Immediate coverage.. Lol

[shonceman]

In 30 plus years i can count on one hand how many were not paid.
1 was suicide 1st year
1 was KNEW he had XY and Z and did not tell me.
1 was sort of questionable but in the end i understood.
That's it.

Coming up on 30 years for me. I might need more than one hand. But I still don't need to take my shoes off to count my rescissions!

 

[WinoBlues]

Lets all just be honest here- Level issued policies are just graded policies with level pricing- Insurance companies have no intentions of paying in the 1st 2 years- they'll find something to deny it- If you've had a client die in the 1st 2 years and the policy actually paid- consider yourself lucky-

I have been very lucky.

 

[tribetime32]

My understanding is that if someone dies in the first two years of a level policy, it is a 50/50 shot. Been in the biz 6 years and haven't had a ton of death claims yet, but it has been about 50/50 for me. When dealing with low income seniors, I have learned that they don't understand their health and you have to let the medications tell the story.

This is why they sign something that says they answered all questions true and complete to the best of their knowledge and belief.

The reality is that these folks should have bought and kept insurance well before they bought a policy from me. My job exists because there is a massive part of the population who are serial procrastinators at best, and downright irresponsible at worst.

Wonderful humans with wonderful stories, but they have the biggest part to play in their circumstances an overwhelming majority of the time.

 

[rousemark]

My understanding is that if someone dies in the first two years of a level policy, it is a 50/50 shot. Been in the biz 6 years and haven't had a ton of death claims yet, but it has been about 50/50 for me. When dealing with low income seniors, I have learned that they don't understand their health and you have to let the medications tell the story.

This is why they sign something that says they answered all questions true and complete to the best of their knowledge and belief.

The reality is that these folks should have bought and kept insurance well before they bought a policy from me. My job exists because there is a massive part of the population who are serial procrastinators at best, and downright irresponsible at worst.

Wonderful humans with wonderful stories, but they have the biggest part to play in their circumstances an overwhelming majority of the time.

I also run into many who fell prey to the Buy Term, Invest the Difference theory. Just recently had one that had subscribed to that, waited too long to convert. He still had a need for insurance to pay off his mortgage but due to the fact he had cancer, there was no way. Had he at least bought a mix of term and WL, his family would be better positioned.

 

[Baseball7]

I'd say my contestable death claims are probably more 70/30? Most of my deaths have been with Transamerica, 1 americo and 1 FBL. I had a FBL case that was on the books all of 3 months, the client died and they paid the claim UNDER 60 days.

 

[walleye]

Some times it is not just the agent that clean sheets, sometimes its the clients.
Buyers can be liars.

 

[nfl72]

I met TPAA. I can't remember if it was in Thailand or Alaska or maybe Mexico. He is a down to earth, just the facts kind of guy. I can see him having that point of view. I can certainly see where he would get it from too. Final Expense is considered a bottom feeder type business by many for good reason. It is true.

My average client rents their home, they don't own. I would guess 75% of my business has no access to the internet. Many of them have computers but don't even know how to turn it on, let alone log in. It's like dealing with someone who has dementia. If they have it they don't even know it. So what good does it do to even ask them the question! Of course there are going to be death claims denied when your dealing with people like that.

This forum can be a great place to get information about which companies to use, where to buy leads etc and what percentages you should be paid. However, if you are relatively new to the business or maybe considering to give it a try. This forum can be very misleading. Too many of the most vocal people on this site make a living off of other peoples backs. It behooves them to get more people to sign up to sell sell sell! Every deal we write they take from 10 to 40% right off the top. I have no problem with that! But what I do have a problem with is when they "SUGAR COAT" what the job entails. As well as wht the chances are that you will last a year.

I graduated from college in 1978 and from that time until now, I have never had an hourly wage. I have sold cars, drugs, some legal some not. mortgages, drug paraphernalia and other things I have forgotten about. It doesn't matter what you are selling some things are always true.

90% that start out don't make it 6 months. some would say only three months.

75% that do make it 6 months barely make minimum wage

75% of the 90% that don't make it 6 months, owe money when they leave; ie charge backs, lead costs, unexpected car repairs, ran up credit cards paying for hotels, food and drinks. "lots of drinks!"

75% of the people on this site that do make it 6 months greatly exaggerate what they make. That is true in any sales job I have ever done.

So when I hear of people who have been selling FE for 20 plus years and can count on one hand the times their claims were not paid; I take it with a grain of salt.

 

[shonceman]

I was joking a little about not taking my shoes off to count rescissions. But I really have had a minuscule number of claims denied relative to the number of policies written.

I agree that the maxim "buyers are liars" is generally true, but you can still get most people to be honest with their health info on a FE app with very little effort. It's all in how you approach the health questions in the interview.

Other agents may not have had the same experience as me in this regard. I've even been told as much by a claims manager who noticed how rare it was for me to have a rescission. Yet I've known several agents who approach the interview in similar fashion with similar results, so my experience is far from anomalous.

And BTW - I'm not a recruiter. I'll neither gain nor lose from another agent listening to me, so maybe they won't need quite as big a grain of salt.

 

[PA Bill]

I once had a manager who told me he wanted to see more cancellations. What?
Yep. Said I wasn't pushing enough, just taking the low hanging fruit.

 

[WinoBlues]

Final Expense is considered a bottom feeder type business by many for good reason. It is true.

You need to add some agents in that bottom feeder soup.

Clean sheeting, replacing years old business and using bullshit justifications or lies, lazy ass agents writing a GI policy where a level or graded policy would have worked and so on. There are some bottom feeders on both sides.

So when I hear of people who have been selling FE for 20 plus years and can count on one hand the times their claims were not paid; I take it with a grain of salt.

I have had one claim not paid. That was about two years ago.