Hi everybody. I've been digging through these threads for months and the information I have gathered has been priceless. Thank you for all the informative posts. I thought the best way to start participating in the forum would be to give an account of my experiences as I begin a career in Final Expense...
After careful consideration, I recently decided to team up with Securus FE. The area that I am in gets a very low mailer response, so the thought of signing up with a higher commision IMO and doing my own mailers seemed a little scary. I'm completely new to the insurance business and signing on with a large IMO that can provide leads seemed like the safest/best option. I also spoke with EFES, and while both companies seemed similar, Securus offered a higher comm rate, so I went with them. I'm sure this isn't always the case, but in my area, that is what was offered by the managers. And, in all fairness, I didn't even try to get a higher rate with EFES. I suppose if I asked them to match the Securus offer, they may have.
Up Front Costs:
I think this has been discussed on the forums, but anybody that is looking into this line of work should have plenty of savings. Securus asked for a commitment of 80 leads at $21/each to get started. This seems reasonable considering they need to start a mailing campaign on my behalf. Keep in mind that it takes at least a few weeks for the leads to start coming back. (As of right now it has been about 12 days, and $840 in lead costs and I still have not gotten a lead) This is fine for me as I am still in the process of selling my current business and am a few weeks away from being able to sell FE full time. However, prospective agents that don't have any savings should really think about saving at least 3-4k when they start the process. This will allow you to buy your leads and still have a small cushion while you begin selling.
Training:
Securus' website provides several training modules that describe everything from door knocking, to closing the sale, etc. They also have links to several webinars that include some of their top sellers explaining how they do what they do. If however, you are looking for actual video demonstrations of how to make a sale, then you will be disappointed. So basically if you have either good reading or listening skills, you should be fine.
Support:
When I began the process, I submitted forms on EFES and Securus' websites stating that I was looking for more information. After a few days, I hadn't heard from anybody except auto-generated emails, so I just picked up the phone and called them. Once I was finally put in touch with a regional representative, I left messages with both. Honestly, I got the feeling from both of them that I wasn't a huge priority at first. I can't say that I blame them considering they probably getting flooded with people that are "interested" but probably just kicking the tires. Once they understood that I was licensed, and that I had at least a elementary understanding of the FE business, then it seemed that they were more responsive.
Carriers:
Securus had me sign on with Monumental, Texas Life, and American Amicable. It took about 2 weeks to get set up with them once I had turned in all of my paperwork. It seems that in the Securus webinars, they push Monumental as their best product. Again I have no experience selling yet, so maybe somebody can chime in on whether they are a better carrier than the other two?
So that's where I am at so far. About a week or two away from selling. I'll keep you guys posted from time to time on my progress and look forward to becoming a contributor to the forum. Thanks again!
Ben
After careful consideration, I recently decided to team up with Securus FE. The area that I am in gets a very low mailer response, so the thought of signing up with a higher commision IMO and doing my own mailers seemed a little scary. I'm completely new to the insurance business and signing on with a large IMO that can provide leads seemed like the safest/best option. I also spoke with EFES, and while both companies seemed similar, Securus offered a higher comm rate, so I went with them. I'm sure this isn't always the case, but in my area, that is what was offered by the managers. And, in all fairness, I didn't even try to get a higher rate with EFES. I suppose if I asked them to match the Securus offer, they may have.
Up Front Costs:
I think this has been discussed on the forums, but anybody that is looking into this line of work should have plenty of savings. Securus asked for a commitment of 80 leads at $21/each to get started. This seems reasonable considering they need to start a mailing campaign on my behalf. Keep in mind that it takes at least a few weeks for the leads to start coming back. (As of right now it has been about 12 days, and $840 in lead costs and I still have not gotten a lead) This is fine for me as I am still in the process of selling my current business and am a few weeks away from being able to sell FE full time. However, prospective agents that don't have any savings should really think about saving at least 3-4k when they start the process. This will allow you to buy your leads and still have a small cushion while you begin selling.
Training:
Securus' website provides several training modules that describe everything from door knocking, to closing the sale, etc. They also have links to several webinars that include some of their top sellers explaining how they do what they do. If however, you are looking for actual video demonstrations of how to make a sale, then you will be disappointed. So basically if you have either good reading or listening skills, you should be fine.
Support:
When I began the process, I submitted forms on EFES and Securus' websites stating that I was looking for more information. After a few days, I hadn't heard from anybody except auto-generated emails, so I just picked up the phone and called them. Once I was finally put in touch with a regional representative, I left messages with both. Honestly, I got the feeling from both of them that I wasn't a huge priority at first. I can't say that I blame them considering they probably getting flooded with people that are "interested" but probably just kicking the tires. Once they understood that I was licensed, and that I had at least a elementary understanding of the FE business, then it seemed that they were more responsive.
Carriers:
Securus had me sign on with Monumental, Texas Life, and American Amicable. It took about 2 weeks to get set up with them once I had turned in all of my paperwork. It seems that in the Securus webinars, they push Monumental as their best product. Again I have no experience selling yet, so maybe somebody can chime in on whether they are a better carrier than the other two?
So that's where I am at so far. About a week or two away from selling. I'll keep you guys posted from time to time on my progress and look forward to becoming a contributor to the forum. Thanks again!
Ben
