Cold Calling Final Expense

[Newby]

I assume that is him that was number 11 in production with Settlers in November.

Sure would like to know the details about what the person was writing that wrote 38K+ with Settlers last month. They were on the leader board before November but had not done but 39K for the entire year through Oct.

I stand corrected on Hoppy. Maybe he figured he would sell rather than recruit.

The 38K guy is likely fired up by a wife with a deadline. That is an awesome amount of sales for a month. Settlers shows single pays at full AP on their boards so sometimes it really isn't much. I've had months that I show up that weren't real impressive but I sold a $25,000 single pay and the full $14,000 premium shows up as AP for the month. That MAY be his case too.

 

[rousemark]

I stand corrected on Hoppy. Maybe he figured he would sell rather than recruit.

The 38K guy is likely fired up by a wife with a deadline. That is an awesome amount of sales for a month. Settlers shows single pays at full AP on their boards so sometimes it really isn't much. I've had months that I show up that weren't real impressive but I sold a $25,000 single pay and the full $14,000 premium shows up as AP for the month. That MAY be his case too.

They give full convention credit for single premium? Most companies count it at 5 or 10%.

 

[Newby]

They give full convention credit for single premium? Most companies count it at 5 or 10%.

I've been told by another agent that they do. He and some of his co-agents went to their last convention and really didn't do that much business but they had all sold some single premiums to earn it.

As much as I like Settlers, I don't do tons of volume with them because I sell mainly in Kentucky and they don't allow replacements in Kentucky. Since 3/4 of FE sales are replacing AARP or UL or term or LH or something...I don't pull them out too often.

But I still get on their newsletters occasionally when I sell a few single pays with them. So I guess they DO give full credit.

 

[NCAgent]

I don't do tons of volume with them because I sell mainly in Kentucky and they don't allow replacements in Kentucky. Since 3/4 of FE sales are replacing AARP or UL or term or LH or something...I don't pull them out too often.

What do you mean by they don't allow replacements? Like if a client has a term and you say "the 10 year term is 8 years in, here is a new 20 year term" I'm not allowed to do that? Or is it more like doing 1035 exchanges from one policy to another for replacements? Are conversions considered a replacement?

I'm not going into KY for a while for L&H but we might for P&C sometime soon, so I thought that is interesting...

 

[jdeasy]

What do you mean by they don't allow replacements? Like if a client has a term and you say "the 10 year term is 8 years in, here is a new 20 year term" I'm not allowed to do that? Or is it more like doing 1035 exchanges from one policy to another for replacements? Are conversions considered a replacement?

I'm not going into KY for a while for L&H but we might for P&C sometime soon, so I thought that is interesting...

KY has a unique law on replacemtns. A new contestability cannot be imposed on a replacement life policy.

That's great for consumers, but some companies will not allow replacement business in Ky because of that law. Right off the top of my head I know LH, AmAm and Settlers will not do replacements here. Shenandoah wouldn't when they were in business.

They can add to their coverage, but no replacements from those companies.

 

[NCAgent]

KY has a unique law on replacemtns. A new contestability cannot be imposed on a replacement life policy.

That's great for consumers, but some companies will not allow replacement business in Ky because of that law. Right off the top of my head I know LH, AmAm and Settlers will not do replacements here. Shenandoah wouldn't when they were in business.

They can add to their coverage, but no replacements from those companies.

So if a customer says "I'm not replacing anything" and you have them sign the form agreeing with this, and the they replace it later, are you going to be in trouble? I see this happening for whatever reason, though I suppose that still nullifies the KY contestability clause people are worried about?

 

[jdeasy]

So if a customer says "I'm not replacing anything" and you have them sign the form agreeing with this, and the they replace it later, are you going to be in trouble? I see this happening for whatever reason, though I suppose that still nullifies the KY contestability clause people are worried about?

If they say they are not replacing we have to fill a replacement form saing they are not replacing and the agent and client has to sign it.

If they do drop their other coverage and a defacto replacement they would have the Ky replacement protection. I'm not sure off the top of my head what the time frame is on that. I do know the agent better not be involved in helping them get around the rules in that maner.

 

[TNLifeInsurance]

That domain doesn't exist... have another site?

 

[Newby]

I recently assisted a family get a death claim paid where the agent replaced the policy 5 months before the death. He had checked that it was not replacement but HE was the agent on their Lincoln Heritage policy that was canceled the same day that that his new policy was issued and it was for the same amount.

Once I faxed these documents to the insurance company they immediately paid the claim (it was only for $5,000) and canceled the agent's contract with them.

 

[TeeStrat]

@JJMJenni
Care to share the lead house you get these leads from?

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