This question has a few parts to it.
The first - I am just trying to educate myself. What is the difference between a pre-need insurance policy and a FE policy? (I am NOT talking about pre-payment, making payments to a funeral home - I AM talking about when a funeral home sells the person an insurance policy to cover what they picked out).
I am talking about when someone purchases through a funeral home an insurance policy to cover what they are buying? How does that work? Is the funeral home typically selling them a "normal" whole life final expense policy, or is it some type of policy that is a hybrid of term and whole, or is it something else altogether? I guess the summary of this question is "What is a pre-need insurance policy"?
Second question - Is there any advantage as a FE agent to approaching funeral homes that are smaller, and do not have a full time agent they are hooked up with, and ask if we can sell our products to their clients? And if so, how does that work? Am I paid by the funeral home? Am I paid by the insurance carrier? Am I paid by both? This whole thing is kind of a mystery to me. Maybe it is a terrible source for leads, but maybe it is a good one. Just trying to figure this out. I searched this forum and can not really find a post on point on this. Anyway, any answers would help clear up this mystery for me. Thanks!!
The first - I am just trying to educate myself. What is the difference between a pre-need insurance policy and a FE policy? (I am NOT talking about pre-payment, making payments to a funeral home - I AM talking about when a funeral home sells the person an insurance policy to cover what they picked out).
I am talking about when someone purchases through a funeral home an insurance policy to cover what they are buying? How does that work? Is the funeral home typically selling them a "normal" whole life final expense policy, or is it some type of policy that is a hybrid of term and whole, or is it something else altogether? I guess the summary of this question is "What is a pre-need insurance policy"?
Second question - Is there any advantage as a FE agent to approaching funeral homes that are smaller, and do not have a full time agent they are hooked up with, and ask if we can sell our products to their clients? And if so, how does that work? Am I paid by the funeral home? Am I paid by the insurance carrier? Am I paid by both? This whole thing is kind of a mystery to me. Maybe it is a terrible source for leads, but maybe it is a good one. Just trying to figure this out. I searched this forum and can not really find a post on point on this. Anyway, any answers would help clear up this mystery for me. Thanks!!