Is fraudulent business jeopardizing the FE market?

[titeye]

It’s funny I’m looking at all these you tube videos and every other one profiling 8-10 buys doing $25-$100 k every month . There’s was a tatted 28 yr old with FFL on a recent video . He claims to have done $700 and $940 k telesales fe the last 2 yrs . Of corse he’s recruiting like crazy . All I can say if these guys really are going those type business there replacing the crap out of each other . There’s simply not enough clients for all these guys to be doing this type vol . Now everyone’s pushing free leads . I saw Massey and boman have jumped in it with 1000 others . Hell your at 150% giving out 30-50% with free leads . Leads cost $5-$15 each . The imo is netting 50-60% after all chargebacks , leads , expenses . Incredible business model for all but the guy making 40% . For most that’s like a job at McDonald’s or Walmart net net

Very interesting!
I was just informed that Senior Life Ins. Co. has increased the costs of all of their leads by more than 20%, "in order to stay competitive". That contradicts those pushing free leads. This new change, however, does not affect their in-house sales force.
The premiums on all of their plans have continued to increase excessively; and, the commissions earned on their plans remain noncompetitive.
They are hard-selling stock ownership to every agent, but no one has ever been privy to the company's financial statements. Maybe Jaymon can dispute this last point.
Within the next 7 years, before 2031, I am predicting their collapse or being bought out.

 

[Todd King]

It’s funny I’m looking at all these you tube videos and every other one profiling 8-10 buys doing $25-$100 k every month . There’s was a tatted 28 yr old with FFL on a recent video . He claims to have done $700 and $940 k telesales fe the last 2 yrs . Of corse he’s recruiting like crazy . All I can say if these guys really are going those type business there replacing the crap out of each other . There’s simply not enough clients for all these guys to be doing this type vol . Now everyone’s pushing free leads . I saw Massey and boman have jumped in it with 1000 others . Hell your at 150% giving out 30-50% with free leads . Leads cost $5-$15 each . The imo is netting 50-60% after all chargebacks , leads , expenses . Incredible business model for all but the guy making 40% . For most that’s like a job at McDonald’s or Walmart net net

I couldn't sleep at night if I gave out 40%! There's too many other places that will give 60-70% and free leads. Well, at least there used to be.

 

[Jaymon]

Very interesting!
I was just informed that Senior Life Ins. Co. has increased the costs of all of their leads by more than 20%, "in order to stay competitive". That contradicts those pushing free leads. This new change, however, does not affect their in-house sales force.
The premiums on all of their plans have continued to increase excessively; and, the commissions earned on their plans remain noncompetitive.
They are hard-selling stock ownership to every agent, but no one has ever been privy to the company's financial statements. Maybe Jaymon can dispute this last point.
Within the next 7 years, before 2031, I am predicting their collapse or being bought out.

You have an couple of interesting points.

My wife and I did buy stock. When we first got there in 2017 you had to earn the privilege of buying the stock, when we left SL July of 2023 they cashed us out, we did not authorize it...but we were glad to get our money back. Now I hear "though the grapevine" SL is now more liberal with purchasing stock. I was not and did not know any agent privyed to any financial statements.

I believe SL's main focus is selling direct to the public, their direct sales division (hourly employees) has grown over the years.

Would SL rather an independent agent sell a policy with having to pay the top of the hierarchy 150% or a hourly paid employee make a sale?

Our Agency made to the 150% and there were months they FORCED hundreds of leads on me from old inventory at full price, and many of our agents experienced the leads were already pitched by the SL's direct sales department, so instead of forcing the leads on our agents...we actually paid for them... one of the reason we left.

I don't know about there financials, but I think eventually they will be 100% direct sales.

SENIOR LIFE HAS NO REGARDS FOR THE AGENTS!

If you build a large downline the day you want to move... you will not get your renewals, they will hold renewals over your head, forcing you to stay. I know for a fact some of the larger agencies would leave...but losing all their renewals is hard to overcome.

The day we told them we're of thinking of moving on, that month we did not receive our renewals or monthly backend. We then decide moved on before we get to deep in their bullshit. Their deep in chaos, since we left another 1M monthly agency and 2 VP's left.

Here what I think of their slogan...."Senior Life, all your life"

 

[Baseball7]

And now you’re on to Security National…

Hopefully, you could influence them to join the modern era and get the instant decision application process working.

 

[rousemark]

And now you’re on to Security National…

Hopefully, you could influence them to join the modern era and get the instant decision application process working.

One of the least agent friendly companies. Need to read the agent contract closely. Has almost as many gotcha as the SL contract. You can't even pull up your BOB.

 

[jdeasy]

One of the least agent friendly companies. Need to read the agent contract closely. Has almost as many gotcha as the SL contract. You can't even pull up your BOB.

I consider SNL to be the very bottom of the barrel. Right there with Americo. But more crooked.

Now, they will be the best thing since sliced bread. Until the next move. Then they will trashed as well.

 

[WinoBlues]

@rousemark
@jdeasy

I'm direct with them. I have a small book of business with them. Have or had a some lead credits. I was thinking of using to not lose the contract. However,

What are the main reasons they are not agent friendly.

Thanks

 

[jdeasy]

@rousemark
@jdeasy

I'm direct with them. I have a small book of business with them. Have or had a some lead credits. I was thinking of using to not lose the contract. However,

What are the main reasons they are not agent friendly.

Thanks

Just try to use those lead credits

 

[Baseball7]

My only point of improvement I wish they would embrace is an instant decision e-application.

One of the reasons, KSKJ, PFA and all of these other products took off so aggressively was how easy to use iCover is.

 

[WinoBlues]

Just try to use those lead credits

Yeah, they have been sitting there for years. 2-3k as I remember.

What are the main agent issues?
One I found is trying to get updated client info from CS for a review.