Old American Insurance Company FE

[rousemark]

Any information on Old American Insurance Company? I just received a ltter invited me to apply as a "Career building General Agent".. I assume that means captive. They say they are a part of KC life and have been dedicated to the FE market since 1939. Have in house lead system.

Don't find them on FEXquotes.. rates competitive?

 

[lsalmans]

I would compare them to LH without the mass marketing.

Decently liberal underwriting, terrible commissions, terrible rates. Easy POS interview, not an immediate answer though at POS. They do lead financing. They withhold a 3rd of your check to pay down lead debt. Problem is most agents I know get started at 80 or 85% overall commission. good customer service. and they pay their claims. Small company. I would say about 100 agents write 85% of the company's business.

In my opinion, their format is set up for the manager to succeed. if they want you to take over a territory, because they are territory sensitive, and they will look for experienced FE agents to over agencies every now and then. That can be a descent opportunity perhaps, because the Line of Credit for lead financing you can extend to the agents can be a powerful recruiting tool.

 

[Agentguy5]

I would compare them to LH without the mass marketing.

Decently liberal underwriting, terrible commissions, terrible rates. Easy POS interview, not an immediate answer though at POS. They do lead financing. They withhold a 3rd of your check to pay down lead debt. Problem is most agents I know get started at 80 or 85% overall commission. good customer service. and they pay their claims. Small company. I would say about 100 agents write 85% of the company's business.

In my opinion, their format is set up for the manager to succeed. if they want you to take over a territory, because they are territory sensitive, and they will look for experienced FE agents to over agencies every now and then. That can be a descent opportunity perhaps, because the Line of Credit for lead financing you can extend to the agents can be a powerful recruiting tool.

Have you seen what their lead piece looks like? Is it one of those misleading leads? or... Does it talk about buriel or final expense Life Insurance?

 

[lsalmans]

They have 2 arrangements.

Their in house mailer says Life Insurance, and the return address is Old American Insurance Company. Its a straight forward lead. When I was there they charged $30 for it.

Then they also have an outsourced partner. And that lead is misleading with the SS benefit talk. However, depending on what part of the country you're in this lead can be about $23.

For lead financing privileges you have to be captive, which makes sense.

 

[Agentguy5]

Great info! I hate that SS lead..lol

 

[VolAgent]

Great info! I hate that SS lead..lol

Why? Even JD said it is the best responding mailer out there.

Both he and Reardon have done their own mailers that beat the drum about life insurance. Sure, they had some of the best qualified prospects ever, but they got very few responses. I believe they either lost money or barely broke even on them.

 

[TDFnCali]

Great info! I hate that SS lead..lol

It worked for me with EFES, and still does for a lot of agents....but EFES came out with a slightly diff lead that works slightly better, so Im using it now!

 

[Agentguy5]

My experience with that lead was horrible.. It's totally misleading and almost all of the clients use the misleading content as a way to get out of even meeting with the agent... I use a lead that says Life Insurance on it and I rarely get any nonsense about the client thinking it's free insurance. The lead that JD uses from EFES says that it's Life Insurance on it, unless he is now using their other lead that talks about Final Expense coverage.... Please tell me that EFES isn't using a lead that Says " 2012 Social Security Benefit" across the top of it... They are wayy better than that!!!

 

[TDFnCali]

My experience with that lead was horrible.. It's totally misleading and almost all of the clients use the misleading content as a way to get out of even meeting with the agent... I use a lead that says Life Insurance on it and I rarely get any nonsense about the client thinking it's free insurance. The lead that JD uses from EFES says that it's Life Insurance on it, unless he is now using their other lead that talks about Final Expense coverage.... Please tell me that EFES isn't using a lead that Says " 2012 Social Security Benefit" across the top of it... They are wayy better than that!!!

It says 'SUPPLEMENT Your Gov't Benefit of $255' and then later clearly states Life Insurance! I had about 3-5% think it was some free govt benefit!

The 1 I use now says '2012 Benefit Info for Calif Residents' then goes into state regulated programs for Final Expenses!!

 

[Todd King]

It says 'SUPPLEMENT Your Gov't Benefit of $255' and then later clearly states Life Insurance! I had about 3-5% think it was some free govt benefit!

The 1 I use now says '2012 Benefit Info for Calif Residents' then goes into state regulated programs for Final Expenses!!

And because it says, "state regulated", there are going to be those that think they are going to get something free from the government. Same as the $255 cards. Maybe a little different %, but much the same. It's the nature of the beast.