Help! Why Can't I Close Final Expense

[nka245]

I've had a similar problem and then I found out my darn PO isn't taking care of my mail. I wouldn't believe that they didn't get the app except for the fact that the odds of 8 people not getting it is slim. Overnighting them seems to be a better option.

 

[souldeux]

I think he was referring to Somarco.

Rick

Hey, Somarco may write more business than I do, and he may service his clients more expertly, and he may have more fully satisfied clients, and he may work with a larger number of companies, and he may have more experience, and he may have more connections than I do, but I've...

er...

...crap.

 

[briko3]

Here's a question for you. How did you get 50 states and not include South Carolina? Is it that bad here?

 

[dgoldenz]

Maybe you should expand your product offerings. Why does someone in their late 40's or early 50's need final expense when they can buy significantly more term insurance or universal life that's guaranteed forever for the same price or less? Don't forget they're getting calls from other agents too who will explain this to them. Makes you look like you're doing a half-ass job because you want an easy sale.

 

[Newby]

Maybe you should expand your product offerings. Why does someone in their late 40's or early 50's need final expense when they can buy significantly more term insurance or universal life that's guaranteed forever for the same price or less? Don't forget they're getting calls from other agents too who will explain this to them. Makes you look like you're doing a half-ass job because you want an easy sale.

No offense but you try to sell term insurance to final expense prospects and you'll have your azz handed to you. Wrong product. Most of these prospects have already had term. Been there and bought the T-Shirt.

Guaranteed UL is not usually a good fit either. And try suggesting that to families that have already had UL. Not happy campers.

Generally they're looking for simplified issue whole-life. Nothing more, nothing less.

 

[dgoldenz]

No offense but you try to sell term insurance to final expense prospects and you'll have your azz handed to you. Wrong product. Most of these prospects have already had term. Been there and bought the T-Shirt.

Guaranteed UL is not usually a good fit either. And try suggesting that to families that have already had UL. Not happy campers.

Generally they're looking for simplified issue whole-life. Nothing more, nothing less.

Why does someone in good health in their late 40's and into their 50's need final expense? They're not at the age where term and UL premiums go out of sight, and they're probably healthy enough to get a standard rate or better. If you told someone they had two options for the same exact coverage - take an exam, or don't take an exam, but if you don't take the exam, it'll cost you 2-3x more money every year, year after year after year, which do you think most would take? If you're looking at someone who is 70 years old, flat broke, and in poor health, ok.....but the post was in regards to prospects anywhere from their 40's into their 60's.

Why is guaranteed UL not a good fit when it provides a higher death benefit for the same amount of money the FE-gurus are trying to peddle? Hmm.......$15k or $50k....which would I rather have? Same price? Both are guaranteed? Give me the argument against that one.

 

[briko3]

What problems have people had with guaranteed UL?

 

[Newby]

What problems have people had with guaranteed UL?

There are lots of problems and they all come down to user error BUT they are common.

I work in a funeral home, so I see the end result of insurance policies more than most agents.

The guaranteed UL is a fine product IF everything goes perfectly according to plan BUT...believe it or not sometimes payments draft on bank accounts with low funds, elderly people get alzheimers or dementia and their finances get screwed up before the kids figure they need to take over, when kids take over their parents accounts they don't always do a good job or don't find everything all at once.

Do you know what happens to the guarantee if one payment is missed or comes in very late? Do you know how quickly guaranteed UL will lapse once there is no cash value?

You can blame it on the insured, it's NOT the insurance company's fault BUT there are a LOT of problems that can happen. Guaranteed UL is NOT the same as whole-life and in my opinion should not be the recommended product for final expense.

 

[dgoldenz]

And if all that is explained to the client up front.....then what's the problem? I guess they should just pay double the price for that FE product for the peace of mind that if they miss one payment they'll be ok.....that's a pretty lame excuse if you ask me.

 

[myinsurebiz]

I sell Term with ROP to anyone under 60 so long as the ROP is greater than $15k - that's enough to bury them AND they get greater face if they die.

Missing - you just need some TeleSales Training and your ship will right itself . . .

Good luck,

Tom