- 16,880
When consumers don't understand something, they will only focus on price. If health plan A is cheaper than health plan B they will always take A UNLESS they understand advantages to plan B.
Agents do the same thing with selecting insurance companies to sell. They tend to focus more on commission levels than how sellable a product is. While commission is real important, ALL final expense companies pay real good commission. But some companies are MUCH more saleable than others. A true sales professional will select the BEST companies first and THEN make sure you are getting the highest level of commission you can get on that company.
Here is a list of questions you should ask about the main companies you are going to carry with you. If your main company has weaknesses in certain areas, you should have backup companies that fill in for the weaknesses. Only you can decide which questions are the most important to you.
1. How competitive are their rates?
2. What is the A.M. Best rating of the company?
3. How do their marketing materials look? Do they supply them at no cost?
4. Can you easily download all forms from their website?
5. Does their website have GOOD reporting that you can easily access?
6. Is there a lead program?
7. Does this company allow monthly billing as well as bankdraft? Does that option affect YOUR commission?
8. Does this company allow the ages of 0-85? If not what ages are you limited to?
9. Does the company have immediate payout upon death or do they require a death certificate?
10. Does the company pay double for accidental deaths? Are child/grandchild riders available?
11. Is there a nursing home rider included? Is there a terminal illness rider included?
12. What are the minimum health requirements this company will accept? Guaranteed issue? Hospital, nursing home, AIDS?
13. Is there a height/weight chart? Can obese clients qualify for immediate coverage?
14. Do they count all tobacco users as smokers or is smokeless allowed?
15. How does this company treat non-insulin dependent diabetics? How about diabetics who take insulin?
16. Does this company consider maintenance medicines as ongoing treatment? (Example: if someone had a heart stint surgery 5-years ago and still takes a blood thinner, how are they rated?)
17. Does this company offer limited pay plans as well as lifetime pay (Paid up in 10-yr, 20-yr etc.)? If they do, what commission levels to those pay types pay in comparison to the lifetime pay?
18. Does this company allow single pay? If they do, on what ages? What is the minimum face amount? What ages do they allow?
19. How easy is it to look at their application and YOU as the agent determine with 95% accuracy where any given client will be placed once you have the health information of the client?
20. Is there a clear agent field guide for underwriting?
21. Does the company allow telephone sales? If yes, do you have to mail or fax anything to anybody?
22. How much is the policy fee? Is it commissionable? (If not, reduce the commissions by at least 5% when comparing to companies that pay on the policy fee.)
23. What is the first year commission level that you will get?
24. What is the commission level for years 2-10?
25. Is there commission after year 10? If so, how much?
26. Are there bonuses, trips, lead credits etc.?
27. Does this company have any brand name awareness to consumers?
28. Does this company market direct to consumers and compete with their own agents?
29. How easy is it to reach someone at the company when YOU need agent support?
Agents do the same thing with selecting insurance companies to sell. They tend to focus more on commission levels than how sellable a product is. While commission is real important, ALL final expense companies pay real good commission. But some companies are MUCH more saleable than others. A true sales professional will select the BEST companies first and THEN make sure you are getting the highest level of commission you can get on that company.
Here is a list of questions you should ask about the main companies you are going to carry with you. If your main company has weaknesses in certain areas, you should have backup companies that fill in for the weaknesses. Only you can decide which questions are the most important to you.
1. How competitive are their rates?
2. What is the A.M. Best rating of the company?
3. How do their marketing materials look? Do they supply them at no cost?
4. Can you easily download all forms from their website?
5. Does their website have GOOD reporting that you can easily access?
6. Is there a lead program?
7. Does this company allow monthly billing as well as bankdraft? Does that option affect YOUR commission?
8. Does this company allow the ages of 0-85? If not what ages are you limited to?
9. Does the company have immediate payout upon death or do they require a death certificate?
10. Does the company pay double for accidental deaths? Are child/grandchild riders available?
11. Is there a nursing home rider included? Is there a terminal illness rider included?
12. What are the minimum health requirements this company will accept? Guaranteed issue? Hospital, nursing home, AIDS?
13. Is there a height/weight chart? Can obese clients qualify for immediate coverage?
14. Do they count all tobacco users as smokers or is smokeless allowed?
15. How does this company treat non-insulin dependent diabetics? How about diabetics who take insulin?
16. Does this company consider maintenance medicines as ongoing treatment? (Example: if someone had a heart stint surgery 5-years ago and still takes a blood thinner, how are they rated?)
17. Does this company offer limited pay plans as well as lifetime pay (Paid up in 10-yr, 20-yr etc.)? If they do, what commission levels to those pay types pay in comparison to the lifetime pay?
18. Does this company allow single pay? If they do, on what ages? What is the minimum face amount? What ages do they allow?
19. How easy is it to look at their application and YOU as the agent determine with 95% accuracy where any given client will be placed once you have the health information of the client?
20. Is there a clear agent field guide for underwriting?
21. Does the company allow telephone sales? If yes, do you have to mail or fax anything to anybody?
22. How much is the policy fee? Is it commissionable? (If not, reduce the commissions by at least 5% when comparing to companies that pay on the policy fee.)
23. What is the first year commission level that you will get?
24. What is the commission level for years 2-10?
25. Is there commission after year 10? If so, how much?
26. Are there bonuses, trips, lead credits etc.?
27. Does this company have any brand name awareness to consumers?
28. Does this company market direct to consumers and compete with their own agents?
29. How easy is it to reach someone at the company when YOU need agent support?
