Does anybody sell final expense? I just started in the FE field and wanted to know if I could make a living. Thanks!
Total Comments: 71
Posted: Mon Oct 27, 2008 03:17 pm Post Subject:
They prefer (may be manditory now) pay pal...I've cashed out I don't know maybe four or five times...yes they actually paid me :wink:
Posted: Mon Oct 27, 2008 03:28 pm Post Subject: fe
Thanks Lori, I had no idea.
Posted: Tue Oct 28, 2008 12:27 am Post Subject:
Mcampbell,
No I havent sold Baltimore Life, They seem like a quite good company. I've taken a good look at Telephone sales, I just dont seem to like them. Seems to me you have to just love the word "NO" to try telesales for FE.
Maybe Im wrong.
Scott
Posted: Tue Oct 28, 2008 06:01 pm Post Subject: FE
Good point, its a easy sale when you get clients that are willing to listen. They say NO some but not as much as I thought.
Posted: Wed Oct 29, 2008 06:24 pm Post Subject:
Lori is correct. While the death benefit is not taxable, the products (plot, casket, flowers, etc.) are. A large funeral could run up a healthy tax bill.
Posted: Wed Oct 29, 2008 06:33 pm Post Subject:
FE will give you "products" for a funeral? I thought it was just cash.
Posted: Wed Oct 29, 2008 06:45 pm Post Subject:
Hello everyone,
In the past 15 years, I've investigated several companies that sold FE, Pre-need, and other types of burial insurance. In fact, I even got to close down a couple agencies in the San Jose, CA area.
Here's the most common "test" of an FE or similar type policy.
A couple pages ago, we were discussing a $25K policy on a 50 year-old for $75 per month. For sake of argument, let's assume that neither the death benefit or the premium will change in the future, the insured is healthy, and expects to live to his life expectancy (as determined by the the most recent COS table)
$75 per month is $900 per year and if he lives to age 84 he will have spent $30,600 on a $25,000 death benefit. Where, I ask, is the value?
"Well, you might reply, what if he dies at age 75?" Then, I would say, he needs a type of life insurance and not FE or pre-need. Let's sell these policies to people who already have one leg in the ground and are busy with their estate planning or disbursing assets.
Don't outlive your FE or pre-need policy.
Posted: Wed Oct 29, 2008 06:48 pm Post Subject:
FE will give you tax free money to buy products. You must pay the taxes on those products.
Posted: Wed Oct 29, 2008 06:57 pm Post Subject:
FE is for a funeral take your life policies for the family to spend and FE for a funeral. Nobody knows when they will die just like I don't know when or if i will wreck my car. Why have car insurance or a selt belt. Everybody has more then one policy on themselves. I had a co worker whos husband just passed away and she has to pay 3k out of her own pocket to cremate him. He was 56 and would of only paid around 4k for a 25k policy. Now she doesn't have the money for a nice funeral he deserves.
Posted: Wed Oct 29, 2008 07:02 pm Post Subject:
I'm healthy. I pay $85 a month for a 100K Life Insurance policy. I die. My beneficiary takes the proceeds that he received tax free and pays for my funeral (and associated taxes).
Sorry...but I'm still thinking the having 75K left over 75K is a better option.
Posted: Mon Oct 27, 2008 03:17 pm Post Subject:
They prefer (may be manditory now) pay pal...I've cashed out I don't know maybe four or five times...yes they actually paid me :wink:
Posted: Mon Oct 27, 2008 03:28 pm Post Subject: fe
Thanks Lori, I had no idea.
Posted: Tue Oct 28, 2008 12:27 am Post Subject:
Mcampbell,
No I havent sold Baltimore Life, They seem like a quite good company. I've taken a good look at Telephone sales, I just dont seem to like them. Seems to me you have to just love the word "NO" to try telesales for FE.
Maybe Im wrong.
Scott
Posted: Tue Oct 28, 2008 06:01 pm Post Subject: FE
Good point, its a easy sale when you get clients that are willing to listen. They say NO some but not as much as I thought.
Posted: Wed Oct 29, 2008 06:24 pm Post Subject:
Lori is correct. While the death benefit is not taxable, the products (plot, casket, flowers, etc.) are. A large funeral could run up a healthy tax bill.
Posted: Wed Oct 29, 2008 06:33 pm Post Subject:
FE will give you "products" for a funeral? I thought it was just cash.
Posted: Wed Oct 29, 2008 06:45 pm Post Subject:
Hello everyone,
In the past 15 years, I've investigated several companies that sold FE, Pre-need, and other types of burial insurance. In fact, I even got to close down a couple agencies in the San Jose, CA area.
Here's the most common "test" of an FE or similar type policy.
A couple pages ago, we were discussing a $25K policy on a 50 year-old for $75 per month. For sake of argument, let's assume that neither the death benefit or the premium will change in the future, the insured is healthy, and expects to live to his life expectancy (as determined by the the most recent COS table)
$75 per month is $900 per year and if he lives to age 84 he will have spent $30,600 on a $25,000 death benefit. Where, I ask, is the value?
"Well, you might reply, what if he dies at age 75?" Then, I would say, he needs a type of life insurance and not FE or pre-need. Let's sell these policies to people who already have one leg in the ground and are busy with their estate planning or disbursing assets.
Don't outlive your FE or pre-need policy.
Posted: Wed Oct 29, 2008 06:48 pm Post Subject:
FE will give you tax free money to buy products. You must pay the taxes on those products.
Posted: Wed Oct 29, 2008 06:57 pm Post Subject:
FE is for a funeral take your life policies for the family to spend and FE for a funeral. Nobody knows when they will die just like I don't know when or if i will wreck my car. Why have car insurance or a selt belt. Everybody has more then one policy on themselves. I had a co worker whos husband just passed away and she has to pay 3k out of her own pocket to cremate him. He was 56 and would of only paid around 4k for a 25k policy. Now she doesn't have the money for a nice funeral he deserves.
Posted: Wed Oct 29, 2008 07:02 pm Post Subject:
I'm healthy. I pay $85 a month for a 100K Life Insurance policy. I die. My beneficiary takes the proceeds that he received tax free and pays for my funeral (and associated taxes).
Sorry...but I'm still thinking the having 75K left over 75K is a better option.
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