When NOT to Issue Final Expense

[rousemark]

I suppose I could, but I'd like to finish out my 2 week notice at my current job out of courtesy. And Dave, when you say go direct, do you mean contact RNA directly?

Understand.. Always best to leave a position in a professional manner.

 

[BenS]

Ruin, how are you getting your FE leads?

 

[jdeasy]

As I sit here at work waiting for my starter packets to come in from the carriers I contracted with, I was searching the forum for older topics that I may learn some things from. I saw one thread that caused some controversy, and want some opinions please.

There are many people that final expense agents will see that are in their late 50's or so, that would qualify for a regular term policy or universal policy. Are we being ethical by selling them a FE policy at a higher premium? If not, then all is good. If we are, what is the ethical thing to do in the situation?

Should I get conracted with a few fully underwritten companies when this situation is to come up when prospecting?

It depends on what the needs are and why you are seeing them. The very first I do when I get to the home is find out why they sent in the card and why they agreed to meet with me.

If they have need for temporary insurance, a car loan, a mortgage, collateral debt or wahtever, I would recommend term for a period to cover the temporary need.

If it's for the burial, final expenses and such, not only will I not recommend term, I won't sell them term for a permanent need. I will only sell whole life for funeral purposes.

I do explain what term, UL and whole life is to everyone as part of my presentation. I do tell them that I will sell them temporary insurance for their funeral. I also tell them that, if when I get done explaining things, they still want term for that purpose I will give them the number of an agent that will sell them term for the funeral. I have yet to have someone ask me for that number.

For healthy people I go straight to RNA's fully underwritten whole life. I'm not going to try and put someone in a SIWL just because it's more convenient for me. The biggest problem with that is RNA went to a $25,000 minimum a little over a year ago. Even at a great price per thousand it's sometimes too much in total for the average FE client. Prior to that change it was a $10,000 minimum. They told me at one time that I wrote more Royal Prime than any of their other FE agents. Not so much since they went to the $25K.

The FE market is all about the guarantees. Most of these folks that have had experience wikth insurance have been conned by the AARP, primerica, CUNA, etc. crap. Written guarantees is music to their ears.

 

[GoCubsGo]

Keep North American in your bag.
North American Company for Life and Health Insurance - We're Here For Life®

 

[WinoBlues]

I suppose I could, but I'd like to finish out my 2 week notice at my current job out of courtesy. And Dave, when you say go direct, do you mean contact RNA directly?

More than a higher no production contract. Both Brad(360) and Todd will help you with product knowledge you will not get from some marketing geek at the home offices. Also James (Gimp) has a cool easy app system also.

 

[moonlightandmargaritas]

The very first I do when I get to the home is find out why they sent in the card and why they agreed to meet with me.

A "pearl of wisdom" not found often enough on this forum. I can easily see why you are a top producer jd.

Most are in a big hurry to "show up and throw up" on the prospect, with premature presentation syndrome on why their policy/solution/idea is the "best".

Very few have the patience (or smarts) to ask the most important question -- "why" -- and then shut up and listen.

 

[ruin007]

To answer your question Ben, I have just sent out a 2000 piece mailer, and also plan to get an autodialer and coldcall lists from Josh, and use a combination of both. I've cold called before and it doesn't bother me in the least. I want to find out what will be the best way for me to spend time and money for qualified leads. Nashville is saturated with mailers, from what I understand, so I'm thinking about mailing rural areas and dialing in the city limits. Thanks for the RNA info everyone

 

[sissymary]

To me if their in their 50's and are healthy and want a higher amount of coverage, then a term is ok. But if they just want a final exp type of plan (whole life) is the way to go. If they get a 10 year term and their health changes, and it may well do so as they age, then they can not re-new, or may not even be able to get a whole life latter on. Just my 2 cents.

 

[ruin007]

True, so I guess another question would be where to get a fully underwritten policy for a very small group of our customers that would suit these needs?

 

[jdeasy]

True, so I guess another question would be where to get a fully underwritten policy for a very small group of our customers that would suit these needs?

There is not a whole life fully underwritten out there that's better priced than RNA's Essential Life.

For small term policies AmAm has their Easy Term that will go down to $25000 and it's non med. Foresters also has a good term that will go down to $20,000 face.