Whats the Advantage of Buying a FE Policy
- Thread starter kcinsc
- Start date
- 18,988
Price. And it's two different mindsets. Preneed buyers usually want to pay it off asap. If they don't pay it all at once they will usually pay it off in 3 years, 5 years tops. Although the preneed plans will go to 10 years it seems none pay that long.
But your suspect had that when they replied. Why did they reply?
- Thread starter
- #3
Yes the guy already had plots, casket, service, etc paid for. Was looking to get a policy to leave his daughter some to help continue his art business. I know the guy was probably in good shape financially. I think seeing all the advertisements with teaser rates and such he thought he could get 50-100k for 100 a month but at age 70 it just wasnt happening. Trying to figure out if a guaranteed universal life may give him more coverage for lower rate as the guy is healthy as can be.
- 18,988
What was his WHY? And you could always go FU whole life. If his budget is $100 then you have a starting point.
- 24,976
Wrong question in the wrong forum. IMohsoHO
I suggest posting in the Life Forum. If you write this guy an FE plan it will or should be replaced.
Jd when you go to an appt and they say the why is "they thought it was free" do you pack your bags and walk out? Lol. I had an appt the other day. Guy had $50k Foresters Term expiring in 8 yrs. I hit him from all avenues on permanency vs term and he wouldn't buckle. He's a time waster agent killer. I packed my bags and walked. I got too many interested people to see.
- 24,976
Really hard to say with the limited information on the wants and needs. Another question - How long does he need it to protect his business for his daughter?
A couple solutions to start the conversation -
Assuming Prd.
1) $25,000 WL About $108mo RNA(Fraternal)
2) $45,000 GUL About $110 Sagicor
3) $100,000.00 15 year level (15 yrs) Term About $151. Becomes DT after the 15th year. Drops below $25k at age 88
BTW, if someone tells you 70 year olds can not qualify for preferred. They are misinformed.
- 18,988
There's always the knee jerk objections so I don't just bolt at those. But it doesn't take long to filter out the interested vs not. I only present to interested people.
If I can't a why I'm done. If I'm there over 5 minutes on a time waster then I'm kicking myself over it.
I've been doing this long enough to know if there's interest there. Of course I set appointments too. And I set my own appointments.
Most of the non interested are weeded out there. So I don't get that very often once I'm at the home. But some of these people are pros. You just can't let them get to you.
The very best agents in this business close 30% and up of their leads. That means they don't close 70%. If you let that 70% get to you then you are not long for this business.
And that is usually the reason for agents washing out. They can't let that lead go that they paid for.
Really, really good agents are closing 25% of the leads they get. You think they worry about the 75% they don't sell?
- 24,976
- 15,041
Part of the problem is you get idiots who brag, "I close 50%, 75%, 100%." People who don't know better see it and think they are doing it all wrong when they are closing 20% instead of realizing they are perfectly average and capable of being better than average.
I remember when I was new, I use to think, "What is wrong with me, why can't I close X%?" Now I realize, I'll take my closing percentage and have a good life and if I want to do better, just get more leads.
