Why Do So Many Agents Want to Sell Final Expense?

[NPCOACH]

Question for all the Final Expense Pros:

I have a phone call with a former pro boxer who won 2 world titlles (Tommy "hit man" Hearns) and he is interested in getting in the insurance business and more specifically Final Expense.

My thoughts were to let him endorse the product or put his picture and endorsement on the lead cards. Since a lot of the people that buy final expense may be in the inner cities I would think that many of these clients would know who he was and all things equal choose his lead versus another.

First Question: Would you think his celebrity would help in response rates and credibility?

2nd Question: Would any of you want to work in a system where he was the brand behind the system?

Hearns is famous - but I am not sure what he brings to the table for insurance products. I am not aware of anything in his life that has given him a reputation for trustworthiness or reliability or comfort. I am not saying he isn't those things, but usually effective senior spokespersons are people like Glen Ford or Robert Wagner or Art Linkletter - people that seniors are comfortable with and have had them "in their home" on TV for years. James Garner, Dick van Dyke, Betty White - these kind of celebrities have a familiarity and comfort level that a guy like Hearns doesn't have. Sugar Ray maybe, as he has been on TV far more often, but I would be surprised if Hearns was effective.

If you are looking for a black celebrity, people like Felicia Rashad, Morgan Freeman, Danny Glover - these kind of people would fit the bill.

 

[AffordableLife]

$4? Did you ever see that 20/20 or 48 hours interview with those "homeless" people in Philadelphia who were raking in over 250k a year panhandling? They got busted for tax evasion and welfare fraud, I think... It was a while ago but holy crap it peeved me off!

Wow! $250k a year! Almost makes me consider turning in my Insurance License and start a new career in Phillie.

 

[SportsNut]

Question for all the Final Expense Pros:

I have a phone call with a former pro boxer who won 2 world titlles (Tommy "hit man" Hearns) and he is interested in getting in the insurance business and more specifically Final Expense.

My thoughts were to let him endorse the product or put his picture and endorsement on the lead cards. Since a lot of the people that buy final expense may be in the inner cities I would think that many of these clients would know who he was and all things equal choose his lead versus another.

First Question: Would you think his celebrity would help in response rates and credibility?

2nd Question: Would any of you want to work in a system where he was the brand behind the system?

Thomas Hearns, aka "The Motor City Cobra"

He would have had more than two world titles if he didn't have a "soft jaw". He was one bad dude, with a nasty pre-fight disposition. I'm not sure that if anyone remembered him as a boxer, with that attitude, that it would be a plus in opening doors; more like RUN and HIDE. But the mere fact that his name has star power would endear him to many folks.

I don't suppose that he invested any of that $$$ that he made in the 80's and 90's...? He fought in the 1st pay-per-view fight ever televised or sold in that format, against Sugar Ray Leonard, Sept 81.... The take had to be HUGE... Tommy had that fight won, (huge lead) but ended up going thru the ropes in the 14th round after being tapped on the jaw.

Then there was Marvin Hagler in 85... wow!

 

[nka245]

Wow! $250k a year! Almost makes me consider turning in my Insurance License and start a new career in Phillie.

I thought about it but consider all of the time that goes into making yourself look the part and then to top if off; having to stand out there in the elements all day and relieving yourself under an underpass... maybe it isn't different than selling insurance in the field, lmao

 

[pfs.bjohnson]

I would ask "what kind of production does the individ. who thinks FE is not good for the client" write in comparison to the ones who are writing only FE only on a consistent basis?

 

[dgoldenz]

I would ask "what kind of production does the individ. who thinks FE is not good for the client" write in comparison to the ones who are writing only FE only on a consistent basis?

What does production have to do with what's good for the client?

 

[scagnt83]

You might not be a millionaire buying a $25k policy, but many older people are only comfortable with $500-1500/year.

I would have to agree with this.

FE is a fairly general term. I consider anything under $100K a final expense policy....but thats just my world.

I have met many seniors who are on a budget but still dont hesitate to spend $100+/month on insurance. But there are plenty out there who cant.

GUL is an excellent product for small face amounts where CV is not an issue. Anyone who thinks otherwise needs to educate themselves on the product and run some illustrations.


And I would have to agree with dgoldenz to an extent about agent mindset. Of course SI/GI has its place (I sold two the other day).
But many agents, especially newer ones, are frustrated by the underwriting process. They see changing to SI/GI a way to speed up commissions, simplify the process, and take away objections. SI/GI FE is easily sold on the phone too, so I think this is appealing to agents.
Is there a percentage that could benefit from an underwritten policy? Of course, but they might not have taken the policy if they had to do all of that.

In the end its all about what market you work.
If your audience is low income earners who can only afford $40-$50/ month, and see value in a 5k or 10k policy, then go for it! There certainly is a market for that.

But if your client is of nominal health and has two nickels to rub together then its usually worth the time for underwriting. GI/SI does have its place, but it probably is sold inappropriately at times by a good many agents.


----------------
But DGoldenz, lets just face it. Nothing against them, but the GI/SI FE warriors just have a different mindset than other agents. Its all about volume and a quick sell usually. Its more of a "sales" job than an agent who takes a client through a true process to evaluate needs and the best solutions.

 

[pfs.bjohnson]

What does production have to do with what's good for the client?

You checked into the statistics lately of the agents who do
"the right thing" to see how many last more than 1 year to 18 months. Brother, I'm not sure about you but if I was in this business to just offer the cheapest form of insurance, I would of been out a long time ago. That's just reality! It's a niche. Do you know what a niche is? It's something that people get into and make hundreds of millions of dollars in.
Call it what you will but there is a HUGE market for the new simplified issue FE products and I for one, like others, am going to be taking advantage of it. For my family (great living) and for the benefit of the thousands of seniors who if they died tomorrow, their family would be passing the plate around the neighborhood to be able to pay for a semi-descent funeral. Now tell me, what's the shame in that?

 

[dgoldenz]

You checked into the statistics lately of the agents who do
"the right thing" to see how many last more than 1 year to 18 months. Brother, I'm not sure about you but if I was in this business to just offer the cheapest form of insurance, I would of been out a long time ago. That's just reality! It's a niche. Do you know what a niche is? It's something that people get into and make hundreds of millions of dollars in.
Call it what you will but there is a HUGE market for the new simplified issue FE products and I for one, like others, am going to be taking advantage of it. For my family (great living) and for the benefit of the thousands of seniors who if they died tomorrow, their family would be passing the plate around the neighborhood to be able to pay for a semi-descent funeral. Now tell me, what's the shame in that?

I think you're drinking a bit too much of the kool-aid. You might want to take it down a notch or two.

 

[Newby]

"Call it what you will but there is a HUGE market for the new simplified issue FE products and I for one, like others, am going to be taking advantage of it."

He is getting a big dose of SOMEBODY's Kool-Aid. I've been selling it for over 13-years and it was around LONG before I came along.