Should Have Done This After First 12 Months in the FE Business

[jdeasy]

Yep -- most lapses and NSFs are fixable -- maybe 75% or so?

Have you tried actively calling back on your clients to do reviews?

I know you get enough in-bound referrals from existing customers maybe not to worry about it, but visiting clients has paid off nicely for myself.

No, I don't do reviews. Unless I'm there for something already. Last week I went to a home that called me to write a new grandchild. This family has had 15 or 16 policies with me for about 5 years. Now a new generation is coming and they want me to write them. Said there's another grandchild coming in Jan and they want coverage on him too as soon as as he's born.

While there I looked over all the other policies. Found a problem on one that they didn't know about and I didn't either. Got that fixed.

Then they sent me over to the neighbor's home where I wrote 2 applications.

My clients tend to call me for everting, bene changes, bank changes, when they move, etc. So naturally they call me when they want to add coverage.

Maybe I should be more proactive with annual reviews?

I got accused yesterday of getting too involved emotionally with my client's issues. Like that's a bad thing?

 

[sirherbie]

who do you write the kids policies with?

 

[jdeasy]

who do you write the kids policies with?

Most of the time I do a 20 pay with RNA. Occasionally I will write Trinity. I don't like to write Trinity because it's life pay but sometimes that all the budget will allow. Trinity says they are "working on" a 10 pay or 20 pay.

 

[rousemark]

Most of the time I do a 20 pay with RNA. Occasionally I will write Trinity. I don't like to write Trinity because it's life pay but sometimes that all the budget will allow. Trinity says they are "working on" a 10 pay or 20 pay.

Sometimes a WL works out best.. At age 0 male, a 20K Columbian Caring Solutions WL is only 60 cents per month more than a 10K RNA 20 Pay.. And at the end of 20 years the Columbian plan has $18,112 Paid up for Life instead of just 10K...

 

[jdeasy]

Sometimes a WL works out best.. At age 0 male, a 20K Columbian Caring Solutions WL is only 60 cents per month more than a 10K RNA 20 Pay.. And at the end of 20 years the Columbian plan has $18,112 Paid up for Life instead of just 10K...

Yeah but then they have a Columbian policy. Maught as well have settlers is going that far down the chain.

Also, the question was "who do you write the kids policies with?". I simply answered his question.

 

[rousemark]

Yeah but then they have a Columbian policy. Maught as well have settlers is going that far down the chain.

Also, the question was "who do you write the kids policies with?". I simply answered his question.

What is wrong with Columbian? They pay their claims.. Service is good...Underwriting and policy issue is reasonable.... Their FE plan is middle of the road pricing and not bad for the underwriting. Their MDO plan is way overpriced but then you pay for home service collection. (don't offer that.. had enough of running a debit) .. The caring Solutions WL is very competitive in the 20K-50K range when you take into consideration the RPU coverages it offers. Been in business since 1882.... A- Best rating. Biggest negative I have run across is the fact they have things divided among three different Home Offices. But they supposedly did that to keep from laying off people in the Home Offices of companies they acquired.

I wasn't criticizing your answer.. Nothing wrong with writing RNA 20 Pay ..just responding to the comment of using a WL because of budget restraints.

 

[jdeasy]

What is wrong with Columbian? They pay their claims.. Service is good...Underwriting and policy issue is reasonable.... Their FE plan is middle of the road pricing and not bad for the underwriting. Their MDO plan is way overpriced but then you pay for home service collection. (don't offer that.. had enough of running a debit) .. The caring Solutions WL is very competitive in the 20K-50K range when you take into consideration the RPU coverages it offers. Been in business since 1882.... A- Best rating. Biggest negative I have run across is the fact they have things divided among three different Home Offices. But they supposedly did that to keep from laying off people in the Home Offices of companies they acquired.

I wasn't criticizing your answer.. Nothing wrong with writing RNA 20 Pay ..just responding to the comment of using a WL because of budget restraints.

Columbian is a company I chose to not write. Doesn't seem to well priced either. I replace quite a bit of CL.

 

[rousemark]

Columbian is a company I chose to not write. Doesn't seem to well priced either. I replace quite a bit of CL.

If you talking about the FE, it is on the high side.. The MDO is outrageous, even if you put it on bank draft. Their Caring Solutions is usually just a little cheaper than RNA Essential Life and has a couple of good riders. The Classic WL is a little cheaper than the CS but does not have as god RPU values. The Guaranteed Issue ROP plan is good in that it goes down to age 25.

I have had no problem with the company but there are a couple of agents in the area that give the company a bad name based on what Rearden has told me.

 

[WinoBlues]

Sometimes a WL works out best.. At age 0 male, a 20K Columbian Caring Solutions WL is only 60 cents per month more than a 10K RNA 20 Pay.. And at the end of 20 years the Columbian plan has $18,112 Paid up for Life instead of just 10K...

That is some solid old school life insurance planning.

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I have a client of 10-15 years that has referred multiple family members to me over the years. Who have made multiple referral with in their Gospel group. I try to keep in touch with them all. Today I got this text. ""Key person insurance for our CEO, ******** Agency, 63 yrs old female, in good health (term policy)???"" Turns out to be one to two Million. Not a huge policy but an intro to a whole different group. All started from a small graded FE policy 10 plus years ago. Which was a referral.