Starting in Final Expense

[arnguy]

Oh come on, Stratos, give us a hint. I'm in PA----maybe you can draw up a no-compete clause for the Indiana agents.

 

[Macdaddy]

Ok guys - Frank convinced me to add some information. I sell strictly Final expense, day in, day out, that's all I do. I keep it simple, I only carry 3 companies in my bag daily, even though I am contracted with a few more.

If you are going on a final expense appointment you need to carry a graded product. About 10% of my business is graded and I write Presidential with them at 80% commission. You will collect first months premium with them, then they will draft. But they will not draft first months premium. There are no health questions due to being graded, and there is a 2 to 3 year wait until they would receive full benefits.

The second company is Oxford. Everyone is familiar with them and their rates. They are the most affordable out there. They do have an extensive phone interview. You collect the first months premium and then they draft after that. If they qualify, they will receive day one benefits for accident or natural death. I write about 30% of business with them to keep them happy. The phone interview is what keeps me away.

The third company shall remain silent. But there are only a handful of agents in the country carrying this Company for final expense. Their main business is with Gov't employes. But they have the same rates as Oxford through about age 68. They don't care if you are a diabetic taking insulin or pills. THERE IS NO PHONE INTERVIEW!! AND THEY WILL DRAFT FIRST MONTH PREMIUM. That is why I like it. It allows me more to BS with the client than to be on the phone for 15 minutes. I write 60% with them. They also draft first months premium and then there after.

But as Frank will confirm, I go on a minium 6 appointment a day, 2 to 3 days a week. Most of the time I have 9 or 10 appointments scheduled. I am in the process of switching my leads from mailers to lists.

If you have any other questions, I will be glad to help out if I can. I don't know everything.....great forum.

So you have 9-10 appointments scheduled per day x 2 or 3 days per week? Do I have that right? When are you getting started and how many policies are you writing and getting approved per week?

Do you preset these or just drop by?

By switching from mail in leads to lists, are you going to be doing all the calling?

 

[senior-advisor-indiana]

Hey stratos, do you help your clients with medicare supplements? I specialize in that area. I do not do much final expense. We could have something special here if all you sell in FE. Hmmmmm. If you are a nice guy I would let you call my clients for the Life insurance if you wanted to return the favor for the med supps.

 

[Stratos]

Senior - I am getting my contracting for Med Sups as we speak, but I would be willing to think about some sort of arrangement.

 

[senior-advisor-indiana]

I would be willing to toss it around. Where you at in IN?

 

[policy doctor]

If you guys are still shopping for FE....I understand Union Bankers will pay 80% commission and sells leads for $20 each for their products.

I don't have rates so I can't give you quotes.

Someone mentioned a few co's ratings are only a B. Nothing wrong with B companies, except E&O policies don't cover B co's. (never got a policy to read all the provisions)

 

[HoosierDaddy]

I love the board great information.... Someday maybe I too, could become a "Super Genius"

 

[Newby]

I love the board great information.... Someday maybe I too, could become a "Super Genius"

Hey! Swearengen is here!

I watched them fix your kidney stone. You goota get a better health plan!

 

[HoosierDaddy]

LOL, Yea that "worthless" Advantra Freedom MA Plan sure did not turn out the way that Bankers Life agent promised.... Can't believe I dropped my Supplement...
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[Stratos]

LOL, Yea that "worthless" Advantra Freedom MA Plan sure did not turn out the way that Bankers Life agent promised.... Can't believe I dropped my Supplement...
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Ha Ha.....