Imagine getting paid a commission for helping seniors age 70-85 years old receive the benefits of a Final Expense Policy without them having to pay the premiums from their existing household budget and you never risk getting a chargeback!
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You get to inform them that there is a non-profit organization that will provide your clients and prospects with 100% of their premium payments for them.
Who is 70-85 years old that you can help?
What are the underwriting knockout questions?
Beyond that, there is a checklist of health questions for you to go over with them, that when combined with their age will determine the size of the policy they qualify for, with a face amount from $10,000 to $40,000, half of which their beneficiary will receive, half of which goes to the non profit.
If they pass the knockout questions, 97% will qualify for financial assistance to cover 100% of the premiums for their policy
What are the benefits for you, the agent?
This all sounds great, but what's the catch?
How did you resolve the "Insurable Interest" issue?
The policy holder makes a one time, $126 tax deductible donation to the non-profit and becomes a member, which establishes the insurable interest. This is a donation to the non-profit, not a premium payment, so the agent can choose to make the donation themselves if the policy holder is unable to afford the donation.
How did you resolve the Captive Agent or Unreleased Agent issue?
The agent (you) aren't appointed to the carriers and this has no impact on your existing carrier/IMO relationships. Upon paying a one time fee of $157 and an ongoing fee of $29.95 per month, you sign up with the third party administrator which handles the initial training, placing the policies after you submit them with the carrier that offers the largest policy (and the largest commission), notifying you of any issues and helping you resolve them, notifying you when the policies are issued and making certain that you receive your commissions both for policies you sell and any overrides you have earned from agents that you recruit. This remains completely independent of any other carrier/IMO relationship you may have. There is no per-policy charge, an agent recently submitted 28 policies in a single month, for the same monthly fee. You can continue to write all of the policies that you choose to with your existing carriers.
Can I recruit other agents for this program and get overrides on their sales?
Yes. They will receive the same commissions you would have received, and in addition you receive an override from 5% to 20% of their commission amount.The program is currently available in the following states:
ALABAMA, ARIZONA, CALIFORNIA. COLORADO, CONNECTICUT, FLORIDA, GEORGIA, HAWAII, ILLINOIS, LOUISIANA, NEVADA, MARYLAND, MINNISOTA, MISSOURI, OREGON, PENNSYLVANIA, SOUTH CAROLINA, TEXAS, VIRGINIA, WASHINGTON
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Additional states may be added over time, and you do not need to be licensed in a state in order to receive overrides from agents you recruit that are in those states.find it, it doesn’t exist. Clearly list and describe the services you offer. Also, be sure to showcase a premium service.Having a big sale, on-site celebrity, or other event? Be sure to announce it so everybody knows and gets excited about it.