Final Expense By Phone.com

Some of you want to believe this would work, but are too scared or skeptical to try it. Stop being your own worst enemy and just do it. But, unless you are teachable and can afford to pay for a few mailers, dont bother. You'd be wasting your time and money.
 
I've been trying to figure out how to make money in this industry for several months, and I have come to conclude that a lot of these offers are basically the ultimate shell game.

One system you pay a high price for leads and take a cut on commission, but you aren't responsible for generating your own leads. Another system you are captive and sell by phone to spread the territory, but you still pay a lot for leads and take a hit on commission. Still another system is to pay next to nothing for a list of scrubbed names and cold call; paying next to nothing for leads with a high commission, but spending a lot of time prospecting to a high number of people who aren't intersted. Still another way is to do a mailing on your own or through a mail house, and run leads on your own.

I think that any combination of any of these ways CAN work for somebody, otherwise the opportunity wouldn't even be around (believe in it, it's not bigfoot or Santa Claus). But there's so much damn fluff that it's hard to sort out what will work for each person from what's a waste of time.

I'm sure that some mailout in some part of the country for some product could be getting an 8% return, but the only thing that matters is the response rate for what you're selling in the area of the country where you're working, and the closing rate you're able to maintain.

I guess I'm just a little frustrated with all this shell game, and I guess I'm seeing that as long as you commit to one method and stick to it and work hard at it, you can succeed.

I'm coming from a medicare advantage background, so I'm no expert at this stuff by any stretch, I'm just a guy trying to keep the bills current for my family and not keep doing things that don't make sense.

That is all.
 
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I know this thread is quite old.. so let me catch up, since I own the domain name referenced in the thread to start with.

Selling final expense by phone has really evolved a lot in the last two years. There are a couple of carriers that have been doing it a long time, paying the agents around 70% commission, (right, theinsuranceman?) and then there are the main stream carriers that have dabbled in the telephone signature angle, only to recently jump in with both feet.

The latest entry to the fray is Foresters. They've done a great job of replicating their existing PlanRight application into a web based version. After you fill out the same application as you would if you were sitting with the client, you submit it to Apptical - their voice verification service. A three-way call is then initiated with Apptical and the client, who you still have on the phone, and the application is verified.

As of this writing, they are open in 7 states with the voice signature option. They will be adding three more states by the end of this month and about a state a month going forward - that's the projection.

So far the process is running smoothly, with future enhancements being worked on now. The commissions are at full street level for Foresters (good) and the policies are still issued within 24-48 hours like the face-to-face policies were.

The difference in what Foresters is offering with the ability to sell final expense by phone is their very affordable rates, quick policy issue, daily pay, and ease of application. They blow everyone else away with these items in this niche.

As for my website, finalexpensebyphone.com, we've discontinued recommending doing mailings solely for final expense, as the returns from around the country have absolutely plummeted in the last year.

In its place, we have found a MUCH higher ROI by contacting seniors about their Medicare supplement concerns, thus saving them typically $50-$100 per month and creating a VERY happy client.

We can enroll them on the Medicare supplement very easily over the phone using very effective screen share with the client. This builds tremendous credibility and lowers their resistance to releasing the information necessary for the online application. (See: Med Supp Over The Phone! )

Once we have saved them $50 - $100 per month on their Medicare supplement, they are then not only inclined to discuss other lines of coverage but they have just freed up the money to act.

Most often, this is done in a two-step process. Incidentally, when you're able to save someone $50 per month on their Medicare supplement, THEN able to use $50 per month for a final expense policy, thus solving two problems for them with no money out of pocket, you have added approximately $250 on the med supp plus $600 on the final expense policy to your commissions. The $250 med supp commission will be residual, year after year. The residual on the final expense side is not as high, but builds, too.

This scenario repeats itself with an incredible amount of referrals. When you remind them that you can usually save folks from $25-$100 per month from what they were paying with the medicare supplement, no matter where they live - they start telling you about their sisters, brothers, friends, etc. all over the country. I use the Send Out Cards system for automated, personalized contact with them repeatedly throughout the year- and they love it. There are also great cards available that ask for referrals on regular intervals, too, that work very well.

Can final expense be sold over the phone? Absolutely. We've done it with four different carriers very effectively. As a one-horse rodeo, it's not as effective as going in with medicare supplements first, though. The cross-selling means that your final expense policy will have more sticking power, your relationship with them will be stronger, and they are likely to refer more clients to you for doing such a thorough job.
For those final expense agents not familiar with Medicare supplements and how easy they can be sold, I encourage you to check into it.

If anyone has any questions about the new Foresters telephone signature process, feel free to write. You must be certified in order to use Forester's telephone signature process, and we conduct that all the time for our agents. If you're already contracted with Foresters, contact your upline for the necessary certification process.
 
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