Getting Started In Final Expense

[Bcrane0305]

That 112 billion article headlining lapsed polices, is NOT about life insurance but "life settlements" AND the need to increase government control with "Consumer Disclosure legislation".... What I gather from the article and my interpretation: UL"s that were written in the 70's and 80's are losing cash value at an astounding rate, no wonder people are lapsing or cashing in... Term will lapse simply because the term runs out OR the need has ended (mortgage, college, income replacement). The fact of lapsed policies is not news, it's happened for decades.

Sounds about right but the truth is all new agents should know that there is about a 10-20 percent chance that a written final expense policy will eventually be cashed out.. Way less than some IMOS lead on. Lincoln will tell you that you are a God send and saving these families from financial ruin.

 

[Thad.Sipple]

Even that would be mild compared to losing a kid.

Of course just figured I would lighten the situation.

 

[Bcrane0305]

There are all sorts of reasons people flunk out of Final Expense.

One is lack of emotional control; these agents do not understand that each appointment experience is mutually independent, and do not have the capability to wake up the next day without letting the prior day's results affect them.

Another is a lack of discipline; even with the system of success laid out in front of them, they will deviate from best practices to waste time on cheaper, less-success alternatives.

Lack of work ethic; these agents do not feel the burning necessity to work each new lead they get, and would rather sit on their asses than knock on doors.

Lack of capital; many agents get into this business with minimal financial resources and hope for the best. Most new agents who are not financially secure should start in Final Expense part time, with the goal of developing a bank roll over time to fund an eventual full-time investment in the business.

In an ideal situation how much do you think new agents should have to invest not counting living expenses and bills .. Also with that money where would you reccomend attacking marketing wise and for how many weeks, months until an agent will know if it is for him or not?

 

[PA Bill]

Of course just figured I would lighten the situation.

I know you were just trying to lighten the situation as you put it. But I think you should of left that one alone. Just sayin'.

 

[bboman23]

I know you were just trying to lighten the situation as you put it. But I think you should of left that one alone. Just sayin'.

It's all good. I know Thad real well. He would never step out of line on something like that.

 

[Thad.Sipple]

It's all good. I know Thad real well. He would never step out of line on something like that.

Nope never.

Ben and I have had conversations about it and I have mad respect for Ben.

 

[Buff Minorcan]

In an ideal situation how much do you think new agents should have to invest not counting living expenses and bills .. Also with that money where would you reccomend attacking marketing wise and for how many weeks, months until an agent will know if it is for him or not?

I certainly don't know the answer for certain because I myself am looking to start FE full time and have spent the last 3 months prepping. But I'm only a few weeks away from accomplishing the prep goal:

-$10,000 in the bank
-4 months of bills pre-paid

I can only assume if I apply myself I won't need all that 10k to start making some money in this business, but just to be on the safe side I think that's a good cushion plus the pre-paid bills.

 

[Bcrane0305]

I certainly don't know the answer for certain because I myself am looking to start FE full time and have spent the last 3 months prepping. But I'm only a few weeks away from accomplishing the prep goal:

-$10,000 in the bank
-4 months of bills pre-paid

I can only assume if I apply myself I won't need all that 10k to start making some money in this business, but just to be on the safe side I think that's a good cushion plus the pre-paid bills.

Yah. Is that what everyone thinks is the norm? 25 leads a week for a couple of months and then re evaluate game plan and see if they can do it for a living.

 

[Buff Minorcan]

Not sure. I think talking with your upline and developing a strong and logical plan for your first month is crucial. If you've never ever sold this before and never even been on a ride along than I can't imagine it's a good idea to just stroke a check for 200 leads in your first month.

 

[ZenSamurai]

I love running apts. But with 18 leads you will have a short week. Say you get 50%... that's only 9apts. That's one day of work. But the problem is that agents I've seen do this have a more wasteful week. Example. ...3 appointments Tuesday. 2 Wednesday. 2 Thursday. 2 Friday.

Getting up, getting dressed and driving to your area for 2 apts doesn't put the numbers in your favor and this is a numbers game.

Now if an agent is still willing to knock the other 9 even if they said no on the phone, then that's different. But I find most agents don't do that.

But agents getting 30 plus fresh DM leads. ..... ya they can run apts more effectively.

You just answered question I had earlier regarding door knocking the other none appointments.