Lower Conversions & Higher Chargebacks?

[Zoaty]

Hello,

Due to the increasing prices and inflation problems in the economy is anyone experiencing lower conversions and/or higher chargeback percentages for final expense products?

I'm just getting back into life insurance after some time away, and I'm curious if I'm swiming against the current trying to sell final expense due to the economy since many final expense customers have low and/or fixed financial resources. When push comes to shove and they have to choose between paying for their groceries and heating bill this winter as inflation climbs versus paying their final expense premium I'm curious if this is causing lower than normal persistency & conversions?

Thank you for your insight and thoughts.

Randy

 

[jdeasy]

This has been my best production year of my career. And I feel like I’m working less.

I’m with an FE focused IMO and I hear no sky is falling stories from the other agents.

 

[DonP]

Jd will get on here and say nothings changed . These poor people being eaten alive by inflation . They have little ability to fight it . I’ve noticed my long term book had many more nsf’s the last yr than other yrs .

 

[jdeasy]

Jd will get on here and say nothings changed . These poor people being eaten alive by inflation . They have little ability to fight it . I’ve noticed my long term book had many more nsf’s the last yr than other yrs .

And you will get on here and worry about me. Why can't you just answer the question?

It's OK to spread your sky if falling mantra and your disdain for your clients since that's your opinion.

What you will not do is change my opinion with your continued negativity.

 

[jdeasy]

Hello,

Due to the increasing prices and inflation problems in the economy is anyone experiencing lower conversions and/or higher chargeback percentages for final expense products?

I'm just getting back into life insurance after some time away, and I'm curious if I'm swiming against the current trying to sell final expense due to the economy since many final expense customers have low and/or fixed financial resources. When push comes to shove and they have to choose between paying for their groceries and heating bill this winter as inflation climbs versus paying their final expense premium I'm curious if this is causing lower than normal persistency & conversions?

Thank you for your insight and thoughts.

Randy

Since this appears it will get derailed you should go to FEXcontracting.com and read a little bit. Then contact Scott thru the site or Newby here at the forums and see if he might give you a passcode for our friday call. Sometimes they allow guests. You could hear from real FE agents from all over the country doing what you are asking about. These are the best of the best. See if they project the gloom and doom that you will get from internet trolls.

Ask those same questions of real FE agents. You will find there are 100"s of high producing agents that don't recruit. You are asking here and there's not a handful of FE producers posting at this forum anymore. And most of the posters in the FE forum are not FE agents at all.

 

[theinsuranceman]

Hello,

Due to the increasing prices and inflation problems in the economy is anyone experiencing lower conversions and/or higher chargeback percentages for final expense products?

I'm just getting back into life insurance after some time away, and I'm curious if I'm swiming against the current trying to sell final expense due to the economy since many final expense customers have low and/or fixed financial resources. When push comes to shove and they have to choose between paying for their groceries and heating bill this winter as inflation climbs versus paying their final expense premium I'm curious if this is causing lower than normal persistency & conversions?

Thank you for your insight and thoughts.

Randy

Nothing has changed for either conversion % or persistency %. Perhaps if inflation climbed to 30% for several years the results would be different.

 

[Tbloom]

Hi, My issue is just finding people who can afford it and want it. I live here in NM. And we are a poor state to say the least. The point you bring up is valid. So what winds up happening is they wind up asking for help from friends and family, and then do a "go fund me".

 

[jdeasy]

Hi, My issue is just finding people who can afford it and want it. I live here in NM. And we are a poor state to say the least. The point you bring up is valid. So what winds up happening is they wind up asking for help from friends and family, and then do a "go fund me".

If they send in a card they are interested. I’ve been to your state and yes, it appears to be less well off than some. But so is mine.

One thing poor states have in common with rich states is that people die in each.

And rich and poor people don’t want to burden their families with their funeral costs.

Someone is selling FE in NM.

Might as well be you.

 

[whatyouwantfinally]

Maybe there's something I'm missing, but I don't think so.

A bad economy is GOOD for people selling products to the less well-off. Sure, some people will fall out of the "can comfortably afford this" category, but even more will move into it.

 

[CasualT]

Nothing has changed. People are buying final expense policies everyday.
It's December and people are still buying.
I'm going to my hometown for Christmas as usual. I have household who wants me to write them all up when I get in the area. This will be two days before Christmas Day. So you tell me.