Final Expense Lots of Questions

[0b1kanobee]

I have been approached by a company to come on with them and sell final expense. The reason I like the deal so far is because they set all your appointments and in exchange you get a percentage of the sale. Now a percentage of what, I don't know. I have not done enough research on that to know what I am getting a percentage on. I'm supposed to receive training and support in the form of a mentor.

The companies I would be contracted with are:
Foresters
UHL
American Memorial

One more thing. I have a pretty good knowledge when it comes to annuities. I figured if I got in front of more people it would present the opportunity to sell more annuities, life insurance and med sups. Now it might not always be with the folks I'm talking FE with. Could be their kids or friends (referrals).

Now here are some of my questions up till now:
1) Does this sound like a good opportunity (pre-set appointments) I know they are not free (70% commission) but at the same time I don't have to buy leads or make calls.
2) I'm not exactly sure what FE is????..... From what I gather, it is a small whole life policy.
3) Who buys this product? It seems sort of pricey......
4) What is a good closing ratio? I was told by them that 2 out of 10 appointments was good. I'm used to better closing ratios than that.
5) THIS ONE IS IMPORTANT If I contract through these people, will any of these companies allow dual appointments if I decide to do this on my own? Their is another company I may become affiliated with that uses Foresters and I would like to give the credit where the credit (monies) are due depending on what product I sell for who.
6) Can anyone else think of any questions I should be asking? Not so much to the company I am talking to but to the members of this forum. Another words, if you have any more input, please let me know and save the smart ass crap. I'm trying to make a living here.

The bottom line is, I don't care how many appointments they give me per week, so don't ask me how many they promised because they didn't promise any amount. If it is 1 or 15 it doesn't matter to me. My buddy has known this company for years and he sells health and is going to give this a shot but he never does his research first. I'm not like that even though he says they are straight shooters. I interviewed for 3 hours with them. They are very picky about who they hire and had already done some 'investigative' work on me which I thought was funny. I basically said "all you had to do was ask me". (stupid stuff, maybe the guy has a 'hard on' for wanting to be a detective in another life, don't know don't care; nothing I couldn't find out myself on the internet with 20 bucks about anyone else maybe even free) ANYWAY..............

Please see my questions above, let me know anything else I need to know or should consider, ect. ect. ect.

Thanks again and remember I need some good input if you would be so kind

 

[magagent]

"If this does not work will you give me a release as long as I have zero debit balance"? Yes, Mr Agent I will, (agent) great! I would like to come aboard but show the release so we can both sign in it. If they dance around showing/signing the release or say no giving a release head for the door.

 

[0b1kanobee]

"If this does not work will you give me a release as long as I have zero debit balance"? Yes, Mr Agent I will, (agent) great! I would like to come aboard but show the release so we can both sign in it. If they dance around showing/signing the release or say no giving a release head for the door.

Does anyone have a copy of a release? As independent agents, I would think we should have a release that we just fill in the companies name and companies we are contracting with. Fill in the blanks and sign. Sure wish one of those existed.

I think it is a bunch of crap not to have a release. It should work the other way around. The agent should have to sign something that states there is no release if that is how some want to play ball. I'm going to review these contracts carefully.

 

[Newby]

I wouldn't make a release an issue. You aren't selling FE currently so they are training you from scratch.
If you decide you like FE but want to do it on your own you don't need those three companies.
I would make sure you own your own business and the renewals AND make sure you don't have to sign a non-compete. If they will give you a written release policy that's a plus too but not that important in FE.

 

[magagent]

Here we go again... I don't care how many final expense compaines are on the market that are with 3 dollars of each other. No release No deal!

 

[Newby]

Here we go again... I don't care how many final expense compaines are on the market that are with 3 dollars of each other. No release No deal!

It's just not the deal killer that the other two issues would be. The non- compete and not owning your business would be much more important.
If they are going to train an agent who obviously doesn't even know what FE is...they can keep their Forresters, American Memorial and UHL for 6 months if they want to. It's just really no big deal to me.

 

[0b1kanobee]

Well I will ask about a release and see what they say. I think having one is the smart play. I'm not concerned with a non-compete. They are useless unless you are buying a business from someone and you want the person selling to sign one. If they treat me right and I do what I say I am willing to do it shouldn't be a problem. However, it is always good to protect yourself any way you can and a release sounds like what I am looking for.

Thing is, is Foresters FE division the same as their other divisions? Or is it all one company? If I was already signed up with Foresters could this company still use me in the capacity for FE?

I don't like having my hands tied.

 

[Sac 916]

OB1,

If you start to convert a bit of business for them and produce good numbers will they bump up your Comm%?

If so, by how much?

If you have a few dollars to purchase leads will they give you the option to buy them from them for $15-20 ea. and give you 85% - 90% Comm. to start?

If not for both and you start to produce good numbers you may not stay around very long after that..

 

[0b1kanobee]

OB1,

If you start to convert a bit of business for them and produce good numbers will they bump up your Comm%?

If so, by how much?

If you have a few dollars to purchase leads will they give you the option to buy them from them for $15-20 ea. and give you 85% - 90% Comm. to start?

If not for both and you start to produce good numbers you may not stay around very long after that..

Good points. Yes they said I would start at 70% and they give me the leads. They also want me to teach annuities to about 100 of their other agents and how to sell them, basically find the money which is what I have been trained at. I would basically get an override on their production according to them. Of course I would also have to explain how they work and I would start off with just one company. They said they have been looking for a guy like me who is willing to train. I don't have a problem with that. I'll train for 6 hours straight in a room if the agents want to learn.

I'm also considering putting an offer in the offers section for Florida agents. I have run this by the forum owner and he doesn't have a problem with it. Basically I would work with Florida agents (in my area) Tampa to Jacksonville to handle their annuity business. All they have to do is find the people which I will teach (over the phone) and I'll do the appointment with the agent, if they would like to tag along. I like to do it alone or with my brother (he is also security licensed). Basically I would do commission split with the agent depending on the case. they can be quite hard to understand but come easy to me for some reason. I have had a lot of training with them which probably makes a difference. I also handle one of the school systems so that gives me a little bit of clout. An agent could easily just get a check from me without even having to be coded in on the business. I just need a social security number or a FIN and it is pretty simple to get paid. I'm not a scammer and looking for repeat business especially with agents. Just an idea I have been tossing around. Between my brother and I, we have wrote about 1.8 million this year so far. Our goal is 4 million for the year. But that is another story and I have to iron that out some more before I post it in the offers.

To give you an example, there is a lady on my street who asked me what I did. I told her and she mentioned she was in mutual funds and was always losing money. I told her i would be happy to look at those for her and asked her when a good time would be. Well there was no good time and she had my number and my business card. So I went down to her house to fax something to ING because I said my fax was not working (it won't work if it is unplugged LOL so I wasn't golly wogging) . She was curious as to what I was faxing so i told her what it was (an app for somebody else in her situation). She immediately got her IRA statement out and I just happened to have a little time LOL. I came up with a plan for her and had a signed application the next day. I knew I had to get into that house and strike up conversation about her situation. Actually she was the one who initiated it before I had the chance to.

They are very happy now and can't wait to receive their policy. I get asked about it everyday. He has some friends at work in a similar situation.