Advice about Final Expense career with Bankers Union

[Yort23]

Hello,

I am looking into a career change and ran across an ad to sell Final Expense Insurance to the Senior Market. Bankers Union and Senior Life Services were the companies. First, any advice about these companies would be appreciated. They sound like great opportunities to make good money selling to a niche market. Secondly, any advice for this particular market of selling Final Expense to seniors would be apprecitated as well.

I had looked into NAA, but after reading this board have changed my mind. I have read several posts that selling to the Senior Market was a good idea and a good place to start in the insurance industry. I just hope they were being serious about it being a good start.

Thanks in advance for any help given.

 

[honestagent]

Hey there.

I have quite the background with Final and some on NAA I can gladly share. First, I think it's so important we as indy agents conglomerate and share b/c so many FMOS..... indy or captive LIE! And with those lies are livelyhood becomes very paramount. An issue larger than we ever hoped to grapple; at least that's been my experiences thus far.

I am sickened by all the greed, churning, and no shame to behave unethically. Yes, we are all in the bz. to make money. I mean, let's be real here, we do not work for free. And life insurance and talking about death isn't exactly everyone's fav. passionate thrilling topic! Okay, so having said that, what motivates us... money. Bottom line. What do most people want. MOney. HOw to save, conserve and make, right. Okay, so we do that too using various products.

On Final, I don't know why you're considering Bankers? They are captive. You know this right? Do you know what that means? Please forgive my ignorant q. and assuming you don't know, but if you know what you're getting into (and before getting in bed with that fmo) make sure you understand your contracts and most importantly, your plan to leave. YES, YOU WILL LEAVE. WE ALL LEAVE. HAVE A PLAN TO LEAVE. Make them put in writing in a binding paged 1 of 1, 1 0 2, etc. etc. that THEY WILL RELEASE YOU! This is so important. I cannot emphasize.

Have an attorney look it over. I wish I had done this before I was screwed over by so many. I have like over 12 companies (top companies) I am abstaining from writing so I can be released on that end. Sadly, some of them I will never be released b.c. of not knowing any better (because I learned the hard way and trusted) and am now seeking legal action which is costly and time consuming. Grief, needless to say.

Anyway, I'm ranting. Bottom line is this. ON final, first do your homework. Where I live there is such a want for it (not need) but want and the majority of people fall off the books man. That's huge. over 50% retention rate so final is not good where I live, but it may be good for you. Final is good in the hood or outskirts only. Do NOT be fooled and told othewise. People in the burbs have planners, or can afford more and higher response insurance products so no burbs on this product. Hood and urban and maybe some rural. Where I live, dad's on crack, they spent social security money and didn't make their premiums. etc. etc. which is why bz. falls off in hooded areas - even though gang shooting kills their loved ones or their lifespan is typicall shorter based on genetics. Whatever the motive of need or want, they know it but don't keep up their monthly prems. Your best best is the outskirts, but not always. Always an exception to norms. Don't ask Bankers that q. about retention rate b.c. they'll lie. Call a few specialized final companies that are good. I mean good as in rating, issuing, and commissions - payday to you. I have a company (Motorists Life), THEY ARE AWESOME! They issue within a week and I get paid the same week. So if I write a deal today, and overnight tomorrow. I'm paid within days yes i said days... isn't that great...and the policy is issued within the same week! It's easy. and how great is all that! did i mention great! :-) the underwriting questions are fair and minimal and the rates are very very cheap! The customers love the rates! It's great. Underwriting and Marketing is also superb there! No complaints. I would call them and ask them to connect you (if they would) with indy agents in your area and ask them about retention rate, fmos, lead systems, etc. etc.

If retention is solid, hook up with an fmo that will give you a free mailing if you produce so much in premium, add on to that if you want and go out and write bz. and get the 100% plus contract and PAY YOURSELF WHAT YOUR WORTH!

I WILL NEVER EVER EVER GO CAPTIVE! But that's me. If you have any other questions, let me know. pm me., if you want.

Good luck. I wish you well.

As for NAA, they lie and suck. Stay away. And hell no, they do not do releases either! Lieing bastards!

One day though, not too far and not too soon, these past fmos will hear from my lawyers. I am working on this now! :twisted:

 

[maryjd123]

Good for you! I think that if someone had told me -- when i was a newbie to start with seniors -- i would of been better off --
right now senior health is where to be -- with all of the changes in medicare with the medadvantage plans and part d
it opens the doors for other products such as final expense and annuities
it doesnt get any better -- in my opinion

with the companies that you are looking at just be sure to look at the fine line -- the contracting paperwork -- as to other discussions on this board -- you might want to read -- and really whether you want to be captive or not as honestagent has discussed.

Good Luck!!

 

[Yort23]

thanks Mary for the info. BTW, I am a newbie and not even licensed yet, where is the best info to learn about Medicare and the available products on my own to get a head start. Thx

 

[midwestbroker]

Get the Medicare and You book. Every senior gets that in the fall to review the next year benefits and changes.

You can get the PDF version at the Medicare Website. I would also try and get a hold of a local agent that currently works with the senior market and have lunch with him/her.

If you have questions you can always post them here.

 

[Topwater]

Hello folks,

I'm in the same position as Yort, but I've passed my life exam in Wisconsin and I'm currently waiting on my license. I've been being recruited by the NAA people, but after reading this forum, I'm now really afraid to get involved too quickly. Could you please elaborate on the seniors market a bit more for me? Would that be selling health insurance? I'd need my health license for that and it's not out of the question, but I need to get started selling life to get on my feet. Could you please explain more about what Final Expense Insurance is and whether that would be a better direction as compared to NAA and Mortgage Protection. Please advise.

Thanks,

Topwater

 

[maryjd123]

First of all I would go back and read all of these posts that are here on the Senior forum -- that should help with getting to know some of the senior market and a how too.


with the final expense -- the senior life insurance -- i find that it was always easier to sell than trying to sell life insurance to a 20 year old or a 30 year old... plus i have found that my seniors stay on the books -- unless they die -- then of course they are off the books..

study your for your health license -- and take the test so you can market the health insurance for the seniors and for the non-seniors.

for the final expense i have found that Baltimore life is pretty good -- they pay fast -- within 2 days of the application via insureweb...

Yort23 and Topwater feel free to email me anytime or call if you need some help getting started

307-256-7136

 

[midwestbroker]

Mary has it right...

Go back and read the boards about the senior market. There is a lot of opportunity out there as well as a lot of junk.

You will want to know about:
How Medicare works (Part A, B, C and D)
Medicare Supplements (Medi gap)
Medicare Advantage Plans (Part C)
How part D works (Coverage Gap, deductibles, etc)

Start there and then work into other products.

 

[honestagent]

Midwest got a new avatar! :lol:

 

[midwestbroker]

Yea...I saw STI's and was motivated to search out for an animated one.

Who doesn't love a dancing bear!