Final Expense Vs. Other Life Products

[funeraldirector]

Who do you want to spend your time with? Old people? Young people? Business owners? The old-time insurance company rule was that you will be more comfortable and effective with people in a range 7 years younger than you and 7 years older, that fourteen year range. Me? I love talking to old people. We have all the same reference points and can shoot the breeze all day long. There's money to be made throughout the business. Where are you most comfortable?

 

[chrisbeyersinut]

Good stuff. Thanks for the advice. To summarize, there is a learning curve to FE just as with any product...maybe even more. So it shouldn't simply be looked at as a simple delta of product vs. time vs. commission.

 

[rousemark]

Who do you want to spend your time with? Old people? Young people? Business owners? The old-time insurance company rule was that you will be more comfortable and effective with people in a range 7 years younger than you and 7 years older, that fourteen year range. Me? I love talking to old people. We have all the save reference points and can shoot the breeze all day long. There's money to be made throughout the business. Where are you most comfortable?

It is getting harder for me to find those that are 7 years older....

 

[funeraldirector]

It is getting harder for me to find those that are 7 years older....

You're not kiddin' bud. These seventy year old pre-need chicks are looking pretty cute!

 

[jacobtn]

$59/1000 "leads"? They're not leads, unless you think of phone book is full of leads. How about 24.95 unlimited leads many as you want. anybody on here with the brain can find the vendor.

"What? There's a premium?"

MA agents crack me up. When I was a carrier rep they'd always beat their chest about how much they've sold. Every now and again I'd sit one down and say "Wow. Great job. How many premium checks did you collect?" I'd then follow it up with telling them that this was the easiest money in the world to make in the insurance world (F%$# MIPPA). One girl I know wrote over 3k apps in one year, but she was in a great market, no one could beat the product, she'd been doing it for a while, she had the marketing budget of one of the largest health insurance companies in the country providing her seminars with 100 people in a room at a time (ok, might have only been 50), and she was a gorgeous. Her "twin" only did about 2,500 if I remember correctly and in her pitch she pointed out that the carriers don't even get the entire Part B premium to cover the cost of the $0/month plan, it's only a portion of the Part B premium. Geniuses, freakin' geniuses. Good for them though.

MA agents, crack me up.


To the OP's question, if you have limited time and a limited budget you may want to rethink the way you're trying to get some extra money. The commissions on FE are great (not LTC or annuity commissions), a $75/month plan = what most people make in two weeks at a "real job". Now that's not the average, but it's not unrealistic. That said, it takes time (and money) to learn how to get good at selling anything, including life insurance. It's going to cost money to generate leads and once you have leads you're going to screw up on the first pile you have and miss out on some sales. It takes a lot of time and some decent coin. Even if you cold call ($59/1,000 cold leads/calling records) it's going to take a great deal of time to generate your leads. Most folks only get 4-8 leads per full day of calling. If you don't have the time to do that you can drop direct mail and work lead cards at $400-$450/1,000. At a 1% response rate (could be higher or lower) that's $40-$45/lead card. Some of those are going to be junk and so you'll be calling through those finding folks with dementia and all sorts of other great stuff that means they weren't really interested. If you don't buy a cheap calling list to get over your fear of calling on you're going to be cutting your teeth on lead cards that cost you a small fortune.

That's basically the story for nearly any other type of life insurance too. Is it worth that kind of time and money to invest in a career that tons of other companies are recruiting too? That's the question I'd be giving thought to if I were in your situation.

 

[Josh]

$59/1000 "leads"? They're not leads, unless you think of phone book is full of leads.

Although I see your point, the phone book is very different. The phone book won't scrub against the DNC, target by age, target by geography, or target by just about anything.

How about 24.95 unlimited leads many as you want. anybody on here with the brain can find the vendor.

That's an interesting company you bring up. That discount is now only available for folks that already signed up and keep paying that monthly amount (according to their site after 12 months they reserve the right to stop honoring the discount). Another thing that is interesting about that company is that they have speed bumps built in to get people to go to database101.com/databaseusa.com where their prices are substantially higher ( Pricing, Money Back Guarantee- Database101.com ). What I find interesting is that on their site they claim:

The lowest and simplest pricing structure in the industry!

What's interesting about that is that although they claim to have the lowest price in the industry with their pricing grid which starts at 10 cents/record on consumer leads and 15 cents/record on business leads, my advertised price is less expensive than theirs. Both of those are more expensive than their "unlimited" plan. Maybe they think there is a difference in quality between that unlimited plan and what they broker at database101.com as well.

 

[moonlightandmargaritas]

anybody on here with the brain can find the vendor.

Anybody on here with a brain is smart enough to capitalize the first letter in a sentence too.

 

[0b1kanobee]

Anybody on here with a brain is smart enough to capitalize the first letter in a sentence too.

Pardon me, but you've obviously mistaken him for someone who gives a damn about your observation.