Frustrated Life Agent - Help Needed

Jan 26, 2009

  1. insurance360
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    insurance360 New Member

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    I started as a life agent a couple months ago with a captive company. I have a HUGE target market that I have tapped into. These prospects that I'm running quotes for are in need of at least 50K to 100K of whole life insurance for only final expenses. The problem I'm running into is when I run a quote for them...they'll shop me and majority of the time I get beat by premiums.....I know the company I work for is a bit on the high side with premiums...I do advise the prospects that my company is a A rated company that has been around for over 100 years...blah blah blah.....As hard as I try to sell my company before the quote...I still lose the deal due to price.....

    Any advice or reconmendations from the seasoned agents here is appreciated.

    I would also like to get a 50K and a 100K whole life and UL quote for a 56 year old female, non smoker from you independent agents so I can compare it with the company I'm working with.
     
    Last edited: Jan 27, 2009
  2. HomeService
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    That's your problem... 50K to 100K is not considered final expense. Final expense is 5K to 10K. So in final expense markets, the companies are all fairly competitive. You are way off on what most consider final expense, insurance companies included. You are barking up the wrong tree.

    You will never be competitive writing 100K whole life on anybody over 50 years old, it just isn't happening. You need to consider UL or term/perm blend. And it's not "final expense", for those amounts, it's a life insurance plan, a significant one, one that needs some special attention, one that needs maybe a UL or a term/perm blend.
     
  3. gzpxyj
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    gzpxyj, Jan 26, 2009
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  4. somarco
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    somarco GA Medicare Expert

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    You need to sell yourself, vs. your carrier.

    Plus, you may be in the wrong market for your carrier. HS is right. Final expense is not $50 - $100k.
     
    somarco, Jan 27, 2009
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  5. Delta76
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    Delta76 Guru

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    Also, especially with whole life, the lowest premium isn't always the best value. There is a lot more to the equation.
     
    Delta76, Jan 27, 2009
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  6. SportsNut
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    SportsNut Guru

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    Is it possible for you to work this mkt that you have tapped as an indie agent...? Even if you hooked up with another agency that could provide you some financial support, (salary-draw) but offered a wide range of ultra competitive products... The market you have access to sounds like a winner, even if the company you now work for isn't.

    When you can't beat-em, join-em...
     
  7. insurance360
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    insurance360 New Member

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    Thanks for all the good information. The reason I used the term Final Expense is because the market that I'm in uses the entire 50K to 100K towards the funeral expenses....but I know now the final expense term is used for only 5K to 10K....The market I'm in does not believe in term........UL is my best bet...

    I have lost 5 huge permanent policies this past month due to price. It takes hard work to get these good prospects so it hurts when you lose to them due to price....I'm definitely jumping ship soon if this keeps up....Any IMO/GA you seasoned agents would recommend me would be appreciated...

    Thanks Gzpxyj!!

    Thanks for the advice....It's a bit hard to sell myself when they're saving $75+ a month......it adds up...
     
  8. HomeService
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    Are you serious? There is actually a group of folks out there that spends 50-100K on a funeral? I bet there are some funeral home owners who are getting real excited about this news... { I am not doubting you, by any means, I just want to know more about this, sounds like a lot of money to me- for a funeral... but what do I know...}
     
  9. arnguy
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    arnguy Guru

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    Last edited: Jan 27, 2009
    arnguy, Jan 27, 2009
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  10. insuranceexec
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    insuranceexec Guru

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