Final Expense Comparison Sheet

[RBHAGENT]

I talk to many agents each month and the rookies always ask " I need to know what to sell and when". I'm looking for some help to complete a cheat sheet for the following companies:

5 star, AmCont, Monumental, Americo, Oxford, GPM, MoO, - I know this is an open ended post, but I think it could be a very valuable tool we could all create. Hopefully it's already done and I'm just missing the boat on this...

 

[SportsNut]

Wouldn't it be great to have a "Health Analyzer" type program, where you entered in certain specifics; (Diabetes either insulin or oral meds, HA on X date, COPD, Cancer on X date... etc) and the program would then rank the coverages accordingly. This program exists for <65 health and other types of life ins underwriting, but no knowledge of it existing for FE life coverage. Maybe one/several of you geniuses could commit your knowledge to a program such as this and it would be quite valueable IMO.

Of course in the interim a spreadsheet of like info such as the OP mentions would be helpful too.

 

[jdeasy]

I talk to many agents each month and the rookies always ask " I need to know what to sell and when". I'm looking for some help to complete a cheat sheet for the following companies:

5 star, AmCont, Monumental, Americo, Oxford, GPM, MoO, - I know this is an open ended post, but I think it could be a very valuable tool we could all create. Hopefully it's already done and I'm just missing the boat on this...

It's just not that easy. As Mark says all the time, "there is no Easy Button for this job".

You could get a general idea but this is more of a learn by doing thing. Readen called it a "sixth sense" the other day. I agree with that. That sixth sense is developed in the trenches and not on the keyboard.

 

[RBHAGENT]

I have one started that we could use as a template and once we get the major health red flags completed, it would be easy to add new carriers...I'm looking for details like what do you sell a preferred smoker over 70, or CHF without MIB screen...etc...all the little details could be solved with an interactive chart.

Who wants to join this project with me? PM me and I'll start an email chain to get this going.

 

[Jerard]

I talk to many agents each month and the rookies always ask " I need to know what to sell and when". I'm looking for some help to complete a cheat sheet for the following companies:

5 star, AmCont, Monumental, Americo, Oxford, GPM, MoO, - I know this is an open ended post, but I think it could be a very valuable tool we could all create. Hopefully it's already done and I'm just missing the boat on this...

@Sportsnut I agree. That would be very useful.

In lieu of that I'll try to answer the OP's question:

I all depends on the applicant's health condition and/or his financial situation. If he's over 50 and in perfect health go with Oxford. The rates are cheaper than most so you'll have less chance on being replaced. If he has COPD or is on insulin (but nothing else wrong) then Monu is a good choice for their standard rate. RNA is good for those that want higher benefit amounts of 25K or more and they have a nice PU@65. This is good for the under 45 people that have only term at work. "Plan ahead and have your burial plan paid up before you retire". I have Settlers for those times I meet single parents that have kids and on a tight budget. They have a nice child rider. If no kids then they are a little cheaper than Monu but only for the younger ages. 5-Star will take credit cards and has no Rx check.

I read on here awhile back that the best plan is the one your client can qualify for. That's the best rule to go by. Study the health questions on all the apps and be familiar with all the rates as well.

 

[RBHAGENT]

It's just not that easy. As Mark says all the time, "there is no Easy Button for this job".

You could get a general idea but this is more of a learn by doing thing. Readen called it a "sixth sense" the other day. I agree with that. That sixth sense is developed in the trenches and not on the keyboard.

You are absolutely right, however, I think if communicated correctly we could find a way to pass on our "sixth sense" to newbies of the business. I love that term by the way, it explains exactly how we are able bob and weave based on health.

There is no easy button I agree and what I tell all my agents is that there is "no simple solution to being consistent".

It's our job to be able to mentor and create tools to help them. I know we can find some veteran information on this forum from the experts!!

 

[GoCubsGo]

Here is what I do that helped me as a rookie to FE that might help others. I cut out the health questions for each carrier and taped them to a sheet of paper, one carrier on each sheet. Then I coppied it onto card stock paper which I punched holes in and put in the back of my presentation binder. On the top of each page I have the carrier name, my agent number and the POS number if that's required. At the bottom I have details about that carrier's plans, age, amounts, weight chart kind of stuff. I have a note page with health condition and which carriers are the ones to look at. Also who takes credit cards, monthly billing etc. I started it out with notes I picked up on this forum from JD & others. (big thanks by the way). Like COPD look at Monumental Immed. On the back of that page I have the weight charts for those carriers that have them.

This makes it much easier to look for the best carrier for a person's situation. No pulling out a bunch of ap's. I get their health conditions, run fexquotes and see which is the cheapest plan they qualify for.

 

[Newby]

I talk to many agents each month and the rookies always ask " I need to know what to sell and when". I'm looking for some help to complete a cheat sheet for the following companies:

5 star, AmCont, Monumental, Americo, Oxford, GPM, MoO, - I know this is an open ended post, but I think it could be a very valuable tool we could all create. Hopefully it's already done and I'm just missing the boat on this...

I think you have your Monumental and 5-Star under me don't you? If you are who I'm thinking of you should have access to this on my website. It has most of the companies you listed and is pretty easy to use. The underwriting help tool has been up for around 90-days for agents contracted under me.

It's not perfect but it works pretty good. Agents have given me good feedback on it. It has made the sale happen for several of them.

 

[shonceman]

Here is what I do that helped me as a rookie to FE that might help others. I cut out the health questions for each carrier and taped them to a sheet of paper, one carrier on each sheet. Then I coppied it onto card stock paper which I punched holes in and put in the back of my presentation binder. On the top of each page I have the carrier name, my agent number and the POS number if that's required. At the bottom I have details about that carrier's plans, age, amounts, weight chart kind of stuff. I have a note page with health condition and which carriers are the ones to look at. Also who takes credit cards, monthly billing etc. I started it out with notes I picked up on this forum from JD & others. (big thanks by the way). Like COPD look at Monumental Immed. On the back of that page I have the weight charts for those carriers that have them.

This makes it much easier to look for the best carrier for a person's situation. No pulling out a bunch of ap's. I get their health conditions, run fexquotes and see which is the cheapest plan they qualify for.

That looks like a great idea! Even for a veteran agent. Sometimes I get a client with an odd combination of health issues. In those situations I find myself pulling out apps, rates, etc. just like you said! A simple one page for each company at the back of my track book would be much more efficient (and for me, quicker than a computer program!).

 

[Rearden]

If you do this long enough, you know what carriers to place people with.

Start with two or three carriers and when you know them down pat, start adding more in.