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FEX charges extra for leads somewhere?
Senior Life Insurance Company
- Thread starter dfry
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- life insurance
FEX charges extra for leads somewhere?
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Newby said they do......
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I think if I was still in FLA I'd have to shop imo shops for fixed lead cost smh.
Up here leads are maybe $20/shot. Nobody cares about life ins wording.
Up here leads are maybe $20/shot. Nobody cares about life ins wording.
- 30,590
From the Need A Lead thread this morning.
"We only have one state that we charge a per lead surcharge. It's $2 extra in Florida. We did have a small across the board rate increase this summer. But we still sell leads to agents on a set price starting at $25 per lead without the filters. Our most popular lead with age and income filters and with life insurance on the card is $27.50 now. It used to be $26. But that is still a bargain compared to the other options I see out there.
I'm only aware of agencies that subsidize the leads by giving lower commissions. Or there are the (NASB types) that try to pawn off B-leads, C-leads, etc. mixed in with their real leads to unsuspecting agents. I haven't seen any that lower the price of the real leads AND give the 115-120% commission contracts to all agents. There might be one out there but if there is, he should advertise more. It would be very popular."
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You lose opportunities to sell if you use life insurance leads.
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And that's not an attack on FEX at all either. I can easily see why he'd charge more there....I was just going off of what he said.
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Yes Florida. The first year that we used RGI we wouldn't mail Florida at all. The response rates there are bad enough that if we added Florida agents in the mix it would adversly affect the costs for the rest of the agents.
Then about a year ago we decided to make Florida it's own stand alone group that doesn't affect the rest of the states. We put the Florida group at a $3 higher price than the rest.
Recently it was determined that we could lower the Florida surcharge to $2. So it's better than expected.
We don't actively recruit in FL. Never have. But we get a lot of agents who call us from there. We have taken on a small handful of them. But our focus has aleays been more on the Midwest.
- 4,875
Good observation.
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One of the weaknesses of this forum is misinformation being thrown around...just like you are doing with this post. Let me set the record straight for you. I do not recruit in Fl. Why? Because Fl. is a protected territory for an IMO who does $200K+ each week. I couldn't recruit an agent in Fl. even if I wanted to. I also talked with Deborah and had a nice conversation and told her I didn't/couldn't recruit her.
Now, I will show you, your agents, and the forum why you are wrong when you say SL is bad for the agent. In fact, I'll list several reasons that I can offer a better FE opportunity than you can. I'll try to be easy on you Ben...
_Simple one page app. (You can't offer that)
_Health insurance for agents and their family. SL will even pay part or all of the premium based on production. (You can't offer that either)
_Charge-backs do not come out of your advances. They are deducted from the unadvanced commissions on the back end, agents are advanced each week based on production with no worries from charge-backs reducing their advance. (You can't offer that)
_No phone interviews of any kind ever while at the customer's house. (Maybe a few of your carriers do this?)
_Insulin friendly. You can write a 10 year old insulin dependent diabetic immediate coverage at preferred rates. (Maybe a few other companies will do this, but not many)
_20-40 fresh exclusive leads each week (You can offer that sometimes I believe)
_No MIB, no RX check, no APS on face amounts of $20K or less. Agents are paid each week based on production, no surprises from MIB's, etc. That's why SL doesn't have the cheapest premiums, they incur a little more risk with this model. But the agents all benefit because they are getting paid each week with no surprises. That's what agentd are all wanting...to be paid with no surprises.(Can you offer that?)
_Complete one on one training doing FE tele-sales. I have 16 years experience doing FE tele-sales. (You can't offer that kind of insight and experience. I don't believe you've even been in the FE that long have you?)
_Renewals that last forever. (I believe your carriers stop paying renewals at the end of the 10th year?)
_Real english speaking person answers the phone usually in 3 rings or less. No press 1 for this, press 2 for that nonsense. (I hear tell that some of your carriers make your agents leave a voice mail, while one doesn't answer the phone on Fri....LOL)
_Guarantee Issue application for ages 0-85, can not be turned down. (I believe your GI carriers have age restrictions right?)
_I can offer lifetime renewals of 20%. Even higher for groups doing serious production. (You can't do that either)
_Immediate vesting. (I believe you can offer that as well)
_We have TV leads, direct mail leads, yellow page leads, and more, including leads that are routed directly to your phone when a prospect calls the TV commercial! That's a lead that is less than 30 seconds old, can't get a fresher lead anywhere! (All you can offer is DM leads and some type of tele-marketing lead that usually produces very little....unless you like direct express business)
_The CEO, the President, the Director of Agencies, all home office mgmt. have experience working leads. They know what agents go thru each day and every week. When you call most of your carriers, you'll find most of the CEO's, Presidents, etc. have never even sold FE.
Word on the street is that one of your carriers said they have a new plan in 2017 to improve persistency. Any proposed insured with a FICO score less than 600 would be declined. (Sounds more life a P&C company to me). This is the FE market, most of our clientel will have scores less than 600. That company is similiar to what JD has claimed many times...that the home offices of most FE companies are clueless when it comes to FE.
_Stock ownership in SL is available for agents. (You can't offer that either)
_For managers who want to build bigger teams SL can send you the name, address, phone #, email of any agents with any company in any county or state. They can even break it down by the agent's length of time in the business.(You also can't offer that)
So it looks like SL is not so bad for agents after all. Hope I've opened your eyes a little.
OK BEN THE SPOTLIGHT IS ON YOU! SHOW EVERYONE ON THE FORUM HOW YOU HAVE A BETTER FE OPPORTUNITY THAN WHAT'S OUTLINED ABOVE. WE'RE ALL ON THE EDGE OF OUR SEATS!
Ben, I think you are an agent with good intentions. I respect what you do. I hope you don't take this post the wrong but I had to set the record straight. I did think of making an offer to your agents to call me and I would offer them higher contracts than you offer, but decided not to.
I won't be up here arguing back and forth, I'll be writing business and talking to recruits (maybe some of yours) but the ball is in your court. Have a great day!
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ben right now
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I am not going to keep scrolling up to read each point you made and respond, but I will give you an example of how you are also wrong.
Our carrier DO pay lifetime renewals.
As far as the company that requires the client to have 600 credit score...WHO CARES? I am independent, so I just won't offer that company. Very simple fix!
I can get lifetime renewals of 20% or higher with Liberty Bankers if I wanted to only offer their home service side of the business, but they are not the best fit for my clients.
As far as this agent list you seem to believe I don't have access to, you're wrong! I have a list I just printed out of every licensed agent in MS and Alabama. It also shows me what companies they have, how long, etc....So YES I have access to the same data source you have for agents.
As far as offering my agents higher contracts, you are wrong on that. If my agents wanted to just work for ONE company, I could beat the comp you could offer for CERTAIN! But our agents have a mixture of levels because we actually do what is right for our clients by having more than one company.
As far as no MIB or RX etc....that is not in the best interest of the client. That is just for shady agents to have a way to replace our polices that are placed correctly by lying on the app. I have NEVER in 9 years of doing this ran into a client that was a smoker with SL. Seems like every agent is trained to just put they don't smoke.
You might not be aware, but Senior Life is on FEXquotes...so I get to see their rate on every single client I write. They are always at the bottom. It is usually my price is $25 and SL is $55. No way that is a better company for the client.
As far as the chargebacks, the agent is getting chargedback with SL as well, but it is coming out of backend money. That is only attractive because most agents with SL fail out before they make it to backend money anyways. I help agents actually run/build a BUSINESS and chargebacks are a part of that. When they make it 10 months, they start getting that other money they earned. With SL that money would pretty much be non existent.
I probably missed some points but that gives you an idea of where you were wrong.......
Now on to the good.......
There are certain things about SL that has caught my eye and I even considered picking them up for those situations. One of those is the Guarantee Issue on all ages. I do run into some people that are outside of Gerber or Columbian ranges. It would be nice to have a company for those people even though it is rare.
I run a call center and do have other agents that sell over the phone. Having SL for some of the unhealthy people seemed to be a good idea...I just ran a quote for 65 female non smoker 10k. Gerber is $55 and SL is $92 so that puts them out of the price range, BUT if it was a client that didn't qualify for GI due to age, it would be nice to at least show them something.
I can see a couple reasons that SL would be good for an INDEPENDENT agent to have access to, but as the only company an agent offers....they would be screwing over their clients. No reason to offer the client 5k with SL when we could get them 10k for the same price.
