Insurance Sales Training - Underwriting

Nobody's watching, so I'm just like, whatever.

Whatever.

They. They can get to know me as a person. I'm weird, but I'm here to help. We got a viewer. Is that Tim? Comment down below if it's you, Timmy, be looking out for that comment here.

On today's Live. We got a second viewer comment down below. We got Tim on the live. Me in the live. Comment down below if you're watching. Currently.

Got a few people coming in here. Facebook user says, nope, I don't know what that means. And I, I don't know who Facebook user is, but welcome. It's great to have you.

So today guys, we're going to be talking about just the usual business and sales content in regards to insurance. So I know we're kinda kind of, kind of into the live already. You know, a few minutes in, only got a few people here, so I'm gonna dive straight into it. Just so we're. It's not. I'm not Tim. It's Scott Dell. What up, Scott? Nice to see you, man. Always a pleasure to have you. Scott, you want to drop a, A comment down below with maybe some of the things that you might be running into currently in the field that.

Might be a little frustrating. Maybe you're. Maybe you're getting chargebacks. Maybe your average policy is like 50 bucks a month. Maybe. I don't know who sane here is, but.

Comment your name down below if you're on Facebook right now. Because all it says is Facebook user. But yeah, if you're. Whatever you're struggling with, go ahead and comment down below. If it's chargebacks more. Maybe you're, maybe you're running racing against chargebacks. Maybe you're only getting policies for like 50 bucks a month. Maybe you keep hearing that everyone's broke and they can't afford it and they'll call you later. Whatever, Whatever objections. You're running underwriting. Okay. You said you're struggling with underwriting. What is it? Are you selling term or final expense?

Comment down below and we will solve this problemo.

All righty. All righty. So we got underwriting. Finding healthy people. Okay. Yeah, I mean, fe. Okay with final expense. I mean, it's, it's really. Are you a captive agent or are you someone who has like an. Are you independent with multiple carriers? Let me know. But what I typically see when people are struggling to find healthy individuals, it's because they're either riding a captive, A captive, like carrier, and they're limited on their underwriting abilities or they don't know which carrier to go with because they have no knowledge of underwriting. Okay, so you're a broker. So if you're a broker and you're struggling to find healthy people, what are you running into? Like, everyone has cancer, diabetes. Like, what are you seeing? Is it a mix? Because there's a few different kind of options you can and routes you can go with underwriting to solve those problems. And I can give those to you here on today's call if you let me know which ones you're running into. This is like the easiest, like, of all the fixes in the business, underwriting is like the easiest problem to solve. So, so simple. And it's just making sure that you, you know which carrier to go with at which time. But yeah, let me know what kind of health problems you're running into. But while we're, while we're on the topic of underwriting and final expense, I'll just kind of spitball some things that I think could help help everybody out on here with underwriting. Neuropathy with diabetes on gabapentin, if you are running into diabetic neuropathy, you have two options and two options only. The first one's rna. The second one is prosperity. If you don't, if you are not contracted with Prosperity Life or Royal Neighbors of America, you're not going to be able to write that except on a guaranteed issue policy. Diabetic neuropathy, though, is a very common health issue. And oftentimes they'll even get flagged for having diabetic neuropathy just because of the medication that they're taking, which is, as you mentioned, gabapentin. Whenever gabapentin is, is paired with metformin or any of the other diabetic medications, they're always going to get flagged as a neuropathy client whether or not they have it. And underwriting is just not going to accept another outcome unless you are writing them with Royal Neighbors of America or Prosperity. Those two companies will accept it. My personal favorite is Rural Neighbors. I've never written Prosperity just because I always had Royal Neighbors and I like to talk about their fraternal benefits and everything. But yeah, if you keep running into that, it's a very common, very common thing. But you can get them day one coverage with Royal Neighbors. Their product, the product is like the simplified issue Whole Life product. I forget what, like the name of the product is, but it's like the SIWL G2 or whatever, some weird insurance name. Is there any other underwriting issues that you're running into. And while you're typing the answer to that question, I'll tell you guys the answers to some other underwriting questions. So if you guys are running into people with inhalers, asthma, copd, et cetera, et cetera, there's companies out there like Liberty Bankers.

Not available in Massachusetts for you. You can't get Prosperity or Royal Neighbors in Massachusetts. Let me know.

But for most people, one of the. One of the biggest underwriting issues they run into is that they can't get people with copd, emphysema, asthma, multiple inhalers approved either. Now, whenever you're writing those people, it's a simple. It's a simple application through Liberty Bankers, or what's it called, the other one. Oh, my gosh, Foresters. That's the one I used to write. RNA is not available in Massachusetts, then just. I would just pull Prosperity. Prosperity, I think, is in Massachusetts. If it's not, let me know. We'll figure it out. But, yeah, our. Our RNA underwriting is amazing. Yeah, I love. I love rna. They're awesome. They're. They're a good company, and they have a lot of good stuff going on. But, yeah, those are kind of like the. The main health issues that most people run into with underwriting that are a problem. If people have heart issues, I'm going to either go with MM or Americo.

And if people are, like, super, super healthy, you can go with, like, Mutual of Omaha or Life Shield. Not a big fan of Life Shield because they're kind of a headache. And I'm not a big fan of Mutual of Omaha because they're kind of a headache. Also, nothing against, like, their products or anything. They have great products, but it's just, like, they're very particular about how they do things. And oftentimes, like, for example, I had. And this was just an experience I had, but I had.

Applications. I submitted, like, 15 applications, and I never heard back on them because, like, for some reason, the emails from Underwriting got sent to my old contracting department. So I just had, like, 15 apps. It just never cleared, but that sucked. Good luck getting him back on the phone. You guys know how it is. But, yeah, that's kind of like Underwriting in a nutshell. If they have a terminal illness or something, that's like, they're not getting approved because they've got a ton of issues with everything else. Just go AIG or Great Western all day long. So even if you are finding unhealthy people, there's always a solution. With final expense, it's a little bit different with term. Like you're not going to be able to get away with that. On the term side of things, it's a very different ball game because they like, there's no guaranteed issue term policies.

That are willing to pay out millions of dollars to someone who's dying. So final expense, though, you can always get someone even if it's just guaranteed issue. And one thing also to kind of like talk about guaranteed issue policies is like, I hear a ton of agents that will say it doesn't kick in for two years. That's not true. The policy takes effect on the effective date. That's whenever the Paul, they first pay the policy, the date of the first draft. And it's not that the policy doesn't kick in, it's just that you don't get the full face amount of the policy in the first two years. And so you're going to get interest on your money. For example, now there's a few different graded programs and there's a few different guaranteed issue programs out there like that. But what you want to do is make sure that when you're explaining that to the client, you're not telling them that it doesn't kick in for two years, because I don't know of anything like that. Do you see a big difference in chargebacks when you use SSI billing carriers versus true SSI billing carriers? Nobody that like does Social Security billing is drafting the Social Security check. They're not a Medicare. They're not like, it's not like the part B premium with Medicare, for example, the pro, the part B premium of Medicare comes out of your Social Security check before you get your check. The Social Security billing that comes out with life insurance companies comes out after the, after the check has hit the bank account. So even if you do get, quote, true Social Security billing, unless it's drafting their check before it hits their account, that is not true Social Security billing. You can bill on the same date. That's fine. I never did that. I never did like true Social Security billing where it was like you lined it up with that. I would actually manually go in and put the date that they would get paid on. And the reason why is because, like, it just seemed to clear better for me with some carriers. I'm not sure why, but it just did. So like, instead of saying like, you know, instead of putting like the third Wednesday of every month or something, for example, I would just put like a day or two after whatever that would always be on the month for example. Right. Just something I did that helped me a lot. And then obviously put, putting most drafts for the third is going to be the most beneficial option. Typically that's the most common date for life insurance drafts nationwide. Term with living benefits chronic and critical. Besides North American Trans Liberty Bankers, AIG and moo, what other companies offer term with living benefits? Ton of companies offer term with living benefits. I'm not a term guy. Full transparency. So while I can offer you a ton of insight on final expense and I can tell you how to sell term because it's a very easy product to sell. I don't know the underwriting requirements with term as well. Each carrier differs and I've written some term. It depends on what your, what your prospect is looking for. And I, but I think Mutual of Omaha and American Amicable have two really good term products. Those are the ones that I would sell to people's beneficiaries after we went through a final expense, a final expense meeting. And I would sell Mutual of Omaha 30 year return of premium American amicable 20 and 30 year return of premiums. Two things to keep in mind is that you do not get the full death benefit or you don't get the full cash that you've paid in back with American Amicable unless they've updated that since I last looked at it. So.

That'S just something to keep in mind. But I think either of them are pretty good. You have a higher chance of getting them accepted with American Amicable just because they're more lenient than, than Mutual of Omaha. But yeah, with living benefits I'm not really super, super sure because I've never really sold on, on living benefits to be honest. It's not really something that I was, that I was versed in because I was more so a retirement solutions guy. But I hope that helped. That's, that's what I used to do. So I hope that helped. But yeah. Let's see what other questions you guys have about selling these products. In the meantime, while you guys are dropping some questions for me, kind of go over a little thing that I used to do in the field which is like a 30 second elevator pitch basically per carrier. And one thing I want to tell you about building value with your clients is making sure that you paint a picture of what it is they're getting if I don't know where, like let's say that I work. Let's use this as an example. I see Raymond in the comments. So let's say that I hit up Raymond And I say, hey, Raymond, I'm going to get you a steak. I'm going to get you a steak and some potatoes and I'm going to get you a nice cold beer. Probably be grateful, unless he's a vegan. And so if I were to get you that steak and I were not to tell you where it was from, it wouldn't really be as valuable as if I said, hey, it's from, think of the highest tiered restaurant in your, in your city. But then also if I were to flip the script and instead of saying, hey man, I got you this five star restaurant steak and I got you the five star restaurant potatoes and it's, it's pretty and it's great, it tastes amazing. If I were to then say, hey, that's actually a hamburger patty from McDonald's and those fry, those were just mashed fries that I put in the, in the food, the food blender, you'd probably be less inclined to do that. And so one thing that we want to do is we want to paint the carrier as a five star restaurant. Because while the industry has a lot of similarities across carriers, making sure they understand what they're getting is huge for like not having confusion with a prospect. Because if I, if I'm to tell them that, oh, well, you're just going to get life insurance and, and you're just going to get signed up and you know, you're just going to pay this company called Mutual of Omaha. It's like, who is Mutual of Omaha? Why am I paying them? You know what I'm saying? And so it's just kind of, it kind of gives some clarity around the company that they're working with. And then also making sure that, you know, you give a product, I don't know how to say that, let's say a product solidifying statement. So like, for example, I might say, so the reason that we're going with Royal Neighbors of America is because you have diabetic neuropathy, you've got gabapentin and you've got xyz. Now there's only one other company in the country that's going to accept this based off of your health problems. And the reason that we're going in this direction is because based off your situation, I think this is going to be a, I think this is going to be a better fit for you. Wouldn't you agree? You know, maybe it's a better rate also. Whatever. And then from there I'm going to be like, hey, so just to give you A little background on rural neighbors of America. It was founded by nine women in 1895. They were the first company to insure women and children, minorities, and they changed the way that business is done. They're a very pivotal company in the country because not only were they the first to do that, but they also have made leaps and bounds in impoverished communities by donating money, offering college degrees, doing community service work, and they'll even give you discounts on, you know, things like dental, vision services, attorney services. You even get a free will, which if you go to an attorney is going to cost you upwards of $1,000, especially nowadays. Does that make sense? And they're going to be like, yeah, that makes sense. So how do I get my free will? And like, that is, that's, that's powerful because now I've built in value. That's like when another guy comes in behind me to try and replace it, they're going to be like, I've got you for. I can get you. I can save you three bucks a month maybe, right? If they can even do that. And then it's like, well, yeah, I mean, does yours have, does yours have, like, does yours have the, the free will? No. Okay, scram. You know what I'm saying? So it's about making sure that you're adding the value through what the carrier is giving you. I've, I've seen agents that don't push up, they don't push any products around what the carrier is giving you. But like, for example, if you're selling term, I saw somebody ask about living benefits. Use the living benefits to your advantage. Like, you don't just have to sell the death benefit, you can sell the living benefits. You don't have to just sell the living benefits. You can sell the death benefit. Like, use it all together as an as, as building more value into the product so that your prospect truly understands what they're getting. Instead of thinking that you're some sleazy insurance salesman that's just trying to push some product on them and get a commission check. Just, you know, food for thought. But it's, it's huge to take advantage of those things. And like the brochures, if you're a telesales agent, you can send PDFs of the brochures. By the way, huge value add because it gives credibility to who you are. Like, yeah, I'm just going to send you a PDF of this brochure once you're looking at it. Or you can do, if you're doing zoom, you can do screen share, PDF review. But Raymond says value is important. You're exactly right, my friend. If you are not adding value to the conversation, your chargeback percentage will be psychotic. And you know, you shouldn't have to really twist your prospects arms into buying insurance. They should just after you explain it, they should. It should be just a question of finding what fits in their budget.

And that's why if you're using the skeleton key sales script, you're going to be using the three option close to go ahead and remove the budget objection. So should pretty much be a lay down if you're following the process that we have in place to close deals. But you know, everybody's different and it, you know, just kind of depends on what your preferences are. But let's see, what other questions do you guys have? This is turning to like a carrier pitch fest. Nobody's sponsoring this video by the way. Just letting you guys know, but.

Just curious to see what you guys have questions for me on today.

In the meantime, while you guys are thinking up a storm over there and putting on your thinking caps, one thing to keep in mind is that you need to make sure that you have something that's going to assist you in underwriting. So like for example, when I, I didn't know underwriting earlier on in the industry and I was like, okay, I'm just going to read every insurance contract. And so I started reading the once I read all the ones for the major carriers that I wrote. And then I met a guy who quite literally changed my life in the business, who offered me some mentorship because he was like my upline's upline. And I was forever grateful for it because I went and stayed with him in the mountains of North Carolina and he gave me an underwriting guide and showed me that like, basically it doesn't have to be like I, I used to, I would write apps in the house until I would get the business, like get the acceptance because I didn't understand how underwriting worked. And so it was funny because like you, you would see you, you would see me post a sale in the group and I'd be like, yeah, I just wrote nine apps but only one got accepted.

Just trying to figure this underwriting thing out and people were like, oh my gosh, how long were you there? I'm like three and a half hours. Nobody told me though. But if you don't know underwriting, there's a couple of options out there you can do. Like, I know a lot of IMOs will offer underwriting Guides.

There's. So, like, there's some companies out there. I think one of them is called, like, insurance Toolkits. They'll give you underwriting information.

I don't know how accurate it is. I've never used it. I've heard good things about it. So if you want to check that out, go for it. But I think the biggest thing is understanding underwriting, Making sure that you can offer that final expense. Toolkit is insane or, I mean, amazing, says Facebook user.

So, yeah, if you're. If you're a Facebook user and, and you're not using FEX Toolkit or whatever the other one is, go for it. It'll help out. Very accurate. Okay, cool. Yeah, very accurate. See? So like, look, we got a review right there. And I didn't even ask for it. And neither did Fex Toolkit. So they obviously are doing something right. If someone's willing to recommend it. I mean, that's like, that's a pretty good, like, I gotta, I gotta say, like, it's a pretty good reputation to have. So if it's. If it's working for them, might maybe give it a shot. But.

Yeah, so super helpful to have. But.

Yeah, that's kind of. That's kind of what I would suggest there. But I'm curious if we were to kind of. And this is for everybody watching the video, if we were. We've been thinking about making a YouTube video kind of telling a little bit more about our experience in the business and like our story. Do you guys think that would be valuable for you to kind of see what our experience was like in the industry and kind of like how we got to where we are and things like that. Comment down below, let me know what you think and we'll kind of go from there. But yeah, I'm trying to think. Let's see if I miss any comments.

Cool. Yes.

Raymond. Thanks for being so, so active today, Raymond. I appreciate it, man. Facebook user says yes would be valuable. Okay, so it would be valuable for us to drop our story. Yeah, we've been thinking about doing it, but just didn't know if it would even, you know, if it'd be helpful or not. Just trying to make sure that we're doing stuff that's relevant for you guys. So we'll be sure to make sure. Be sure to put that out for you guys and make sure that, you know, you guys are kind of hearing our story from the horse's mouth and everything. So I'm curious.

Let's see. I don't know why I'm showing up as a Facebook user. It's because I'm on this freaking thing called Streamyard and I'm trying to. It doesn't show, like, your name for whatever reason, but what's your. Who is it that's commenting down below now? I'm like, I don't even know who it is. It just says Facebook user. But let me know who it is. I'm sure. I'm sure we're friends, so I'll be sure to say, hey, but yeah, let's see. What other struggles are you guys having in the. Scott Dell, dude. Scott, man, I don't know what the heck's going on with this thing, but I'm like, technologically illiterate, so it's. It's fine. But hello. Says, is it Jorge or. Or George? Let me know which one you go by. Welcome to the Live today, my friend. Are there any things that you're struggling with here in the industry? Maybe chargebacks, underwriting, upsells? Maybe your average policy is only 50 bucks a month. Let me know in the comments down below. Here to help.

So, yeah, that's kind of. Kind of what we're talking about. George is fine. Okay. Whichever one it is, man, you let me know because my name is Julian and everybody bottles it. So I get a little irritated sometimes the whole Julian spiel doesn't work for me. But yeah, man, so I don't. Leads low quality. When buying them. Where are you buying them from? Like a lead vendor or where are you getting them from? Comment down below. Does my name come up? Yes, it does, Mr. Jason Jackson. Hello, good sir. How are you?

But yeah, George, let me know what you're running into with the low quality leads. We need to get to the bottom of that asap. No Rocky, but yeah, guys, to kind of touch on. I'm sure George is typing while he's. While he's messaging. I want to talk a little bit about low quality leads because it's something that Tim and I struggled with a ton and why we got into the. Why we got into the. I guess you could say the. The work or the trade of generating our own kind of showing other people how to do that. He's mainly from the imo.

Okay.

Are you. I'm go. I'm gonna guess. I'm gonna throw two guesses out there. I'm guessing you're buying integrity leads, and I'm guessing they're. You're at ffl. Comment below if I'm wrong. But I hit. Yo, yo, we good, Says Jason Jackson, good to have you, my friend. But yeah. Guys, one thing I want to talk about with like, low quality leads is if you're buying them from your IMO or from a vendor, they're giving you the, the watered down, lowest common denominator. And there's nothing, like, there's nothing wrong with that. It's better to have leads than no leads. But George, George said I'm not wrong. That's crazy. Based off of your review of leads, I could tell you exactly which IMO and what kind of leads you're buying. I'm getting pretty good at this thing. But.

Yeah, so the thing is, is like, when you're buying leads, if you're buying leads that other people are buying, you're competing for those leads. That's one of the reasons that I'm very big proponent of referrals, is because if I'm getting referrals, guys like you are not going to compete with me for those leads. So it's, it's, it's. The best sale to have is a no lead sale.

It is wrong when you're running out of money to. Sorry, guys, keep getting called there.

But.

Yeah, it is. You're exactly right. It is wrong to continue buying leads whenever you're running out of money to buy them. And the thing is, and George, is that most. This happens to most people and it's. The reason why is because the upline or the, or the IMO or whoever will just tell you to buy leads and buy leads and buy leads, and they're just going to give you whatever they have because that's what they know. But if you want to be an advanced agent like the people we work with, you've got to learn how to, like, you got to teach, you know, you got to learn how to fish, right? Teach a man to fish. I'll never be hungry again. Everybody knows that saying. And we have a ton of free stuff on this. I don't. Are you in the Facebook group, George? Comment below. I want to make sure that we can get, get you out of the freaking rat race buying bum leads. But we used to buy. We used to get. We didn't buy them, but we used to get a free lead program that we were in. And you know, we were at 50 point comp. So we were buying them. We were just not buying them on the. We were just not buying them on the credit card or the debit card. We were just buying them on our compensation.

Let me see. George says, yes, he's in the group. Tyler Ortiz says Teach me how to fish. I don't. I don't have Facebook, but I want to use your course. Well, Tyler, if you want to let get. I would get Facebook because. And you can text me if you want. I'll. I'll post my number. Because if you don't have Facebook, you can't hit me up on there. If you want to shoot me a text and just, you know, we can talk about how you can get started on generating your own leads and how to fish, but, yeah, you're gonna need Facebook to generate your own leads, for sure. Purely referral. Geez, Tyler, I respect it, but, dude, been in life for over three years. Never bought any leads. Purely referral. Yeah, man, let's get you right, because you're obviously a stud. But back to what George was talking about, man. If you're. If you're paying for leads and you're running out of money, it's. It's more than likely because you're uplined or the imo, you're working. That's telling you to do that. And that's what they know. It's like, again, it's. It's not their fault. They're just telling you what they're familiar with, which is all they can do, because that's their experience. Right? For example, like, you know, when Christopher Columbus was coming over to the Americas, it wasn't like the. The queen. The king and the queen could tell them what to expect because they'd never been. So they. You know, they probably would have just told him, hey, if you want to have a good time, just go hang out in Barcelona. Right? And so it's a similar thing there with your imo and your upline or anyone else is encouraging you to buy those leads. But what it comes down to is, in a lot of places, our old IMO said that generating your own leads doesn't work, which is insane. But if you want to see true success in this industry, you've got to cut out the middleman. And so, like, if you look at leads, you'll say, let's say the 35 bucks for a new Facebook lead from a vendor per pop. If I spend. If I buy a thousand leads, I'm gonna end up getting $35,000 in leads. But if I generate them myself, even if they were expensive at $10 a pop, I would only pay $10,000 per lead. And so we've got agents quite literally making a $25,000 raise per year just generating their own leads. And what you'll find, typically, is that when you generate an exclusive lead that knows who you are, knows what you're calling about, and knows that it costs money, they'll end up paying you more and they'll end up closing more than, for example, like an integrity lead that's been beat up a bunch of times. And, you know, that's just because they're a big. They're a big company, you know, and so it's just about making sure that you're. You're not in there with everybody else, right? So go fish in your own pond. Learn how to fish, and you'll never be hungry again. But yeah, George, I think that would be super, super helpful for you. Let me know, because I think you said you are in the Facebook group. There's a free mini course in there. And George, if you want to actually shoot me a message, I can kind of give you some guidance on how you can. How you can recoup that money as well. Just some tips and tricks that I've picked up in the trade just being in this industry for a while now. But I've got time, guys, for one more question. I gotta hop off here in just a moment. I've got a call to hop on. But one more question before we get off here. What? Oh, gosh. Any more coffee?

What questions do you guys have for me so that we can. We can make sure you guys are pointed in the right direction while you guys are coming up with that, if you're not in the Facebook group, Insurance Agent Freedom. That is where we teach you for free how to generate your own leads. On Tuesdays, we have a mini course that's free. What is the average generation per month in leads? I don't really know what that question means, like, how many leads or how much? But it just depends. So.

I mean, rough estimate. Yeah, I'm not really sure. Like I said, if. Maybe comment below and I can answer that. That last question a little bit better. But I'm not really sure when you say, like, what is the average generation per month? But, like, some people will generate 100 leads a week. Some people will generate, like, you know, 20 leads a week. It really just depends on the agent and what they want to do and how far they're trying to go. We recommend that people spend $40 a day on Facebook, minimum, starting out to get the best results. But it really just depends. You know, you'll see leads between five and ten bucks on average. You know, just. It really just depends. But I hope. I hope that answers your question. Comment below if that answered your question, but I. I know we're a little over time here, so I'm about to. I'm actually about to hop off, but I want to. I want to make sure I get your. I get to see your comment before we hop off here. And, Tyler, I saw. I saw your message.

But. Cool. Yeah. Okay. That did answer your question. Sweet. Cool. Well. Well, guys, I'm gonna hop off here. I've got to get on a call real quick, but thank you. Thank you for coming today. I really appreciate your attention. I know it's valuable, and I hope you guys are able to go make some freaking money today. I hope my underwriting breakdown helped out a little bit. And for you, my friend that was asking about royal neighbors, if they're not in Massachusetts, maybe try out Prosperity. So we'll see you in the next one. Guys, keep an eye out for us next Tuesday where Tim is going to be going over some heat information in REL in relation to Facebook ads. So if you're not coming to that or if you didn't know about it, it's gonna be at the same time on next Tuesday, and you don't want to miss it. So we'll see you there. And thanks again, guys. You have a good one. Peace.