Final Expense Questions

[Newby]

I agree that it's a good system to take everything as earned. But brand new agents usually can't do that.
Here is the system that I've always used and it works great too.
Take advances but have a separate business checking or savings account for your reserve account.
Everytime you recieve commissions put 15% in your reserve account.
Pay any chargebacks out of reserves OR pay yourself out of reserves if the chargeback was withheld from current commissions.
If your reserve would ever go negative put 50% in there until you are back to $1,500 positive.
The advantage of this system is you can live on your advances without getting into financial trouble.
The reason I still take advances today is because I think the money is better in my control than in the insurance company's. You have some company that owes you $50,000 and pulls an AIG or Shenandoah manuver or in the case of anything Medicare related have Nancy Pelosi get crazy with her quill pen and those commissions could be toast.
Since companies won't pay higher commissions for as earned I look at it the other way. I look at taking as earned as giving an interest-free loan to the insurance company. I trust my own money management ability much better than any insurance company or politician.
As JD said choose a system and work with it. There is no right or wrong.

 

[magagent]

JD and Newby have both offered great advice, as Newby advised just find a system that works for you and stick to it.
Personally, I still recieve advances, I still do the same thing that Newby does just a little different. I put 25% of all insurance earnings into a high yielding savings account and I pay for any chargebacks, leads, gas, any other expenses out of this account.

 

[Davis]

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.

Which carriers do you recommend for Georgia?
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JD and Newby have both offered great advice, as Newby advised just find a system that works for you and stick to it.
Personally, I still recieve advances, I still do the same thing that Newby does just a little different. I put 25% of all insurance earnings into a high yielding savings account and I pay for any chargebacks, leads, gas, any other expenses out of this account.

What do you consider to be a high yielding savings account?

 

[Mark]

Try GTL, all online, takes 5 minutes to do an app, issued usually within 24 hours! ages 6 months to age 85. You write as little as $3000
here is the one I use.BCHealthPlans.com | Forms Library

BCbroker, is this your website that you use?? or do they just both so happen to start with BC ??

 

[magagent]

Re: Final Expense Q's

Which carriers do you recommend for Georgia?
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What do you consider to be a high yielding savings account?

Currently, the one I use gets 1.85% for this day and time I consider that to be high yielding.

 

[theinsuranceman]

Capital Bank in NC gives 4% on checking accounts and reimburses ATM fees.

 

[Davis]

Thanks. Are there any good companies that sell aged final expense leads or is there such a thiing?

 

[simpsonian]

Im using Final Expense Brokerage out of Ohio to contract with Settlers, American Memorial, Foresters, Royal Neighbors, and United Farm Family. The commissions are pretty much the same as everyone else and they have always been there to help with any questions I have. There number is 1-888-318-4498.