I like the price points. The underwriting sounds pretty easy. I like the portability - it doesn't lock the price in but it does make allowances for the inflation.
This needs to be pitched as a low cost alternative to a traditional PN plan. I'm interested in selling this - already have several communities and relationships with funeral homes I can tap
Any referrals you get from a local funeral home is going to be with the expectation that you are writing for them; again, you must have a connection with a funeral home to make this work. You can't do this backwards - writing the policy and presenting it to the funeral home for acceptance - I don't see how that is going to work. How are you going to write a PN without a funeral home?
So you're growing the value of the policy 10% per year to keep up with inflation, if the inflation doesn't keep up with the value then the family gets the difference? Hmmm. What happens after 10 years? The policy tops out at double the face? What if they don't pass within the 10 years?
I've sold preneed in the past. I had a direct relationship with the funeral home. I used United Heritage and Homesteaders. I was essentially the "in house" preneed agent. Anyone who walked in or called in wanting to pre-arrange would be sent directly to me. In my area, each funeral home has a preneed agent who gets that walk in/call in business. I'm sure most funeral homes would accept any outside business I bring in, but I don't think they would start funneling referrals to me instead of continuing to give them to their in house preneed agent. Especially if that agent has been working there for a while. Perhaps if that agent moved on, then I could take their place. It seems to me that I would have to start with generating business from my own leads. Please explain to me if I am missing something. I may be interested in getting back into preneed sales. It definitely has some advantages over selling FE. Thank you.
This product is perfectly situated for low income-middle class customers; those who cannot afford SCI funeral home pricing. They tend to price people out.
With all due respect, you're off base on a few things. Almost every funeral home out there has an contractual relationship with a provider like Funeral Director's LIfe or Homesteaders or United Heritage. Either they have an in-house PN agent (Family Service Counselor), or a life-licensed funeral director who writes plans. FDL is actively and aggressively moving into metropolitan areas where there is a funeral home "group" where they can place an Executive Agent who is employed by them - not the funeral home. It's a great model and is working well. However, what you're talking about doing - being PN brokers who offer sold plans to a local funeral home - has some problems. To lock in the cost of a PN plan it has to be attached to a funeral home's general price list in order for that plan to function effectively. Otherwise, your'e just writing life insurance at a fixed amount for a fixed period - no locked in price. Without that, it's not a pre-need plan at all. You can call it that, but it isn't. And state insurance regulators will absolutely get you for doing it that way and not involving a funeral home to anchor the policy.
most states only require to be registered with the Mortuary and Cemetery Board to sell pre-need. Many Many final expense carriers also have a pre-need product.
Dave, this is done really well. I see you’ve learned the product and marketing a whole lot better and I think your agents will experience success. Please give them my number or email as a reference to ask questions about pre-need - I’d be more than happy to help any way I can
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I like the price points.
The underwriting sounds pretty easy.
I like the portability - it doesn't lock the price in but it does make allowances for the inflation.
This needs to be pitched as a low cost alternative to a traditional PN plan. I'm interested in selling this - already have several communities and relationships with funeral homes I can tap
Any referrals you get from a local funeral home is going to be with the expectation that you are writing for them; again, you must have a connection with a funeral home to make this work. You can't do this backwards - writing the policy and presenting it to the funeral home for acceptance - I don't see how that is going to work. How are you going to write a PN without a funeral home?
What carrier are you guys using for preneed?
Probably can only get it from the DIG agency. Just like those Glengarry TV leads! 😉
This seems like it has some flexibility that a traditional PN doesn't have. Surprising.
So you're growing the value of the policy 10% per year to keep up with inflation, if the inflation doesn't keep up with the value then the family gets the difference? Hmmm. What happens after 10 years? The policy tops out at double the face? What if they don't pass within the 10 years?
I've sold preneed in the past. I had a direct relationship with the funeral home. I used United Heritage and Homesteaders. I was essentially the "in house" preneed agent. Anyone who walked in or called in wanting to pre-arrange would be sent directly to me. In my area, each funeral home has a preneed agent who gets that walk in/call in business. I'm sure most funeral homes would accept any outside business I bring in, but I don't think they would start funneling referrals to me instead of continuing to give them to their in house preneed agent. Especially if that agent has been working there for a while. Perhaps if that agent moved on, then I could take their place. It seems to me that I would have to start with generating business from my own leads. Please explain to me if I am missing something. I may be interested in getting back into preneed sales. It definitely has some advantages over selling FE. Thank you.
What is the company?
Having multiple homes - that's not an issue at all.
I am very interested in this product. What do I need to do?
This product is perfectly situated for low income-middle class customers; those who cannot afford SCI funeral home pricing. They tend to price people out.
I’m very interested in Pre-need business.
With all due respect, you're off base on a few things. Almost every funeral home out there has an contractual relationship with a provider like Funeral Director's LIfe or Homesteaders or United Heritage. Either they have an in-house PN agent (Family Service Counselor), or a life-licensed funeral director who writes plans. FDL is actively and aggressively moving into metropolitan areas where there is a funeral home "group" where they can place an Executive Agent who is employed by them - not the funeral home. It's a great model and is working well. However, what you're talking about doing - being PN brokers who offer sold plans to a local funeral home - has some problems. To lock in the cost of a PN plan it has to be attached to a funeral home's general price list in order for that plan to function effectively. Otherwise, your'e just writing life insurance at a fixed amount for a fixed period - no locked in price. Without that, it's not a pre-need plan at all. You can call it that, but it isn't. And state insurance regulators will absolutely get you for doing it that way and not involving a funeral home to anchor the policy.
Just curious with these legitimate problems, how do you think you could sell a ton of these?
You have to be a licensed funeral director in the state of Ohio to sell preneed.
Hey, as a licensed funeral director and have 10+ years of funeral service sell experience there are a few states that has that law.
most states only require to be registered with the Mortuary and Cemetery Board to sell pre-need. Many Many final expense carriers also have a pre-need product.
I think I could sell a ton of these.
Dave, this is done really well. I see you’ve learned the product and marketing a whole lot better and I think your agents will experience success. Please give them my number or email as a reference to ask questions about pre-need - I’d be more than happy to help any way I can