Oxford Life - Why or Why Not?

[shonceman]

Because you're average monthly premium will be $20 higher & 95% has bank accounts.

Believe it or not I never saw a single person with a direct express card for the first 6 months that I sold FE. I thought you guys were exaggerating on here with all the stories.

You don't have to be living in poverty with no bank account to be a Final Expense prospect. Lol

I was really just going for the joke!
But since I'm still a debit agent, too, let me wholeheartedly agree! You pure FE guys need to put some income filters on your leads! Leave the broke people with no bank account alone! They're mine!

 

[FinalExpenseDojo.com]

I was really just going for the joke!
But since I'm still a debit agent, too, let me wholeheartedly agree! You pure FE guys need to put some income filters on your leads! Leave the broke people with no bank account alone! They're mine!

I figured you were but commented the way I did just in case so a new agent doesn't get thrown off.

& I agree that the lowest income people are best for debt agents. I replaced a debt agents policy before & I couldn't keep it on the books. Some people need their agent to come by every month!

 

[shonceman]

I figured you were but commented the way I did just in case so a new agent doesn't get thrown off.

& I agree that the lowest income people are best for debt agents. I replaced a debt agents policy before & I couldn't keep it on the books. Some people need their agent to come by every month!

Sort of joking again, but with a strong thread of truth. I have maintained for a long time that for the average FE agent, writing somebody on DE is a mistake. That business is generally not persistent. It's why some companies charge a higher premium for it, or have stopped accepting it.

There is some overlap between debit & FE. After all, the current FE system pretty much grew out of the old debit system. But I see a lot of FE agents come and go in the inner city where I work. However, I don't see many willing to give the level of service required by that clientele, and most that start out working there are gone within a year. I don't think they all fail completely. They just start applying income filters!

I can't tell you how many times I've written a client who recently lapsed a FE policy. Sometimes they've lapsed 3 or 4 previously. They're not all DE people either. A lot of them have bank accounts. But they're not good money managers. They'll do better with me, because I'm there to help them.

 

[Baseball7]

Three strikes is my rule, and that point there hurting my persistency and I can find a better client.

 

[shonceman]

Three strikes is my rule, and that point there hurting my persistency and I can find a better client.

LBL is my go to company, both for debit and FE. One of the things I like about them is their redate policy. If a policy lapses, they'll let you reinstate by redate. That really helps some clients get through that first year, and they'll usually stay on the books once they're into the second year. Using that tool effectively can help your persistency.

I don't usually give them a chance for a third strike. If they lapse again after they reinstate, I usually let them go.

 

[FinalExpenseDojo.com]

Sort of joking again, but with a strong thread of truth. I have maintained for a long time that for the average FE agent, writing somebody on DE is a mistake. That business is generally not persistent. It's why some companies charge a higher premium for it, or have stopped accepting it.

There is some overlap between debit & FE. After all, the current FE system pretty much grew out of the old debit system. But I see a lot of FE agents come and go in the inner city where I work. However, I don't see many willing to give the level of service required by that clientele, and most that start out working there are gone within a year. I don't think they all fail completely. They just start applying income filters!

I can't tell you how many times I've written a client who recently lapsed a FE policy. Sometimes they've lapsed 3 or 4 previously. They're not all DE people either. A lot of them have bank accounts. But they're not good money managers. They'll do better with me, because I'm there to help them.

Thanks for your input. I'm sure this is very helpful insight for a newer agent!

Part of running a highly profitable business is knowing your dialed in target market. It sounds like you've really got that down pat!

 

[Rirwin]

not everyone has access to carriers like allstate, farm bureau, state farm, primerica, etc. Remember?? Or do I need to post screenshot of your website????..

are you still mad that he didn't sell you leads?

 

[Mattschmidt]

are you still mad that he didn't sell you leads?

Why would I buy leads from him??? That may be the dumbest thing I've read on forum in a while. Congrats

 

[Todd King]

So far this is what this thread has brought up:
- The interview has gotten better. 8-10 minute phi (maybe even less).
- They will only take $2M in premium from an IMO (still not checked on).
- They need to start paying commissions on the policy fee.
- Too much of a niche product. They need to open it up with a Standard and Modified/Graded policy.
- Won't pay on a new policy if client has EVER been with them.
- They need a better commission structure. IMO's don't really have the spread they need to operate correctly.
- Renewals are too low when compared to most of the industry.
- The e-app requires that the client have an email. Not the smartest decision for the senior market, especially the FE market.

Anything else you guys/girls can think of? Good or bad. Either way helps.

 

[goillini52]

So far this is what this thread has brought up:
- The interview has gotten better. 8-10 minute phi (maybe even less).
- They will only take $2M in premium from an IMO (still not checked on).
- They need to start paying commissions on the policy fee.
- Too much of a niche product. They need to open it up with a Standard and Modified/Graded policy.
- Won't pay on a new policy if client has EVER been with them.
- They need a better commission structure. IMO's don't really have the spread they need to operate correctly.
- Renewals are too low when compared to most of the industry.
- The e-app requires that the client have an email. Not the smartest decision for the senior market, especially the FE market.

Anything else you guys/girls can think of? Good or bad. Either way helps.

They won't take somebody that's been declined by another company.