Final Expense good deal or not?

Discussion in 'Final Expense Forum' started by mswebb06, Feb 6, 2008.

  1. mswebb06
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    mswebb06 Super Genius

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    I was contacted by a company today by the name of Superior Funeral and Life Insurance company of Mississippi. The job requirements would be traveling the state of Ms working FE leads and working closely with Funeral homes. They would offer me a base salary of 25K (I make that in residual w/o even starting the truck in the morning time), 100$ cell phone exspense, 20$per day meal exspense, 300-600$ car allowance per month. 40 cents per mile mileage reinbursement, since the work week would be Monday afternoon-Thursday evening, they will pay 50$ per night for a motel room. The catch as I previously mentioned I will be gone Monday-
    Thursday traveling. Agents are making as low as 28K-95K in commisions per year not including the base salary?Good deal or not? W-2 not 1099.
     
  2. TXINSURANCE
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    If all of that checks out, they must be backing that out of the product commission, which is the part you failed to mention how you are paid. It sounds a little to good to be true, hopefully they are not shady characters or a goofy product.

    Do your home work and research.

    Driving around selling Final Expense, I am not sure - could be a little depressing.

    Last comment... $50 per night hotel stay? omg... I hope you have your concealed permit.
     
    Last edited: Feb 6, 2008
  3. Newby
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    Are they a life insurance company or a 3rd party marketer of life insurance?

    If they're a 3rd party marketer and sell an insurance produt that is strong in the funeral home industry (Forethought or Homesteaders) you can make a WHOLE LOT more than that real quickly.

    If they are a life insurance company that is new to the funeral business it will be tougher unless they have something new and unique going for them. Funeral home owners have been burnt in the past from insurance companies jumping in and out of the pre-need business (Fortis, Conseco etc.)

    I did that job for about 3-years. Enjoyed it but I was ready to get off the road after 3-years. The hotel expense is a little low. You'll have to stay in greasy dumps for that amount.

    You will need to learn a little bit about the funeral business.

    Step One - Never call it final expense insurance. Funeral homes hate final expense insurance. It's called pre-need funeral insurance. The difference is preneed insurance has growth of the death benefit. Makes all the difference in the world to them. Kind of like LTC with or without inflation protection.
     
  4. Crabcake Johnny
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    Crabcake Johnny Guru

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    The question I have is do you have previous in-home sales experience. When a base and expenses are involved they expect results and won't be prepared to hear that "everyone says no" or "all the appointments are unqualified."

    For 25K base + expenses they want apps written.
     
  5. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    $20 a day meal money?

    Whaddya supposed to do, pull a Morgan Spurlock and only eat at McDonald's?

    Nine years ago I was gettin' $50/day. The thinking was; $10 for breakfast, $15 for lunch and $25 for dinner.
     
  6. mswebb06
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    mswebb06 Super Genius

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    They have been in business since around 1960, I met with the V.P. of sales, yes I have in house sales experience. Trust me I enjoy traveling just not 4 days and 3 nights a week. Here is the website they are in MS,LA,OK,ARK. SFLIC - Home It seems like they are the "marketers".
     
  7. Crabcake Johnny
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    As far as whether or not it's a good deal - regarding W2'd insurance positions is sounds like one of the better deals out there.

    but...

    $20 for food is low - that's just over $6 per meal which is fast food three meals a day. $50 for hotel......I'd come out of pocket for that. I'd never stay in a $50 hotel for safety and sanitary reasons - but then again I don't know the area. In MD a $50 motel (not hotel) would have the "M" of motel burned out and most of the clients pay by the hour.
     
  8. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    With this kind of gig, you'd actually be able to file as a "statutory employee", getting the best of both W-2 and 1099 tax treatment.
     
  9. Crabcake Johnny
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    Now....while you have downtime between your appointments you hit a Starbucks and sell health online!
     
  10. Newby
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    Looks very legit. They are 3rd party marketers. I hadn't heard of them because I've mainly worked in Indiana, Kentucky and Tennessee.

    You won't be selling to individuals. You are selling business to business. You need to sign up funeral homes and recruit and train their salesperson. The funeral homes need this service. You will find that most of them are clueless about marketing themselves.

    It's a good job and very rewarding. I recommend it.

    Very similar to what I did but a different company.
     
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