Final Expense Questions

[Mac1958]

It looks like I'm going to be adding Final Expense, so I have two questions:

1. I've just spent about half an hour on search trying to get some consistent and current answers on this, and no luck, so I'll ask: What are your two or three favorite FE carriers right now? I'd think you'd want a low-premium company and a company that is flexible with its underwriting. Two or three names?

2. What is the value of using an IMO? Don't the FE carriers contract directly? Don't the IMO's make you take a haircut? And if you use an IMO, who do you like?

Thanks.

.

 

[MisterRandyWatson]

Re: Final Expense Q's

It looks like I'm going to be adding Final Expense, so I have two questions:

1. I've just spent about half an hour on search trying to get some consistent and current answers on this, and no luck, so I'll ask: What are your two or three favorite FE carriers right now? I'd think you'd want a low-premium company and a company that is flexible with its underwriting. Two or three names?

2. What is the value of using an IMO? Don't the FE carriers contract directly? Don't the IMO's make you take a haircut? And if you use an IMO, who do you like?

Thanks.

.

My favorites are Settlers, Foresters, Assurity, American-Amicable, and Americo in that order. You'll be able to insure practically anyone you come across with that lineup.

You can get pretty contracts with all of those carriers through an IMO with 9-month advancing. The only direct appointment I have is with Settlers, and it's about the same commission that I have with everyone else through marketing organizations, except they'll only advance 6 months.

 

[Newby]

Re: Final Expense Q's

You will often get higher commissions through an IMO than direct.
Direct contracting is almost always street level.
I like Settlers, Monumental, Foresters, Oxford, RNA.

 

[jdeasy]

Re: Final Expense Q's

It looks like I'm going to be adding Final Expense, so I have two questions:

1. I've just spent about half an hour on search trying to get some consistent and current answers on this, and no luck, so I'll ask: What are your two or three favorite FE carriers right now? I'd think you'd want a low-premium company and a company that is flexible with its underwriting. Two or three names?

2. What is the value of using an IMO? Don't the FE carriers contract directly? Don't the IMO's make you take a haircut? And if you use an IMO, who do you like?

Thanks.

.

My top three are RNA, Foresters and American Continental. Those are in my portfolio in every home and I always intend to lead with RNA.

If those won't work for whatever reason, I have AmAm, UHL, Americo, 5 Star and Presidential in the car.

My least favorites are AmAm and UHL. Some agents like to have their business spread around to many companies. I prefer to focus on one and only use a couple of others for underwriting situations or more favorable smoking rates.

I'm sure they all will advance, but, I don't do advances anymore, so, I don't check on that.

If you don't need support or leads, you can get 110% to 120% contracts with most of those companies. If you go with an IMO/FMO and get training and/or leads, you will get less commission.

Don't assign commissions to anyone. No matter what they promise. I would not take a 120% commission and free leads deal from someone that insisted I assign commissions to them.

It's hard to be successful in FE if you just dabble in it. It's all I do. I work 15 leads per week and I do sell a few med sups, but, the med sup sales are to my FE clients or from referrals. I do not prospect for anything but FE.

Nor do I recruit. I don't have any dog in this advice. I am an independent agent that is out in the field every week doing FE.

 

[Mac1958]

Re: Final Expense Q's

Excellent, guys, thanks.

I've looked around, and I haven't found any IMO's that carry Settlers, Americo and Foresters. In fact, I haven't seen any that carry Settlers. If you know of any that carry all of these, let me know.


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[MisterRandyWatson]

Re: Final Expense Q's

My Settlers' contract is direct so I'm not sure about that one.

 

[Newby]

Re: Final Expense Q's

Settlers used to contract direct but later was requiring you to go through an IMO. I 'm not sure how they do it now.

 

[thall]

Re: Final Expense Q's

You don't have to use 1 fmo imo, spread it around, find the carriers that you want to use then find the marketing org. That way you don't have all your eggs in one basket.

 

[ChicagoProducer]

Re: Final Expense Q's

It's hard to be successful in FE if you just dabble in it. It's all I do. I work 15 leads per week and I do sell a few med sups, but, the med sup sales are to my FE clients or from referrals. I do not prospect for anything but FE.

How do you acquire your 15 leads? Mailers, referrals, etc? I'd like to go As Earned as well, how did you make the transition? I'm new to this forum so thanks in advance...

 

[jdeasy]

Re: Final Expense Q's

It's hard to be successful in FE if you just dabble in it. It's all I do. I work 15 leads per week and I do sell a few med sups, but, the med sup sales are to my FE clients or from referrals. I do not prospect for anything but FE.

How do you acquire your 15 leads? Mailers, referrals, etc? I'd like to go As Earned as well, how did you make the transition? I'm new to this forum so thanks in advance...

I get my leads thru EFES. As for going "as earned", you just tell the companies that you don't want to be advanced. They are quite receptive to that.

I took advances early on. Partly because I needed the extra cash and partly because I didn't know any better. Some would argue now that you should take advances when there is no interest charged. I see that point, but, it's still a loan and I would prefer to not owe the companies money.

I am as earned on all med sups and all but one life company. I get 50% advances from RNA. That was another mistake on my part. I first signed up with RNA as earned and then I thought I read the EFES contract that I would pay for leads from commissions, I changed to 50% advance to cover those costs. Once I found out that I had mis-read that and didn't pay for leads from commissions, I just never bothered to change it. I will change it.

There are a lot of people having success with FE. None of them are having success without some sort of system.