Seeking Wisdom :)

[DecisionMan]

1. I would have stuck to just one product for the first year, become very experienced and successful with that product before widening out.

2. Go independent much earlier.

3. Prospected so, so, so, so much more. I would have had so many more clients within the first few years and it would have made later years so much easier.

 

[Grammy Lor]

Wow! You really are a survivor!! You sure are tough to make it thru all that! My dad had the same issue with having people checking down his collar...lol must be an insurance guy thing. He ended up starting his own business .. totally unrelated to insurance. How did indy work out for you?

 

[rousemark]

I do not regret my time spent as a captive debit agent.. It was good training.

 

[shonceman]

You can still work debit insurance as an independent. Of course, you’ll normally build your agency from scratch. But I’ve never made better money in this business than I do now, mostly from debit.

I left a captive debit company in 2005, and started selling Final Expense by working Direct Mail leads. It wasn’t long before I started running into people with no checking account, or who were unwilling to do automatic draft. Instead of turning them away, I realized that I actually enjoy doing business the old debit way. I found a small FE carrier (that used to be a debit operation) who gave me permission to collect premium directly from clients.

A few years later I came across a company that was marketing FE, but was starting to build a separate debit organization with independent agents. They were paying much higher service commissions, like those you used to see back in the ‘70’s and prior. I started writing with them in 2011, and changed my practice to focus mainly on debit about 7 years ago. That was the best career decision I’ve ever made! I only wish I had done it sooner!

 

[Grammy Lor]

Shonceman...thanks for your input! This might be a question for another thread, but if you dont mind, how is debit working now with covid? Are you able to get in to actually see the people?

 

[shonceman]

Shonceman...thanks for your input! This might be a question for another thread, but if you dont mind, how is debit working now with covid? Are you able to get in to actually see the people?

Well, I’m a 21st century debit agent. So that means I can collect over the phone using a debit or credit card. At least half of my clients are paying that way. I’ve been able to run a card since 2014, but last year the amount of premium paid with a card was double the previous year. I still call most of them to see if they’re ready to pay. I don’t wait for them to call me. But ever since I first got a mobile phone (in the previous century), I’ve always called before stopping by. So calling them for the actual payment is only a slight change.

The companies I use for debit allow apps to be written by phone and mailed for signature. So, even during the lockdowns, I was able to keep writing business, although it is a little tougher to actually get a completed app returned than if you were in their presence.

When I write or collect face to face, I’m wearing a mask. I even wore a mask when I did a little (very little!) cold door knocking last summer. I also have hand sanitizer in my car that I use before and after every call. Now that my senior clients are getting vaccinated, I expect people to be more relaxed about face to face. But I hope they still feel as motivated to buy as they have been lately!

 

[Grammy Lor]

Wow, I think I've been out of the insurance field too long. You don't have to ever see them to check for even fog on a mirror, as my dad would say...lol Im guessing this is final expense with like a graded first couple of years?
(Sorry for my ignorance, I probably should be reading more than asking questions on here .. I only sold life from a debit years ago and sold some p&c from in an office environment).

 

[marindependent]

Become an independent niche player and market yourself to everyone else in the industry.

 

[shonceman]

Wow, I think I've been out of the insurance field too long. You don't have to ever see them to check for even fog on a mirror, as my dad would say...lol Im guessing this is final expense with like a graded first couple of years?
(Sorry for my ignorance, I probably should be reading more than asking questions on here .. I only sold life from a debit years ago and sold some p&c from in an office environment).

It really is Final Expense, just not bank drafted. Not graded unless they have impaired health and that’s all they’ll qualify for. The main difference is that there’s no preferred rating for the debit products. But then they also don’t rate up for tobacco, so I often write the debit policy on smokers even if it’s going to be auto draft. The standard debit rate is actually less than a preferred tobacco rate.

Many of the non-debit Final Expense companies are also set up to sell by phone. In some cases, you don’t even need a physical signature!

No need to apologize! If you’ve never worked as an independent, you would have no way to know how different it really is. The companies really try to make things as easy as possible for the agents to produce, since you can take your business to other carriers.

Even the debit companies are easier to work with as an independent. I remember getting in trouble at my captive company because I called underwriting directly instead of having my manager do it. Agents weren’t even supposed to have that number! Now I have the direct number for the head of underwriting, and we’re on a first name basis!

 

[rousemark]

Wow, I think I've been out of the insurance field too long. You don't have to ever see them to check for even fog on a mirror, as my dad would say...lol Im guessing this is final expense with like a graded first couple of years?
(Sorry for my ignorance, I probably should be reading more than asking questions on here .. I only sold life from a debit years ago and sold some p&c from in an office environment).

No, much of it will be first day coverage, not graded benefit. And while shoneman's focus is final expense, there are companies writing large ordinary term and permanent policies over the phone.