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

[Newby]

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

It's not the CHEAPEST. It's the best price that they QUALIFY for.

A 3 or 4 dollar range is fine. $15? Not so fine. It's up to you what you are comfortable with.

If I were you, I would try a little harder to get contracted with LaFayette at that kind of difference. Have you called Western Marketing? They give a pretty good LaFayette contract.

 

[Sac 916]

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

Does he qualify for the LH preferred product?

If so, why not use that option?

In your quote above what is the DB? NT or T?
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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

Just saw this post re: DB. My bad.

 

[RonRoberts]

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

It's not the CHEAPEST. It's the best price that they QUALIFY for.

A 3 or 4 dollar range is fine. $15? Not so fine. It's up to you what you are comfortable with.

If I were you, I would try a little harder to get contracted with LaFayette at that kind of difference. Have you called Western Marketing? They give a pretty good LaFayette contract.

Thanks for the info. I am interested and I will contact Western Marketing. As always you are a lot of help and I thank you very much.

Ron
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Does he qualify for the LH preferred product?

If so, why not use that option?

In your quote above what is the DB? NT or T?
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Just saw this post re: DB. My bad.

I did look at using the preferred price in my comparison but it seems to be only a $1 difference.

 

[HomeService]

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

No, you never are really screwing the client if you are in the ballpark, your service and the fact that you are doing the work shopping, and the fact that you are offering a great company and so on, that makes up for a few bucks difference. Now, $15 a month or $20 higher premium?? Yeah, that's a little bit borderline doing a bad deal for the client.
As you can see, most companies are in the ballpark. They watch what others do and how they price and stuff. As mentioned above, the client must qualify, certain health risks and tobacco use and so on, changes everything.

 

[Newby]

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

It basically comes down to this; if the client knew ALL the facts and understood them, which one would he sell himself?

If you have 5 companies within 3 or 4 dollars of each other he would likely choose the one with the prettiest brochure or a brand name that sounds familiar.

When there are feature differences they would pay a little more IF they like the features. Features that add value could be accidental benefit, living benefit riders, child/grandchild riders, immediate decision at the point of sale (agents like this but so do clients), funeral assistance when death occurs, 24 hour claim settlement, etc.

I don't think most clients would sell themselves a 15 to 20% higher premium if the policies are pretty much comparable.

 

[WinoBlues]

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

It basically comes down to this; if the client knew ALL the facts and understood them, which one would he sell himself?

If you have 5 companies within 3 or 4 dollars of each other he would likely choose the one with the prettiest brochure or a brand name that sounds familiar.

When there are feature differences they would pay a little more IF they like the features. Features that add value could be accidental benefit, living benefit riders, child/grandchild riders, immediate decision at the point of sale (agents like this but so do clients), funeral assistance when death occurs, 24 hour claim settlement, etc.

I don't think most clients would sell themselves a 15 to 20% higher premium if the policies are pretty much comparable.

Which 3 companies would you say have these added vaue features?

 

[cptlbc724]

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

Western Marketing is a great group, very helpful and will get you in with Lafayette..You may want to get your feet wet with a couple of carriers who are more user friendly though. I also used Western to get those dirt cheap rates with Lafayette..To this date, the healthiest client that I have run into so far I put with them. My experience was this. She was early 60's, ZERO meds, non smoker, and was still teaching at a private school. The phi was 17 min, not horrible..but it took them 3 weeks to issue the policy. I followed up with them after the first week and they could not give me a straight answer. I asked if they typically push the apps through within a few days or a week and the answer I got was , "it varies"..Policy did get issued , I got paid almost a month later. Was stoked that she got a great rate, but I have never used them since.
Great company overall, financially strong , but I suppose some companies do much better with certain products than others.

Monumental is very helpful for new agents. You're not going to get them all approved as applied for, and you'll wait a few days to find out either way but they are still one of my favs to work with.
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AmCon is another agent friendly company to work with. If you write a lot with them, have strong follow up with your clients. Rates are replaceable , not bad but beatable. They have a nice graded and do good for older clients to...

 

[RonRoberts]

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

Monumental is very helpful for new agents. You're not going to get them all approved as applied for, and you'll wait a few days to find out either way but they are still one of my favs to work with.
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AmCon is another agent friendly company to work with. If you write a lot with them, have strong follow up with your clients. Rates are replaceable , not bad but beatable. They have a nice graded and do good for older clients to...

My only thoughts on Monumental are that if I am going to have to drive an hour or more to write a policy I want to know the moment I walk out the door that they are covered and I am getting paid. The odds of getting a second chance with them diminish as soon as I have to call and say "I am sorry but due to circumstance you were declined, but I can come back and write you with a different company."

I don't know...what are your thoughts on this?

Ron

 

[Newby]

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

My only thoughts on Monumental are that if I am going to have to drive an hour or more to write a policy I want to know the moment I walk out the door that they are covered and I am getting paid. The odds of getting a second chance with them diminish as soon as I have to call and say "I am sorry but due to circumstance you were declined, but I can come back and write you with a different company."

I don't know...what are your thoughts on this?

Ron

I agree. I like Monumental but that is their weak area.

You can get an answer right away with RNA, Oxford, ForeThought, American Memorial and can be pretty certain with American Continental.

I heard somewhere that Settlers is moving that direction also.

Monumental should offer it both ways POS approvals if the agent chooses to do it. They would be excellent then.

No on 2nd thought...Monumental needs to fire the person that designs their brochures and study ForeThought's, Settlers, 5 Star, and all the other good ones before they try again. With good brochures and POS approvals, they would be excellent.

 

[cptlbc724]

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

Newby is 5 Star decent to work with?