Moving to FE from Other Lines Hard?

[agent m]

Currently in Annuities...403(b) mostly, and some sec.125 group benefits (SI and CGI Life + cancer etc.). Is keeping up with the underwriting and multiple companies offered through a FE IMO very hard? In otherwords, what is the learning curve to keep from looking like an *** when placing someone with health issues in the right carrier. Please help, I realize this may be a depends on the case answer.

 

[pcbinsurance]

"The actual application from each carrier in most cases will also be the underwriting guide for that company."
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That's fascinating information. I had no idea the actual application from each carrier also serves as the underwriting guide. You are one sharp "Field Underwriter", aren't you?

 

[Todd King]

Agent M, FE is simplified underwriting, meaning that it is a yes/no app. It's usually divided into sections. For instance, if they have a yes answer in the first section, it's usually a no-go (decline).

If they answer no to all of those questions, then you move to the 2nd section, which determines modified, graded, or level.

If there's a 3rd section, that will determine (usually) that it will be level benefits.

It is actually just a little more complicated than that, but not much though.

 

[agent m]

Thank you so much for this information. This is reassuring to hear, though nothing is ever as simple as it sounds. I am sure. That is what I was looking for in a "nutshell". It is great having so many people to turn to that will so readily help.

 

[jdeasy]

The FE products are simple. The FE market is not. Most agents that fail in FE do so because they never learn the market.

 

[agent m]

The FE products are simple. The FE market is not. Most agents that fail in FE do so because they never learn the market.

Is this related to the client type or is it more an issue with billing and persistancy? Perhaps there is a different sales logic used in this market? I am looking for a chance to help people that will truly need it. I am not afraid of prospecting or/and utilizing leads but want to be able to help without all the gatekeepers to entry. I know there will still be some but I think people are mature enough to evaluate their opportunities on their merits not on the whims and politics of an external entity or exclusivity agreement with one company that they had no say in.

Sorry, the last part was a little self indulgent...

 

[jdeasy]

Is this related to the client type or is it more an issue with billing and persistancy? Perhaps there is a different sales logic used in this market? I am looking for a chance to help people that will truly need it. I am not afraid of prospecting or/and utilizing leads but want to be able to help without all the gatekeepers to entry. I know there will still be some but I think people are mature enough to evaluate their opportunities on their merits not on the whims and politics of an external entity or exclusivity agreement with one company that they had no say in.

Sorry, the last part was a little self indulgent...

Well yeah, the client type leads to billing and persistency issues.

The FE market is mostly world class procrastinators. They did not get to this stage of their life and not have their funerals taken care of because they were good planners and/or good with money.

This a lot of babysitting, or should I say grownupsitting?, after the sale. Many are on medicaid which brings in many more issues for you to deal with.

Not to say it's not doable or nonrewarding. FE is pretty much all I do. I love dealing with this market and I love my job. Many do not. I've agents tell me they would not even attempt to go into the homes I go in every time out in the field. Nothing wrong with that. Those folks just don't need to be FE agents. There are plenty of insurance fields to be involved with.

At EFES they get a lot of former MPS agents and almost none of them make it. That is a completely different group of people. I know, I did both. I was pretty successful doing MP but almost none of my MP clients are FE clients and I'm working the same areas.

EFES also says that they can count on one hand the MA agents that have successfully transitioned to FE. While that is the same market for the most part those agents have never had to sell anything. They just enroll people. I did mA and was very successful at it but I did ins sales before doing MA plans.

Just as an example of the difference, I also do med sups. I don't prospect for med sups just ask every FE prospect who they have their med sup with. I write over 300 FE apps per year. I write about 20 med sups a year. And most of those are referrals from my FE clients not from them directly.

I know some IMO's will tell you that you can cross sell annuities to the FE market. Good luck with that.

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[hammerken]

"I know some IMO's will tell you that you can cross sell annuities to the FE market. Good luck with that."

Great point. I sell multiple lines but I learned the hard way that to be successful at FE you have to treat it as its own animal. I don't look for referrals for anything other than maybe being lucky to get another FE sale from a friend or family member or an MAPD sale. I live in an area rich in MAPDs so no Med Supps. If you are looking for annuity referrals look elsewhere.

 

[agent m]

No, no cross or referral. This would be a pure shift to FE. It seems like it is another world. I just was trying to figure out what I was looking at. More of a look before I leap thing. I've tried cross marketing before, I am not going down that road with something this far apart in terms of households.