Final Expense Newbie Needs Insight

[benefits365]

We work on the senior side selling MA, medigap and part d nationwide. Relatively new, I didn't want to fight battles on too many fronts, so I passed on adding FE out of the gate for our agents.
Now, the time is here. And I need the FE gurus here to suggest a few things to me, if you don't mind:

1. I want to add one carrier to start. Keep in mind, those of you that have five carriers because of UW considerations: you are not our competition. You are going to offer superior option to your consumers. We can't. I have to train these guys fully, and we're really only adding the product for cross sell, not as the lead product.

1a. We are a call center. An e-app with voice signature is what we are looking for. Sorry, I forgot to clarify.

2. How does pay structure typically work? I was told that if, as an SGA, we earn 110, the agent can earn 55-60 from the carrier. Meaning, we aren't paying them half of our 110: the carrier is paying 165-170 first year. Is that possibly correct? Sounds wrong to me, but what would I know?

3. For Medicare sales agents: how do you approach the cross sell? On policy delivery? Via a follow up card? How do you successfully cross to FE?

Thank you all so much in advance for sharing your industry know how with us. Your insight is invaluable.

 

[Todd King]

We work on the senior side selling MA, medigap and part d nationwide. Relatively new, I didn't want to fight battles on too many fronts, so I passed on adding FE out of the gate for our agents.
Now, the time is here. And I need the FE gurus here to suggest a few things to me, if you don't mind:

1. I want to add one carrier to start. Keep in mind, those of you that have five carriers because of UW considerations: you are not our competition. You are going to offer superior option to your consumers. We can't. I have to train these guys fully, and we're really only adding the product for cross sell, not as the lead product.

Probably Foresters would be your best bet.

1a. We are a call center. An e-app with voice signature is what we are looking for. Sorry, I forgot to clarify.

Once again, Foresters. May Baltimore Life.

2. How does pay structure typically work? I was told that if, as an SGA, we earn 110, the agent can earn 55-60 from the carrier. Meaning, we aren't paying them half of our 110: the carrier is paying 165-170 first year. Is that possibly correct? Sounds wrong to me, but what would I know?

No, You misunderstood. It sounds like you were being offered a 110% contract level and told you could offer the agents 55-60% Level. Your 110% sounds a bit low though.

3. For Medicare sales agents: how do you approach the cross sell? On policy delivery? Via a follow up card? How do you successfully cross to FE?

You offer the Medicare Supplements first and then cross sell the FE. If you were doing this F2F, you would do it all on the same appointment.

Thank you all so much in advance for sharing your industry know how with us. Your insight is invaluable.

I hope I may have helped a little. Shop around for the contracts. Plenty of IMO's on here that can help you with the contracting, including myself.

 

[Newby]

We work on the senior side selling MA, medigap and part d nationwide. Relatively new, I didn't want to fight battles on too many fronts, so I passed on adding FE out of the gate for our agents.
Now, the time is here. And I need the FE gurus here to suggest a few things to me, if you don't mind:

1. I want to add one carrier to start. Keep in mind, those of you that have five carriers because of UW considerations: you are not our competition. You are going to offer superior option to your consumers. We can't. I have to train these guys fully, and we're really only adding the product for cross sell, not as the lead product.

1a. We are a call center. An e-app with voice signature is what we are looking for. Sorry, I forgot to clarify.

2. How does pay structure typically work? I was told that if, as an SGA, we earn 110, the agent can earn 55-60 from the carrier. Meaning, we aren't paying them half of our 110: the carrier is paying 165-170 first year. Is that possibly correct? Sounds wrong to me, but what would I know?

3. For Medicare sales agents: how do you approach the cross sell? On policy delivery? Via a follow up card? How do you successfully cross to FE?

Thank you all so much in advance for sharing your industry know how with us. Your insight is invaluable.

Todd would be a good resource for you. Our agency has no real focus on FE telesales and we really don't want to be in it at this time.

The commission doesn't work the way you are describing. If you earned 110% on top of your agent's sales...well it would be fantastic. But it doesn't work like that.

 

[benefits365]

Thanks guys. I have barely started to peek my head into all of this, and the source I was leaning on mentioned the contract structure I listed here, so my WTH meter started going off.

Haven't actually discussed specifics of contracting just yet, but we do run SGA through all of our MA carriers right now. FE is a totally new animal, though.

It sounds like I'm hearing Pitch Medigap, cross with FE as the suggested model. If we tend to lead MA, how would you suggest FE cross selling?

 

[Rearden]

Why not simply blend the burial insurance question in with the fact-finding portion of your sales presentation?

 

[bigjake]

Thanks guys. I have barely started to peek my head into all of this, and the source I was leaning on mentioned the contract structure I listed here, so my WTH meter started going off.

Haven't actually discussed specifics of contracting just yet, but we do run SGA through all of our MA carriers right now. FE is a totally new animal, though.

It sounds like I'm hearing Pitch Medigap, cross with FE as the suggested model. If we tend to lead MA, how would you suggest FE cross selling?

If you have a carrier which offers both products, start there. One company can have the easiest presentation materials and an affordable product on both sides, then all you have to do is add the the premiums together. You have taken part of the decision-making out of the client's hands and placed in yours. Here is your Medi.........& 15K whole life policy for $...... Give a choice of two and let him or her pick. If they don't choose, then find out why with the old "is it" questions. Is it the company? the price? Is it me?, etc. If it is price, you can back the FE out of the quote or lower the amount of coverage on either or both of the products.

I do this with cancer/critical illness all the time. It is hard to close both, but the technique works most of the time to solidify the sale on what you are there for to begin with. Btw, Don't forget why you are there. If they allow you in their home to talk about MA, Medigap, etc, do not leave with with FE app only, unless there is really good reason. They will feel hudwinked and probably cancel.

 

[Newby]

Thanks guys. I have barely started to peek my head into all of this, and the source I was leaning on mentioned the contract structure I listed here, so my WTH meter started going off.

Haven't actually discussed specifics of contracting just yet, but we do run SGA through all of our MA carriers right now. FE is a totally new animal, though.

It sounds like I'm hearing Pitch Medigap, cross with FE as the suggested model. If we tend to lead MA, how would you suggest FE cross selling?

You can't really cross sell FE and MA and be compliant. That's one reason most FE agents wouldn't touch MA with a 10-foot pole.

I assume you could contact your entire database to prospect for FE sales though.

 

[benefits365]

Agreed newby. That's part of my concern.

I think it all makes good sense as a lump sale to a medigap prospect, but for MA I can only compliantly think of contacting the prospect after the sale and enrollment and 48 hour cool off.
Just trying to think of ways to address this.

 

[tins]

1. I want to add one carrier to start. Keep in mind, those of you that have five carriers because of UW considerations: you are not our competition. You are going to offer superior option to your consumers. We can't. I have to train these guys fully, and we're really only adding the product for cross sell, not as the lead product.

1a. We are a call center. An e-app with voice signature is what we are looking for. Sorry, I forgot to clarify.
.

Your best bet may be with Equitable Life & Casualty.
The president/ceo is really creepy, but they have a decent product for what you're looking for.

 

[bigjake]

Thanks Newby. I forgot the MA compliance. I stick to the simple CI and Cancer plans for that reason.

Tins is right too. EQ L@C is a good choice. I am not too familiar with the Med Supp they offer for GA/SC but a lot of people have sold it here.

The Prez is a nice man. I would not be surprised if EL&C gets an A- rating soon. They are certainly easy to deal with, and they have decent online training for new agents.