Is There a FE Agent "mentality?"

[rousemark]

Like all life insurance agents, every person a final expense guy/gal works with ends up better off because of it. Is the solution always ideal? Of course not. Nonetheless, it solves a problem!

I agree in all cases where there is no coverage in force.. However, unfortunately that is not always true when it comes to replacements. Even then, it is a matter of opinion as to whether the client ends up better off.

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Thanks for the responses. A quickly solved problem is certainly better than not solving the problem.

It's obvious that a $10K FE product may not be the best solution, but it certainly is better than no solution.

This thread will not head to the fight club. I'm really curious about the "one and done" type of FE sale rather than building a relationship as we might when selling Med Supp.

I'm so used to selling a med sup in CA and immediately let them know I will keep my eye on rising rates to make sure they continue to have as low as price as possible. And it's the same with the MA plans I sell. I review them annually because I don't, someone else will.

Wino sells life insurance and builds relationships that go far beyond the original prospects. FE agents (at least my impression) is that they quickly solve a problem and move on to the next client.

Rick

FE does not have to be "one and done".. It depends on the agent. Even agents that do not cross sell products can and do build relationships with clients that results in additional business. JD says he does not ask for referrals but seems to get his fair share because he has built a trusting relationship with his clients. If a person makes at least an annual contact with his clients.. and if he doesn't even LH will be able to replace him down the road.. checking to see if anything has changed in the past year, he will write additional business on that client.. "I've been thinking, I have 10K but my BIL'sl funeral cost 14K, how much would another 5K cost me"? Or, "I need to change beneficiary" (new prospect),,, Or possibly, "I was just talking about your to my friends, you should give her a call." Then, for agetns that want to, there is always the possibility of cross selling prospects. No lead costs and no real time invested other than 5-10 minutes when you are in the neighborhood or on the phone. The only difference in the possibilities of additional sales in the FE market and the Med Supp market is you are not (hopefully) constantly rolling your own business.

 

[KRobby]

They know you're there to pickup a payday, not share chocolates. If the logic works in their mind, they'll have the emotion required to buy.

Those whose logic rules over emotion do not find themselves at an advanced age without enough insurance or liquid assets to even be buried.

Read again, logic in a buyer's mind doesn't have to equal logic.

 

[Stephen]

Read again, logic in a buyer's mind doesn't have to equal logic.

As you so often demonstrate here.

 

[Newby]

I sell some fully underwritten WL but it's pretty rare when you target FE prospects.

FE agents are competing more against mail order, credit unions, banks, plans through employers, etc. Impulse buys, not actual planning.

You don't have their attention long. I guarantee you with most FE prospects you can say I can have you covered for $60 monthly and it will take 15-minutes and close it. But if they said I can probably get you what you want for $45 monthly but we won't know for sure until you take the paramed and they order doctor's records you will not usually close it.

They are impulse buyers, not planners.

 

[axeman462]

As a life agent, I lean more towards the income/responsible vs those that are not.

A F/U policy is more likely to stay on the books and have less of a chance of NSF.

The FE/SIWL policy is the opposite with Lower income and less responsible.

Also most FE agents are untrained in F/U and don't want to be. They are also less likely to build Clientele. Meaning that the Agent will rarely sell more than one product in the house. The more product the more persistent the Life Policy. Most FE agents are one and done sale reps and never see the client again.

Lol, i had to read that twice, before I realized what you meant by "F/U" policy

 

[somarco]

If you are being sniffed you aren't being genuine.

Genuinely genuine, or pretend genuine to make the sale?

They know you're there to pickup a payday, not share chocolates.

This seems to betray your earlier statement. It's about your paycheck, not their funeral.

They are impulse buyers, not planners.

That makes a lot of sense.

 

[WinoBlues]

I sell some fully underwritten WL but it's pretty rare when you target FE prospects.

FE agents are competing more against mail order, credit unions, banks, plans through employers, etc. Impulse buys, not actual planning.

You don't have their attention long. I guarantee you with most FE prospects you can say I can have you covered for $60 monthly and it will take 15-minutes and close it. But if they said I can probably get you what you want for $45 monthly but we won't know for sure until you take the paramed and they order doctor's records you will not usually close it.

They are impulse buyers, not planners.

I believe he is talking about automatically putting the rest in FE or one of the FE companies. Not the majority. Then again, we are talking tiny policies.

 

[senior-advisor-indiana]

I believe he is talking about automatically putting the rest in FE or one of the FE companies. Not the majority. Then again, we are talking tiny policies.

It's not about the size of the policy, it's how you write it...

 

[TwiLight]

If a person makes at least an annual contact with his clients..

You are assuming that the FE client will pay their premium for a year.....Now that is a big leap of faith.

 

[VolAgent]

You are assuming that the FE client will pay their premium for a year.....Now that is a big leap of faith.

So, they will do an exam, wait 30-60 days for APS to come in and finally make a payment, but they won't make it an entire year without lapsing?