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When training brand new Final Expense agents they are learning a lot of new things at the same time. Lead management, appointment setting, presentations, underwriting, quoting, etc. It's pretty overwhelming. And there's a lot of pressure because this may be the first time you have worked on straight commission and leads will eat you alive if you don't make sales.
One of the most difficult parts is choosing which companies to sell. New agents often make the mistake of applying with the cheapest companies on FexQuotes just to get declines or moving too quickly to guaranteed issue companies which isn't ever a good move. When I look at which companies an agent carries with him, there is often no rhyme or reason to it. Sometimes the companies are too similar. You've heard the saying that if two people are just alike, one of them is un-necessary? Same goes for FE companies.
You can carry eight different companies around and have piles of cheat sheets and RX guides and underwriting manuals but it's still confusing. And if you don't appear prepared and confident like you've done this a million times you will get more "I want to think about it" objections.
But maybe there's an easier way!
Here's Newby's suggestion for all new agents:
Step #1- Choose a main company that you love and can place a large percent of your cases with at preferred rates.
Step #2- Study your company and learn the "triggers" that would make you have to use another company. Make a list of each condition that causes you to trigger away.
Step #3- Figure out ahead of time for each trigger, which company will be good for that condition.
Step #5- Set up your presentation case with your main company and two triggered back up companies that will cover all the common conditions we run into.
You can now write 97% of the cases with your three main companies and you are only digging in your trunk on occasion. You approach your appointments with the plan that you are going to write them with your main company EXCEPT when you hit one of your triggers and you already know where you are going with those. Now you come across like a confident professional.
For instance: 5-Star Life is a great choice as your main company because of their competitive rates, liberal underwriting, debit express option AND the lead credit bonus.
So let's say you chose them as your main. What would your triggers be?
Trigger #1- Anyone under age 50 and smokers over age 80.
Trigger #2- Anyone on depression meds of any kind
Trigger #3- Anyone off their height weight chart
Trigger #4- Anyone with COPD if they can get 1st day coverage elsewhere
Trigger #5- Anyone taking any drugs on 5-Star's lengthy RX list.
OK, now the next step is to research which companies would accept most of these triggers. An obvious great choice is Transamerica.
TransAmerica takes all weights at preferred. They offer ages 0-85. They don't rate up for depression. And they offer 1st day coverage for COPD. With this one company you have a great backup choice. They even have a real slick RX lookup tool for your smart phone.
Third choice for this exercise for me would either be Royal Neighbors or Aetna for their very small or non-existent RX lists since your main company has a huge list of knock outs.
You can choose any company to be your main one and build your own group of dragon slayers. But the main thing is to have some reasoning behind your company selections. Get real good at knowing your main companies. You can have more for the odd-ball cases here and there.
Have your up line (why aren't you with FexContracting anyway?) help you build your starting line up. You don't want to stuff your case with Oxford, Trinity and 5-Star (three great companies but more alike than different).
You don't have to be the dirt cheapest to get business to stick. But you DO have to be in the ballpark and you DO have to get approvals with 1st day coverage on most of your sales. Your success as a new agent starts with the companies you choose and your ability to study and learn them and be ready for what gets thrown at you in the home. Then you can present with confidence and not fumble around.
That's today's free Monkey Dust.
One of the most difficult parts is choosing which companies to sell. New agents often make the mistake of applying with the cheapest companies on FexQuotes just to get declines or moving too quickly to guaranteed issue companies which isn't ever a good move. When I look at which companies an agent carries with him, there is often no rhyme or reason to it. Sometimes the companies are too similar. You've heard the saying that if two people are just alike, one of them is un-necessary? Same goes for FE companies.
You can carry eight different companies around and have piles of cheat sheets and RX guides and underwriting manuals but it's still confusing. And if you don't appear prepared and confident like you've done this a million times you will get more "I want to think about it" objections.
But maybe there's an easier way!
Here's Newby's suggestion for all new agents:
Step #1- Choose a main company that you love and can place a large percent of your cases with at preferred rates.
Step #2- Study your company and learn the "triggers" that would make you have to use another company. Make a list of each condition that causes you to trigger away.
Step #3- Figure out ahead of time for each trigger, which company will be good for that condition.
Step #5- Set up your presentation case with your main company and two triggered back up companies that will cover all the common conditions we run into.
You can now write 97% of the cases with your three main companies and you are only digging in your trunk on occasion. You approach your appointments with the plan that you are going to write them with your main company EXCEPT when you hit one of your triggers and you already know where you are going with those. Now you come across like a confident professional.
For instance: 5-Star Life is a great choice as your main company because of their competitive rates, liberal underwriting, debit express option AND the lead credit bonus.
So let's say you chose them as your main. What would your triggers be?
Trigger #1- Anyone under age 50 and smokers over age 80.
Trigger #2- Anyone on depression meds of any kind
Trigger #3- Anyone off their height weight chart
Trigger #4- Anyone with COPD if they can get 1st day coverage elsewhere
Trigger #5- Anyone taking any drugs on 5-Star's lengthy RX list.
OK, now the next step is to research which companies would accept most of these triggers. An obvious great choice is Transamerica.
TransAmerica takes all weights at preferred. They offer ages 0-85. They don't rate up for depression. And they offer 1st day coverage for COPD. With this one company you have a great backup choice. They even have a real slick RX lookup tool for your smart phone.
Third choice for this exercise for me would either be Royal Neighbors or Aetna for their very small or non-existent RX lists since your main company has a huge list of knock outs.
You can choose any company to be your main one and build your own group of dragon slayers. But the main thing is to have some reasoning behind your company selections. Get real good at knowing your main companies. You can have more for the odd-ball cases here and there.
Have your up line (why aren't you with FexContracting anyway?) help you build your starting line up. You don't want to stuff your case with Oxford, Trinity and 5-Star (three great companies but more alike than different).
You don't have to be the dirt cheapest to get business to stick. But you DO have to be in the ballpark and you DO have to get approvals with 1st day coverage on most of your sales. Your success as a new agent starts with the companies you choose and your ability to study and learn them and be ready for what gets thrown at you in the home. Then you can present with confidence and not fumble around.
That's today's free Monkey Dust.
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