FCC Makes Life Insurance Leads ILLEGAL - Do This NOW

Ladies and gentlemen, the FCC has just made buying life insurance leads illegal. In just a few months, this ruling is going to take effect. And in case you haven't heard, this is literally going to wipe a lot of life insurance agents out of the business. So in this video I'm going to be talking about what this ruling actually is, what it means for you, what your options are and what you need to do next. And I'm also going to be answering the question if the life insurance industry is still even a good industry to be in, what with this new ruling. So let's go ahead and dive right into it. So this is basically the press release that we got from the fcc and this came out a few months ago, right? I think, I believe it was like in December or late November that this, this ruling came out. And essentially what it is is the FCC is closing the lead generator and robocall loophole.

For life insurance agents. This robocall thing does not affect you as much as this, right? So let's kind of talk about what is the lead generator loophole, what mean and how does it affect you as an insurance agent. So basically what happened and the way that like most life insurance leads are generated, I'll show you guys an example. So you can see is essentially what happens is like people go onto these little quote shopping websites, right? And I'll show you guys an example of one in just a second. But they go into these quote shopping websites. Like an example ever quote or what's the other one that just closed down like nectar. They have all these little like quote shopping websites online. And what happens is you go and you put your information in and then down at the bottom it says by submitting this, you agreed to be contacted by this person, this person, this person, and collectively our partners. So they could basically essentially what they're saying. And like obviously we're getting into legal speak here, but I'm going to try and you know, explain it in the easiest way possible is like when they say our partners, they basically just mean anybody. Meaning that if you opt in there, your lead, your information can be sold infinite amount of times to an infinite amount of people. And that is what the lead generator loophole is. So on this, this is actually part of their press release. I took this part out specifically. So the new rules close a loophole through which unscrupulous robocallers and robotextilers inundate customers with unwanted and illegal robocalls and robotexts. And then this is the part that really affects us, the New rule makes it unequivocally clear that comparison shopping websites and lead generators contain consumer consent to receive robocalls and robotext one seller at a time. So this right here, this one line is what really affects us, right? This is what really affects us, right? This line right here receive robocalls and robotext one seller at a time rather than have a single consent consent apply to multiple telemarketers at once. So that's exactly what I was just describing, right? So basically what this means is that it's now going to be a one to one opt in, meaning I opt in on one website that one company can call me, right? One company can call me. No longer can a ton of people call me when I put my info in one time, right? So this is basically going to eliminate a lot of these quote shopping websites and I'll show you guys some examples of them in just a second. So this is basically like what it would look like at the bottom of the site. And this is, this is where all of these spam calls were coming from. This is like, this is why when you call these seniors or you call these people, they're like, you're the 500th person to call me. Like, stop effing calling me. It's because of this and specifically this, right? If you read this, this is what all these quote shopping websites have at the bottom. And this is what they're banning. We're not an insurance agency and not affiliated with any plan. We connect individuals and insurance providers with other affiliates that collectively partners and partners. Just means every freaking insurance agent and their mom can call you. So that's essentially what they're banning. So now what's going to happen is basically most of these like lead vendors are going to go out of business. And to be honest with you guys, majority of the leads that you see as a life insurance agent come from places like this, right? So a lot of these big vendors that, a lot of these, like the bigger IMOs and the big recruiters, like their, their lead sources are gonna be gone, right? They're, they're done, like it's not legal in a few months. And so they're kind of, they're still using them right now, but it's, it's going to end. And this is why companies like Assurance Iq just went out of business, is because they saw the writing on the wall and they knew that like this is coming and their whole business was based off of, based off of this, right? These data leads are gonna be dead. So if you guys are working like.

CRM leads from your imo, for example. Those are not going to be allowed anymore because it has to be like, if I'm Ms. Jones and you're the insurance agent, I have to say I want you to call me or I want your specific company to call me. No longer can it be like, everybody can call me. Right? So data leads are going to be dead. It's going to be a lot tougher for these larger IMOs to provide leads for their agents. Right. And so what I think is really going to happen is we're going to see a decrease in the amount of recruiting in the business. Because what's been happening a lot is, like, basically, these IMOs, they make money from just reselling these data leads over and over and over and over again and selling the leads to the agent, and they, you know, get a little cut from the licensing. So the whole game has just been recruit more people. But all of a sudden, like, when there's not leads to provide for those people, they're either gonna have to go back to, like, network marketing and, you know, talking to people in the grocery store to get them to buy life insurance, or they're going to be forced to solve the lead problem, which is it actually takes a lot of work to solve that on a massive scale. And so I see a lot of these larger IMO is kind of like, shrinking, because if they can't provide leads for these people, it's just. It's not a viable business model. Right. I think overall, the average lead costs are going to increase, and then I think they're actually going to decrease. I think it's going to increase for a little bit, and then I think it's going to decrease, and I'll tell you guys why in just a second. But recruiters are gonna suffer. I just mentioned that. And then also, this isn't. This is another thing I hear a lot of agents, they're very like. Everyone loves the idea of live transfers. I think live transfers are gonna become more dangerous to buy and they're gonna become more rare. They're gonna become hard to. Hard to come by and more dangerous to buy. What do I mean when I say more dangerous? I basically mean that, like, people are going to illegally still do this. People are still going to illegally sell data leads. Right? It's still going to happen. It's not going to go away. But as the agent, if you buy one of those leads or you buy one of these live transfers and it's not compliant with this new ruling, you're going to be in a lot of trouble, and it's going to be very dangerous. You're going to be in a lot of legal risk to buy these live transfers. So I think live transfers are going to become very rare. I think the only, like, the. The live transfer game will more so become like an incoming call game. Right? People will be trying to generate incoming calls instead of live transfers, because live transfers, this whole lead type, is just based off data leads, right? So back real quick to talking about leads. Costs increasing and then decreasing. What I think is going to happen is we have a ton of agents that are in the business right now, right? And so they're going to drive the price up. But what I think is going to happen is a lot of people are going to fail out. And this is. This is what I really want to talk about, because I don't want you to be one of those people, which is why I'm going to show you guys the two main options that you have. So lead costs are going to be driven up.

And then when all the agents drop out, lead costs are going to kind of go back down and it's going to stabilize a bit. Okay, that is my prediction. So first, let's talk about why that I think this is actually a good thing. And then I'm going to show you guys what your two main options are. So ethical agents will actually make more money because there will be less overall calls going out to these people. Meaning that less of these, like, if the recruiting dies down, less of the. Less of the scamming and, you know, just signing up anything with a pulse, like less of the fraud and scamming, the customers will be in the market. So the ethical agents are actually going to make more money because a lot of these, like, you know, these bad actors are going to fail out of the business. I think the lead quality overall will actually increase because, like, the people that are actually interested will be getting less calls, so they'll be more likely to answer the phone. And I think this will take like, a few months to a year to really, like, actually happen. Because what's gonna happen is the law is gonna pass. No one's gonna listen to it for a few months. And then all of a sudden people are gonna start getting hit, like, and sued and taken out because they're not following this. And then people will start following it, and then the lead cost will increase and things will start happening. Right. If you master the skill of marketing, you can actually capture a huge portion of the market. And I'LL talk a little bit more about that in just a moment. But I think for people that, like, learn how to market and learn how to control their lead flow, they're going to make a ton of money. And it's also, like I mentioned earlier, it's going to reduce the amount of competition in industries like final expense and Medicare, which have just been like, over the last few years. It's just been so competitive because so many people are getting into it. It's kind of been like a trend and it's been really hot. But when people can't get leads and they have to be more skilled to get them, people are gonna drop out of the business 1000%. So let's talk about what are your two options. So I basically see two main business models succeeding into the future, right? And the first one is basically like finding an agency that will provide you with leads. And this is. Is kind of like, you can call this like a free lead model, for example, right. I think this is better for people that are. They have lower commissions, right? Or, excuse me, with this type of model, you have lower commissions, right? Usually on a free lead model, you're going to be at somewhere from like 40 or honestly even lower, like 20 to 50% comp. Right? So you're going to have lower commissions.

Less control over, like, the actual lead and what it sees. But you have, like, very low risk. Because the cool thing about the free lead program is I think it's. I think it's really good for people that like, don't have a high. Like, they have no risk tolerance because you don't have to invest any money and.

You have like, your ceiling is more capped, but you don't really have as much of a downside. You're basically like, in a sense, you're kind of like an employee because you can be fired from that program, right? If you're on a free lead because the agency is betting money on you. And so you have to succeed in order for them to keep giving you leads. Right? So in a sense, like, it's still. You still do have to perform, but you don't have risk. Right. Which I think is good for a lot of people. I think this is better for people that kind of have, like, the employee mindset. Like, they don't want to take on risk, and they just want to be able to show up and kind of like clock out and do that kind of thing. On the alternative side, I think the, like, the broker model, this is going to become a tougher business model. But I think the best way to do this going forward is going to be generating your own leads because these data leads and these other leads are not viable anymore. So I think people are going to. Your second option would be learning to generate your own leads on a broker model. So this would be you have higher commissions, you have more control, you do have more risk, which is something that like you really need to know yourself to know if this is something you're willing to do. Because you're still investing money in leads, you're investing money into everything else. You have more risk. Right. And if you're a broker, this is basically the same thing as what you're doing now. Instead you're just also generating your own leads so you have more control over that. So I think option one, to sum it up better for employees, option two, I think is better for like your business owners and your entrepreneurs. So entrepreneur versus employees. If you want to do a free lead model, go free lead model. If you want to learn to generate your own leads, you can also do that. Now if you do, if you guys do decide to go free lead program, there's a few things that I recommend looking out for because just like the, you know, just like with a lead vendor, picking the right free lead model is super important. So your success as an agent is dependent on the marketing ability of your agency who's generating those leads. Right. And that's the thing is like as long as you're relying on somebody else for lead gen, you are always dependent on their ability to market and then your ability to sell what they get you, which is not always the best thing. So again, your success as an agent is dependent on the marketing ability of your free lead program. So a lot of times like I was in a free lead program where they did free Walmart gift cards.

And you know, that was, that was quite a situation. I was giving up like half my comp but the free leads I was getting were requesting a free one Walmart gift card on a mailer or a lot of times I've seen people at freely programs where they're getting leads that are asking about car insurance. Like the same crap happens, it's just you're giving up your comp for those leads instead of paying for them. So make sure that like wherever you go they're actually generating quality leads. Because if you're going to give up your comp for it, make sure that it's good leads, make sure your commission split is fair and make sure there's other agents that are seeing success in it as well. So that's my advice for you. For you guys, if you, if you're going to get the free lead program route, if you're going to learn to generate your own leads, make sure that you learn this skill from someone who's already had previous success. And the good thing about, like, for me personally, this is the route that I would go as an agent, this is the route that I did go is once you master the skill of marketing, nobody can take that away from you. So the way that I view this is like you're basically leveling yourself up as an agent or as a business owner when you learn how to market. Because if you know how to sell and you know how to market like, you'll never go hungry again, right? And so that's why I personally prefer this because I'm not reliant on anybody. Once I know this skill, I know it, no one can take that away from me. So I recommend learning this from someone who has previous success. I'll show you guys how you can learn from us in just a second, actually for free. And I recommend targeting a market that's actually in pain, right? So make sure that you're targeting a market that is in pain and has a problem that they need solved. And then the last piece, if you're going to try and learn to generate your own leads, make sure that you're at least somewhat tech savvy or tech competent, right? Like it's 2024, the Internet's been around for like 30 years. Like if you don't know how to use Facebook or you know, Google Sheets, like there's a problem and if that's you, like, no hard feelings, but I would not do this, right? You need to be somewhat tech savvy to be able to figure this out and generate your own leads. So with that being said, if you guys want to get access, we put together like a free course that shows you how to generate your own leads. I'm going to include the link down below in the description. It should be the third link in the description of this video. And it's just going to say like, get access to the free course. That'll show you guys like our system as far as how we generate leads. And then if you guys want more help with like generating your leads, we have a coaching program where we basically, you know, help help. We help you out, look over your shoulder and we give you our exact copy paste ads that we're using to generate thousands of leads for under $7 each. So if you guys want to join this free course and go through and learn to generate your own leads? Link down below in the description. And with that being said, ladies and gentlemen, two options for the FCC thing. I think it's a good thing overall. Either look into a free lead program or learn to generate your own leads. And with that being said, I'll see you guys in the next one. Take care.