Getting Started In Final Expense

[bboman23]

And all of it stayed on the books and placed. Amazing. Natural. Agents need to know about FYC and written premium. Written premium does not mean jack! People like Lincoln love written premium. They are lucky to keep 60 percent of heir business every year and 50 for 2 years.

Oh I can't tell you what stayed and didn't stay. I know a lot stayed because I can still track it with Assurity. Back then I had Assurity and Cheasapeake Life. Also Presedential for GI but I didn't like them. I know enough stayed. I had my share of chargebacks, but I wrote a good bit each week. I wasn't hurting for money once I got going.

 

[GoPokes]

I admire your passion bboman23. Thanks for sharing.

 

[bboman23]

I admire your passion bboman23. Thanks for sharing.

Appreciate it buddy! Just hope it helps someone.

 

[jdjinsguy]

great post Ben and comments JD !! thank you

 

[WinoBlues]

This is one of the best threads I have read on this board in a long time.

 

[bboman23]

This is one of the best threads I have read on this board in a long time.

Appreciate it buddy!

 

[Gooner]

Scott and Travis will both tell you that I size up people very quickly and tell them when someone is a poser or someone that will make it. Rarely am I wrong.

I'm sure Gooner and JohnGalt will say the same thing.

If you're saying that I think you are rarely wrong...well you're right.

If you're saying that we(Matt, you and I size people up quickly) then...well you're right

To the question Bcrane asked...my path to FE was completely different. I've worked for fortune 100 companies, did M&A, owned many businesses...retired at 32. From then on I dabbled with marketing consulting until just over a year ago...very profitable(consulting with a fortune 100 company lead me to my insurance license and discovering this forum).

I dropped my first 1k pieces in November of '13. I got back 14 cards. I gave them to my appt setter(JG's wife) and wrote $4,900 in commission in my first week...9 appts. I was hooked didn't go full time until February of '14 because I was finishing a consulting gig. I averaged over 16k in commission over the course of the year.

I took a completely different strategy...but again..I was in a different place than most AND still am, which is why a lot of 'life' insurance guys don't like me :( Mainly because I disagree with their insurance as an investment philosophy.

I started this bidness with 50k to throw at marketing year one. Thank god I spent less than half of that, but that was my budget..in cash...in the bank. I didn't have to worry about bills, mortgage etc...this was more of a social experiment for me. I know that may be insulting to some and a lot of people look at insurance as a way to bide their time until the next 'opportunity' hits them..I'm totally guilty of that.

Then it hit me...I made killer money barely working last year(I maybe worked 3 days a week, less than 36 weeks). So I decided to fully commit the first 3 months of this year to FE and see what happened. When I hit 75k in commission, which was my 'stretch' bonus, I bought myself a new watch. Yes, it's a nice one...with a shiny green box

Bottom line for me is this...you can lead a horse to water, but you can't make him THINK. Ben has it exactly right...too many people think that this is easy money and for some it is. Those who want to kick tires and 'think' about it...well...they think themselves out of it.

This business is easy and simple...for those who are decisive. I'm speaking of FE, not Life insurance...because God knows those guys want to make everything complicated...

Here's the recipe...have some money saved, buy some leads, see the people, make some money...rinse, wash, repeat...EVERY WEEK.

Good thread Benny

 

[Thad.Sipple]

The watch is nice, nice with a capital R.

 

[rousemark]

And all of it stayed on the books and placed. Amazing. Natural. Agents need to know about FYC and written premium. Written premium does not mean jack! People like Lincoln love written premium. They are lucky to keep 60 percent of their business every year and 50 for 2 years. The lapse rate in this industry is remarkable. $112 billion in life insurance policy lapses by seniors

I don't know why you insist on majoring on the negative. However, your 60/50 figure is way off for an agent that does the job he is supposed to be doing. The $112B in face amount is only a small portion of the total face amount in force. The article is including term of which much of it is converted or has completed the initial term, having served the purpose for which it was bought. It also includes polices that are replaced.. A case of a person wanting to sell a magazine article claiming the sky is falling.

 

[Ron Van D]

This is one of the best threads I have read on this board in a long time.

I agree, Wino. I'm also impressed with all the paragraphs, LOL!!