I Sold 62 Final Expense Life Insurance Policies My 1st Month Lic.

[rousemark]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Even if you sell the lowest premium today, it won't be the lowest tomorrow. Are you supposed to go back and replace what you wrote every time a company comes out with a new product with a lower rate?

You can't sell only on premium. In fact there are some companies that have a low premium that I refuse to write, Those of you that are Independent, what are you going to do if a captive company comes out with the lowest premium? Give up your agency to go captive?

 

[BenS]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Even if you sell the lowest premium today, it won't be the lowest tomorrow. Are you supposed to go back and replace what you wrote every time a company comes out with a new product with a lower rate?

You can't sell only on premium. In fact there are some companies that have a low premium that I refuse to write, Those of you that are Independent, what are you going to do if a captive company comes out with the lowest premium? Give up your agency to go captive?

Well I know JD and some of us on the forum (myself included) don't sell overpriced graded products. We just send the people to MoO since it is in the best interest of the client and we can't sell it as indy agents.

 

[jdeasy]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

If it was as simple as saying that you need to sell the lowest priced product, wouldn't we all be selling for the same company??

There is no logic to simply saying that the lowest is the best and to sell anything different is unethical.

There is a misnomer that everyone thinks that being independent means you represent EVERY company out there and search the ENTIRE market for a product to sell that is best for the client.

Of course, that's not true.......exactly how many insurance companies are there in your state and are you appointed with them all. Probably not.

I'm an Independent Agent, and no, I am not appointed with EVERY carrier, NOR do I search the ENTIRE market for my clients......does that make me unethical?

I do check for the best rates. if it happens to be with a company I do not represent, I will work to get contracted with that company.

I also send people to my competitors pretty regularly. I don't sell any ROP because i can't compete with MoO's that has to be bought direct. I give people the number to MoO.

Now, the best rate is the one the person can qualify for. I wrote a fellow on Thurs. with one of my higher priced companies because he didn't qualify for RNA, Foresters, etc. He is still paying less than he would with LH, Old American, Sr Life, Bankers, etc.

It's not always about price, it's about value. I suppose that's still about price as value is getting the best deal that your health qualifies you for.

As for the argument about it not being ethical for a captive to sell only what he can sell, of course it's ethical for that person. They are doing the job as best they can. Nothing more ethical than doing your best in my book.

 

[rousemark]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

I do check for the best rates. if it happens to be with a company I do not represent, I will work to get contracted with that company.

I also send people to my competitors pretty regularly. I don't sell any ROP because i can't compete with MoO's that has to be bought direct. I give people the number to MoO.

Now, the best rate is the one the person can qualify for. I wrote a fellow on Thurs. with one of my higher priced companies because he didn't qualify for RNA, Foresters, etc. He is still paying less than he would with LH, Old American, Sr Life, Bankers, etc.

It's not always about price, it's about value. I suppose that's still about price as value is getting the best deal that your health qualifies you for.

As for the argument about it not being ethical for a captive to sell only what he can sell, of course it's ethical for that person. They are doing the job as best they can. Nothing more ethical than doing your best in my book.

I agree!!!!!!!!!!!

 

[Newby]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Even if you sell the lowest premium today, it won't be the lowest tomorrow. Are you supposed to go back and replace what you wrote every time a company comes out with a new product with a lower rate?

You can't sell only on premium. In fact there are some companies that have a low premium that I refuse to write, Those of you that are Independent, what are you going to do if a captive company comes out with the lowest premium? Give up your agency to go captive?

DO you find final expense companies bringing out lower rates year after year? I've never seen it happen.

DO you think a captive company will bring out low rates? Not likely to ever happen. That's not the business model of captives.

And the MOO GI IS a perfect example. Many agent do steer people to that product if that is their best option.

 

[Rearden]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

I think it's more important to sell a competitively priced product versus the lowest-price product.

How many of you guys replace a comparable Columbian Life FE policy with a comparable Foresters policy? How many of y'all have replaced an AmAm policy you've run across in the field with a RNA policy?

Now -- how many times have you been able to replace LH or AGLA FE policies? Assuming they're fairly recent, pretty much every time for myself.

 

[HomeService]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

The price really isn't the entire problem, the problem is that when I looked at LH they had some sort of pre-funeral planning thing, and they were a lot higher for life insurance, and they tried to make up for the difference by saying the pre-planning service was valuable.

 

[RonRoberts]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Just ran a quote for a 70 year old male for a mailer returned from a Monumental drop that I hope to see on Monday:

Lafayette Life | $746.30 | $63.44 |
Monumental Life | $895.40 | $76.04
American Amicable | $876.10 | $76.66 |
Lincoln Heritage | $966.00 | $80.50 |
Mutual Of Omaha | $986.00 | $87.75 |


Since I am new to the business as soon as I get a lead in I run a quote to see what the ballpark rate is for the potential client. Looking at the above rates I will make a few comments:

Lafayette Life definitely has the best rates hands down but I can't even get the area rep to speak with me because I do not have a year's worth of production experience (he would not even call me back). He emailed me to tell me that it would be an injustice to me if he was to give me a contract. He suggested I go to work with NYL or Mass Mutual to get some experience.

Monumental is the company I will try to send this piece of business to if and when I can meet with the guy because the lead is from a Monumental Lead drop. But it is a higher price??

Lincoln Heritage is $4 higher than Monumental which is $14 higher than LL.

MoO is $24 higher than LL and $7 higher than Lincoln Heritage.

Where do we draw the line that as an insurance salesman (because that is what we are) we are screwing the customer?

If for some reason the client does not qualify for Monumental, is $4.00 a big enough difference to make the statement that I would be screwing the client if I offer Lincoln Heritage instead of AmAm?

In time I will be able to determine for myself the companies that offer the best service in terms of price, underwriting, payment of claims, and if the monthly payment is higher than another I will gravitate to the companies that are the easiest to work with.

What are your thoughts? Thanks,

Ron

 

[HomeService]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Is that 10K face? I can write it for $69.54 through a certain company I have, but he'd have to be in great health and non-smoker. This certain company may possibly be writing it in Louisiana but I'm not sure.

 

[RonRoberts]

Re: I Sold 62 Final Expense Life Insurance Policies My 1st Month

Is that 10K face? I can write it for $69.54 through a certain company I have, but he'd have to be in great health and non-smoker. This certain company may possibly be writing it in Louisiana but I'm not sure.

Yes, it is a $10,000 face amount. I do not know if he is a smoker or not because I have not been able to reach him yet. The lead came in Friday afternoon. BTW, who is your company?

Foresters, Oxford, GPM and a few others were cheaper than the Monumental but the lead received was from a Monumental mail drop. So for the sake of fulfilling my end of the Monumental agreement I should send the business to Monumental. I was comparing companies that compared with Monumental for price only, and then compared them to Lafayette Life which obviously had the cheapest rate.

My goal here is to ask the question to all of you "When are we screwing the client" by not offering the cheapest priced product?

Ron