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: Wed Oct 29, 2008 07:08 pm Post Subject:
Not everybody can qualify for a 100k policy. Also it is for people that want a smaller policy not a large 100k policy. Its for a funeral of 5-10k which you would only pay 30 bucks a month. Not everubody can pay 85 a month for 30 years. I understand the 100k policies I use to sell them but you have to realize people just want to make sure they can pay for there funeral.
Posted: Wed Oct 29, 2008 07:39 pm Post Subject:
Using Ins' post (and my earlier post) as reference, my 75K left over is valid.
Why would a perfectly healthy individual want to pay $75.00 a month for 25K when he/she can pay just a few dollar more for four times the benefit?
Yes, if someone is of ill health and can't qualify for a "normal" policy, then FE might be just the thing.
But that wasn't our scenario.
Posted: Wed Oct 29, 2008 08:08 pm Post Subject:
FE is for a funeral take your life policies for the family to spend and FE for a funeral.
Why couldn't the family spend the life insurance proceeds on a funeral?
Everybody has more then one policy on themselves.
I don't.
Be advised that Piggybacking or multiple-policy sales are often not a benefit to the insured. In fact, in some cases, they can be downright harmful - and illegal.
Posted: Wed Oct 29, 2008 08:51 pm Post Subject:
What I am trying to say is that a FE policy is for people only wanting a 3k-15k policy and maybe 25k depending on there health. Its not for everybody and I understand getting a 100k policy but what if you want 3k. Don't want to upset Sherlock Holmes over here.
Posted: Wed Oct 29, 2008 09:02 pm Post Subject:
Mac, you obviously have missed the point that Sherlock agrees with you 100%.
What I am trying to say is that a FE policy is for people only wanting a 3k-15k policy and maybe 25k depending on there health.
Yes, an FE policy may be just what some people need. I just wanted to bring the "value" aspect into the equation. Be careful that you don't encourage people to spend $5000 for a $3000 benefit - that's just wrong.
Posted: Wed Oct 29, 2008 09:06 pm Post Subject:
100k polices are most of the time term which will expire in 30 years so then what.
Posted: Wed Oct 29, 2008 09:20 pm Post Subject:
What if you had a UL, EIUL, UL/Term blend, WL, or WL/Term blend?
Actually, according to the NAIC, 39.6% of all policies written in America since 1983 are some type of UL. Although term insurance certainly has a firm foothold in the American marketplace, I don't think the phrase "most of the time" applies here.
Mac, I, and most of the others on this site, are not - honest to God - here to challenge you, your products, sales methods, or argue about anything. We are here to provide a service and hopefully give those with less experience a better understanding of the insurance world. If you had come to one of my seminars, I doubt I would have had the opportunity to speak with you on this level. I'm glad I did.
I've been in the business a long time and I still learn things from others on this site. Always try to keep your eyes and mind open to ever aspect of this business and don't get bogged down with what others say, do, or think.
I can tell that you'll be a great agent because you seem to care.
Posted: Wed Oct 29, 2008 09:35 pm Post Subject:
Im afraid that I dont fully understand the conversation here. Ok yes it is true some people with FE policys end up paying more for their policys than the death benefit. This still doesn't mean that they have gotten no value from the policy. They were also covered fully from day one what if they paid in only one premium and then died, and the beneficary still got the face amount of the policy? would you then have the discussion that the contract isn't fair to the issueing company? No you would not. Also, as far as term policys go, Northwestern Mutual said that less than 1% of their term policys ever pay a death benefit. So Less than 1 out of every 100 every receive any benefit what so ever from their policys, are these term policys bad for the consumers also? Maybe a savings account would be better, then if you save 45.00 for 12 months and die your family could have all of $540.00 to bury you right?
Ok maybe Im being too foward here, however the Industry is a valueable asset. Yes some people benefit more than others, Sometimes the company makes lots of money from a client, sometimes yes sometimes, they lose. Usually when the company looses, they do BIG TIME.
Thanks
Scott
Posted: Wed Oct 29, 2008 09:39 pm Post Subject:
The 100K policy I'm referring to is a VUL.
Yes..there could be a need for the FE. Never said there wasn't. The scenario we were discussing was a healthy person - someone who should have no problem qualifying for a preferred rate on a VUL.
Posted: Wed Oct 29, 2008 09:41 pm Post Subject: insurance
Never heard of a FE policy. Can someone explain this to me?
Posted: Wed Oct 29, 2008 07:08 pm Post Subject:
Not everybody can qualify for a 100k policy. Also it is for people that want a smaller policy not a large 100k policy. Its for a funeral of 5-10k which you would only pay 30 bucks a month. Not everubody can pay 85 a month for 30 years. I understand the 100k policies I use to sell them but you have to realize people just want to make sure they can pay for there funeral.
Posted: Wed Oct 29, 2008 07:39 pm Post Subject:
Using Ins' post (and my earlier post) as reference, my 75K left over is valid.
Why would a perfectly healthy individual want to pay $75.00 a month for 25K when he/she can pay just a few dollar more for four times the benefit?
Yes, if someone is of ill health and can't qualify for a "normal" policy, then FE might be just the thing.
But that wasn't our scenario.
Posted: Wed Oct 29, 2008 08:08 pm Post Subject:
FE is for a funeral take your life policies for the family to spend and FE for a funeral.
Why couldn't the family spend the life insurance proceeds on a funeral?
Everybody has more then one policy on themselves.
I don't.
Be advised that Piggybacking or multiple-policy sales are often not a benefit to the insured. In fact, in some cases, they can be downright harmful - and illegal.
Posted: Wed Oct 29, 2008 08:51 pm Post Subject:
What I am trying to say is that a FE policy is for people only wanting a 3k-15k policy and maybe 25k depending on there health. Its not for everybody and I understand getting a 100k policy but what if you want 3k. Don't want to upset Sherlock Holmes over here.
Posted: Wed Oct 29, 2008 09:02 pm Post Subject:
Mac, you obviously have missed the point that Sherlock agrees with you 100%.
What I am trying to say is that a FE policy is for people only wanting a 3k-15k policy and maybe 25k depending on there health.
Yes, an FE policy may be just what some people need. I just wanted to bring the "value" aspect into the equation. Be careful that you don't encourage people to spend $5000 for a $3000 benefit - that's just wrong.
Posted: Wed Oct 29, 2008 09:06 pm Post Subject:
100k polices are most of the time term which will expire in 30 years so then what.
Posted: Wed Oct 29, 2008 09:20 pm Post Subject:
What if you had a UL, EIUL, UL/Term blend, WL, or WL/Term blend?
Actually, according to the NAIC, 39.6% of all policies written in America since 1983 are some type of UL. Although term insurance certainly has a firm foothold in the American marketplace, I don't think the phrase "most of the time" applies here.
Mac, I, and most of the others on this site, are not - honest to God - here to challenge you, your products, sales methods, or argue about anything. We are here to provide a service and hopefully give those with less experience a better understanding of the insurance world. If you had come to one of my seminars, I doubt I would have had the opportunity to speak with you on this level. I'm glad I did.
I've been in the business a long time and I still learn things from others on this site. Always try to keep your eyes and mind open to ever aspect of this business and don't get bogged down with what others say, do, or think.
I can tell that you'll be a great agent because you seem to care.
Posted: Wed Oct 29, 2008 09:35 pm Post Subject:
Im afraid that I dont fully understand the conversation here. Ok yes it is true some people with FE policys end up paying more for their policys than the death benefit. This still doesn't mean that they have gotten no value from the policy. They were also covered fully from day one what if they paid in only one premium and then died, and the beneficary still got the face amount of the policy? would you then have the discussion that the contract isn't fair to the issueing company? No you would not. Also, as far as term policys go, Northwestern Mutual said that less than 1% of their term policys ever pay a death benefit. So Less than 1 out of every 100 every receive any benefit what so ever from their policys, are these term policys bad for the consumers also? Maybe a savings account would be better, then if you save 45.00 for 12 months and die your family could have all of $540.00 to bury you right?
Ok maybe Im being too foward here, however the Industry is a valueable asset. Yes some people benefit more than others, Sometimes the company makes lots of money from a client, sometimes yes sometimes, they lose. Usually when the company looses, they do BIG TIME.
Thanks
Scott
Posted: Wed Oct 29, 2008 09:39 pm Post Subject:
The 100K policy I'm referring to is a VUL.
Yes..there could be a need for the FE. Never said there wasn't. The scenario we were discussing was a healthy person - someone who should have no problem qualifying for a preferred rate on a VUL.
Posted: Wed Oct 29, 2008 09:41 pm Post Subject: insurance
Never heard of a FE policy. Can someone explain this to me?
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