They ALL look the same…until you know what to look for
When you are new to final expense sales, it can be overwhelming to look at all the companies and try to figure out which ones to carry. There are dozens and dozens of them.
Then the obvious comes to mind…get the one with the lowest rates! You’ll beat everyone’s prices and sell millions! But as you learn more you figure out the low rates come from restrictive underwriting. They decline or rate up a lot of your applicants.
Let’s just go with the loosest underwriting that accepts EVERYONE! Except now you are offering the highest rates.
How about highest commissions? Nope. High rates again. They ALL pay good commissions anyway.
At FexContracting you will have access to the most accurate underwriting cheat-sheets and a lot of help from very experienced agents through our agent chat lines.
HERE is how you select your companies.
- Don’t focus on more than two or three in the beginning. We will have you contract with around eight companies but you will want to select one company as your main one and trigger to others as needed for different health conditions you run into. You will find that you rarely need to go beyond your main three.
- At least one of your main three companies needs to accept ALL ages 0-85. TransAmerica, American Memorial, Standard Life and Casuality and Sentintel all offer this. In addition several of our companies have fully underwritten whole-life for the younger ages such as Trinity/Family Benefit, Lafayette, KSKJ and others.
- Make sure you have at least one main company that is not restrictive with insulin dependent diabetics. Royal Neighbors, Trinity Life, Family Benefit Life, Americo, Foresters, Oxford, are all good companies with insulin dependent diabetics.
- One of your main companies should be able to accept people with no checking/savings account who pay with a government issued debit-express card. Security National Life, Transamerica and Prosperity can accept them. Gerber is a guaranteed issue company that can also take them.
- Nice brochures and marketing materials always help. Be sure to order a supply from each company as soon as you get your agent number. Don’t worry about saving trees. Stock up!
- What about very obese people? Royal Neighbors and Aetna have no height/weight requirements at all.
- Your income. Look at companies that have good 10-year commission levels. Many companies are focusing on 1st year only. Pay attention to the whole payout. If you are in this business to stay, your income gets bigger EVERY year due to the snowballing effect of your renewals. All FE companies pay well but many are front loaded and that keeps your business less financially stable.
- Website- can you get the forms and information you need easily? Create log-in and passwords for each company as you get your agent numbers. Save them in your computer and make it easy to check your business often.
- Marketing and Leads. Several companies (Trinity / Family Benefit Life, Oxford Life and Security National Life) all have lead credits you can earn.
- Award trips- Our agents have been to Hawaii, the Bahamas, the Virgin Islands, Alaskan Cruises, Jamacia, St. Kitts, Norway, Canada and more! Your wife will be on board for your annual award trip(s). Every year around 50% of our agents who take weekly direct mail leads will earn one or more company conventions for them and a guest. Plus in addition to that all agents who sell $10,000+ average premium per month are invited to our “Fex Training at Sea” on a cruise ship.
- Point of sale approvals- this is a HUGE feature if you want to make certain that your applicant is approved at the POS (point of sale.) Royal Neighbors, Oxford Life, Liberty Bankers, Mutual of Omaha, Trinity/Family Benefit Life, American Continental, Americo, Foresters and several others give POS approvals at the phone interview.
- Don’t leave home without a Guaranteed Issue company with no health questions. Gerber, AIG, Great Western and Americo all have true guaranteed issue products.
Every company that we offer for contracting is a company we have personally field tested and worked with. They all have their place. As you learn your initial companies you MAY find certain ones that you like better or worse for one reason or another. You may have certain “niches” where you’ll want to add another one. But spend enough time with your initial three to learn them well.
And for the agents that ask me, “Can’t you just recommend ONE company that I can pretty much sell to everyone?”
There is no one company that does it all. And there is no need to. With just a few good companies and the right training you will be unbeatable.
Let us help you choose your line up of great companies that are in your state. You’ll NEVER lose a sale to anyone.
