Monumental Life

[jdeasy]

(200,000 x 125% x 80%) - (900 x 48) = 156,800 @ ~9%-11% 2-10

@ 5 = $60k?

(200,000 x 100% x 80%) - (165 x 48) = 152,080 @ ~5% 2-10

@ 5 = $30k?

(150,000 x 125% x 80%) - (900 x 48) = 106,800 @ ^^

@ 5 = $40k?

(150,000 x 100% x 80%) x (165 x 48) = 112,080 @ ^^

@ 5 = $20k?

What is the meaning to this gobbletygoop?
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I think a lot of veteran agents forget what it's like starting out. Everyone is trying to get over on you. Before I discovered this board, I was offered 70 percent at EFES and I was thrilled, becaues I was offered 55 percent at Securus. I would've flamed out for sure. These companies work very well for lots of people, but they are not here to help agents; they are here to make money. Helping agents is just sometimes a byproduct.

That's right and wrong. Of course companies are in business to make money. Isn't that why you want to get into business? Certainly is the reason I work.

You may have been offered 70% by someone at EFES, but you were also offered more if you went with a different manager.

And, EFES is there to help agents. They can't make money unless they help agents make money. EFES will work as hard as you will to make your business successful. They will not work harder than you will. Actually, sometimes they do work harder than the agent does. I've certainly seen that.
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I think a lot of veteran agents forget what it's like starting out. Everyone is trying to get over on you. Before I discovered this board, I was offered 70 percent at EFES and I was thrilled, becaues I was offered 55 percent at Securus. I would've flamed out for sure. These companies work very well for lots of people, but they are not here to help agents; they are here to make money. Helping agents is just sometimes a byproduct.

I certainly haven't forgotten. I started with NAA at 65% and thought it was great because I didn't know any better. However, the 65% was way more than I was worth for what I knew. I happened to get with a great manager there that valued training and i hit the ground running in no time. I did over $12,000 ap in my first full month there. They quickly moved me to 80% which I thought was fantastic.

The training was great, the monthly meeting were great, {not the rah-rah conventions}, the weekly call was great. The leads were great. My only problem with NAA was the recruiting game which I didn't play. That ultimately led to my leaving them.

 

[Tearmann]

First post ever...I am considering contracting w/ Monumental Life.. Does anyone have experience as a Career Agent vs. Independent Producer with their company, please share.

Secondly, how do obtain your final expense leads or how does one obtain final expense leads through Monumental and any details on their lead program would be helpful as well.

Thank you in advance!

I think you'll find Monumental a solid carrier in your portfolio for FE. The underwriting is good and the preferred rates are very good for people over 60. There are better carriers for insulin users (Americo) and better rates for people under 60 (UHL). At the end of the day you should have about 3 carriers for FE. I use UHL, Americo and Monumental. With these carriers I can write just about anyone.

If you going to be writing term I use North American and UHL. Although the rates at UHL are higher they do have a low starting face amount and the apps are simplified issue.
You will do better as an independent then as a captive with Monumental. As mentioned in this thread you'll be chasing down premiums and trying to add a little more coverage here and there but it does come with a small salary. The training from what I've heard as a captive from Monumental leaves much to be desired.

If you're new to the biz or new to FE there are good MGA's out there that will train you and give you a fair contract. As someone said here high cantracts are not everything. If someone just signs you, gives you 100% and says go - you'll most likely waste good lead money with a poor closing ratio.

 

[rapidrobert]

One thing to remember: JDEasy and a handful of agents at EFES get $11 leads- out of HUNDREDS if not thousands of agents. So in 50 States you have maybe 25 agents making really good bucks and getting cheap leads....do the math. EFES makes their money...agents write some business then fail...who gets the money on their remaining policies?

Who makes the money off the leads? The chargebacks and EFES lead costs are a reality. I prospect on my own now and pay ZERO for leads. I wrote 3 apps last week...not much right? Yeah, but I wrote $5000 in premium off of those 3 apps and they will stick because I didn't write them for people who are BROKE or on disability.

 

[TDFnCali]

One thing to remember: JDEasy and a handful of agents at EFES get $11 leads- out of HUNDREDS if not thousands of agents. So in 50 States you have maybe 25 agents making really good bucks and getting cheap leads....do the math. EFES makes their money...agents write some business then fail...who gets the money on their remaining policies?

Who makes the money off the leads? The chargebacks and EFES lead costs are a reality. I prospect on my own now and pay ZERO for leads. I wrote 3 apps last week...not much right? Yeah, but I wrote $5000 in premium off of those 3 apps and they will stick because I didn't write them for people who are BROKE or on disability.

Im going to assume those werent FE policies right?? 1665AP per app is pretty impressive....but how do u pay 0 for leads?? That seems highly suspicious, 0 lead cost?

 

[jdeasy]

One thing to remember: JDEasy and a handful of agents at EFES get $11 leads- out of HUNDREDS if not thousands of agents. So in 50 States you have maybe 25 agents making really good bucks and getting cheap leads....do the math. EFES makes their money...agents write some business then fail...who gets the money on their remaining policies?

Who makes the money off the leads? The chargebacks and EFES lead costs are a reality. I prospect on my own now and pay ZERO for leads. I wrote 3 apps last week...not much right? Yeah, but I wrote $5000 in premium off of those 3 apps and they will stick because I didn't write them for people who are BROKE or on disability.

"Who gets the money on their remaining policies?" The agent that wrote the business gets the money. You are paid direct by the companies with EFES and you are vested from day 1.

You are right that very few agents at EFES pay $11 per lead. many pay $15, though. The average is $19 per lead.

A better question is who pays for thje leads of those failed agents? EFES has to absorb that cost.

A know a manager told a guy to stop burning through leads last week. The guy was buying leads every week and not writing any business. It's been goin on for months. Why would they tell him to stop buying leads if they made money on the leads?

 

[Rearden]

Yup -- EFES potentially ties up hundreds of thousands of dollars in lead costs, and agents that don't write business or burn through leads are a huge liability.

"Who gets the money on thiuer remaining policies?" The agent that wrote the business gets the money. You are paid direct by the companies with EFES and you are vested from day 1.

You are right that very few agents at EFES pay $11 per lead. many pay $15, though. The average is $19 per lead.

A better question is who pays for thje leads of those failed agents? EFES has to absorb that cost.

A know a manager told a guy to stop burning through leads last week. The guy was buying leads every week and not writing any business. It's been goin on for months. Why would they tell him to stop buying leads if they made money on the leads?

 

[rousemark]

Im going to assume those werent FE policies right?? 1665AP per app is pretty impressive....but how do u pay 0 for leads?? That seems highly suspicious, 0 lead cost?

Very possible with a captive company.

 

[Rearden]

Dialing for dollars, Robert?

One thing to remember: JDEasy and a handful of agents at EFES get $11 leads- out of HUNDREDS if not thousands of agents. So in 50 States you have maybe 25 agents making really good bucks and getting cheap leads....do the math. EFES makes their money...agents write some business then fail...who gets the money on their remaining policies?

Who makes the money off the leads? The chargebacks and EFES lead costs are a reality. I prospect on my own now and pay ZERO for leads. I wrote 3 apps last week...not much right? Yeah, but I wrote $5000 in premium off of those 3 apps and they will stick because I didn't write them for people who are BROKE or on disability.

 

[ims01]

I didn't notice anyone mention that Monumental will issue ages 0-85. That is very useful.

 

[ruin007]

"Who gets the money on their remaining policies?" The agent that wrote the business gets the money. You are paid direct by the companies with EFES and you are vested from day 1.

You are right that very few agents at EFES pay $11 per lead. many pay $15, though. The average is $19 per lead.

A better question is who pays for thje leads of those failed agents? EFES has to absorb that cost.

A know a manager told a guy to stop burning through leads last week. The guy was buying leads every week and not writing any business. It's been goin on for months. Why would they tell him to stop buying leads if they made money on the leads?

The problem is that those agents that are successful in the business but not superstars, are paying for the failures of those that don't put forth an effort and burn through their leads. We know that EFES absorbs a ton of costs on agents that burn out, but the way they make that money up is on the agents that stay. It's not a perfect system for anybody, and the costs seem to be absorbed by those newest to the system. It kills agents that may otherwise be successful, but can't absorb the beginning costs. There doesn't seem to be a solution to this problem at all, because Equita cannot be in the business of losing money; but it is far from the best solution for a new agent. IF AND ONLY IF the agent has enough money saved up beforehand to absorb a loss of 5k or so without it killing them. Because you obviously will hit way more speed bumps with no safety net without a good training organization like EFES to back you up.