStar is a great company but they wouldn't be where they are without AmAm. Which is not a knock on them. They'll say the same thing.

But if an agent doesn't have AmAm it'll be a lot harder for them. The FE carriers just aren't set up for telesales like Term carriers are. Look at prosperity. 15 minute eapp then 25 minute interview. It's a joke. If it was that profitable the FE carriers would be jumping on like the term carriers have.

Also with Term you have the opportunity to sell IUL & Annuities.

By the way OneLife sells Term too.

 

[NSRH]

What's AmAm's tele-sales pocess like?

Imagine Quicken Loans, and then imagine the mortgage broker that needs to visit your home to close the deal and sign documents.

 

[NSRH]

NorthStar is a great company but they wouldn't be where they are without AmAm. Which is not a knock on them. They'll say the same thing.

But if an agent doesn't have AmAm it'll be a lot harder for them. The FE carriers just aren't set up for telesales like Term carriers are. Look at prosperity. 15 minute eapp then 25 minute interview. It's a joke. If it was that profitable the FE carriers would be jumping on like the term carriers have.

Also with Term you have the opportunity to sell IUL & Annuities.

By the way OneLife sells Term too.

AmAm has been our greatest partnership. And its exactly why I wont sell for another carrier. Others just dont get it.

We've customized our entire platform to fit their needs and they've reciprocated their improvements to help NS.

Our relationship with AmAm didnt start this way, it was earned both ways.

 

[FinalExpenseDojo.com]

Imagine Quicken Loans, and then imagine the mortgage broker that needs to visit your home to close the deal and sign documents.

The biggest thing for me with AmAm is the very short interview time & the fact that they can get approved for Level/Graded/Modified & all are very competitive.

When it takes 20-30 mins to do a Tele app with other carriers it's hard to try different carriers over and over if people don't get approved. Agents lose sales by not getting a decent offer QUICKLY.

People buy over the phone due to convenience. There is nothing convenient about a 25 minute interview.

 

[NSRH]

ya man I don't know about that. Northstar does everything over the phone. Granted they are a business rather than an independent agent, but they still do everything via phone.

Heck in another thread someone said one of the top guys at one life is all phone sales. Not sure if that's true or not, but it seems like there are folks who do successfully sell fe entirely by phone.

Now whether its better to just focus on term vs fe when all done via phone I don't know. I don't have experience in either.

The fail rate for indy agents is horrendous both in telesales and face to face.

Regardless if an application is sold face to face, or over the phone, the chances of an independent agent making it in FE is very slim.

 

[NSRH]

The biggest thing for me with AmAm is the very short interview time & the fact that they can get approved for Level/Graded/Modified & all are very competitive.

When it takes 20-30 mins to do a Tele app it's hard to try different carriers over and over if people don't get approved. Agents lose sales by not getting a decent offer QUICKLY.

Correct. And our rates are not the most competitive, and thats ok.

Its all about the process.

The commission however are not cut when qualifying for ROP. Also a game changer.

 

[FinalExpenseDojo.com]

Correct. And our rates are not the most competitive, and thats ok.

Its all about the process.

The commission however are not cut when qualifying for ROP. Also a game changer.

I agree. Hands down best product for FE telesales. Which is why I tried my best to convince you to let me get set up with AmAm a year ago. LOL!

 

[goillini52]

NorthStar is a great company but they wouldn't be where they are without AmAm. Which is not a knock on them. They'll say the same thing.

But if an agent doesn't have AmAm it'll be a lot harder for them. The FE carriers just aren't set up for telesales like Term carriers are. Look at prosperity. 15 minute eapp then 25 minute interview. It's a joke. If it was that profitable the FE carriers would be jumping on like the term carriers have.

Also with Term you have the opportunity to sell IUL & Annuities.

By the way OneLife sells Term too.

Since AmAm is the only company they have, I guess the answer would be???

Are you with OLA now? Never did hear were you went after you left EFES.