Life of a Final Expense Policy

[theinsuranceman]

Does anyone have any stats on how long the ave. FE policy stays on the books? Doesn't matter if the policy lapses due to death, non pay, cash in, replaced, etc.

Maybe even broken down by graded/modified/guarantee issue/immediate coverage

 

[jacobtn]

Does anyone have any stats on how long the ave. FE policy stays on the books? Doesn't matter if the policy lapses due to death, non pay, cash in, replaced, etc.

Maybe even broken down by graded/modified/guarantee issue/immediate coverage

Depends on the company. If it's LH or Sr Life, 50% lapse within 90 days. If they are in my region of TN or GA, 100%.

 

[TPAAgent]

Personally, I dont give a sh*t if a policy lapses, just dont do it within first 9 months and we cool

Last year (2010)-I produced 193 apps(actually took about a month and a half and went to mexico, okay year- but shoulda did better)- 1 death, 13 lapses so far.. I'm 2 months away from having all my debt accounts zero'd for the 2010 year..

I have pretty good persistancy- I have a pretty good idea what my clients can afford- I might not write a whole lot of $100+ apps, but thats okay .,.. it's those big ticket apps that you just know are gonna come back and tear you a new ass

My avg app is about $35-$40 per month-

Thats why my stuff sticks on the books, that and keeping in touch with my clients- I send them all 3 cards every year Birthday, Easter and Christmas

So far this 2011.. I'm at 139 submitted apps - 4 lapses so far

Little over halfway through 2011 and doing pretty good on my lapses

 

[Hockeynut]

Hello,
I have heard that the average FE policy stays on the books a little over 6 years. I had heard this through an agent when I was trying to figure out if FYC or renewals were more important. My is conclusion is that the renewals are more important if you are looking to make a long career out of selling FE. Just my opinion.
Thanks