- 5,809
... yep, sounds like sales is the life for you. 
But I'm sure your family loves you.
To be successful in selling life insurance
- Thread starter Brandon 8676
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... yep, sounds like sales is the life for you. But I'm sure your family loves you.
But I'm sure your family loves you.
When you have money, your family always loves you.
Right up to the day your will is read . . .
Keith LaGrone
New Member
- 1
WHAT'S A debit company?
- 4,056
Other than @HomeService, who doesn’t post much, I may be the only agent left on the forum who’s still actively involved in Home Service (colloquially known as “debit“) insurance sales. It is the original model that gave birth to what we now call Final Expense. A former forum member gave a good explanation of the system in this thread from 2009 (although he refers to weekly collections, which I don’t think anyone has done in about 25 years. We generally collect monthly nowadays.):
https://insurance-forums.com/community/threads/is-the-dead-debit-agent-cy-really-dead.11605/
I’m independent, but I started out working for many years as a captive. The beauty of the captive agency system for debit agents is that the companies usually start you with an established book of business - people who you’re seeing on a regular basis. If, like me, you don’t really have a warm market to start with, it’s a great way to jump into the business with plenty of people to talk to, review coverage, and obtain referrals.
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- 5,809
Back in the ole days, they used to stop in to pick up the payments... your life insurance and protection money all at one time. All cash business. If you know what I mean.
@shonceman used to work with with his friend Vinny.
It was called a debit because the company debited (charged) the amount to be collected against the agents book. Any amount that was not collected was credited as being in "arrears" .. At the end of the week, the amount collected and the arrears had to match the amount that was debited.. If it didn't, it could drive an agent nuts trying to find the mistake..
- 4,056
Funny! But at the last captive company I was with, I worked with an agent affectionately known as “The Godfather”. He was the number one agent in the whole company, on all metrics. His clients started calling him that because of his appearance. He slicked his hair back and always dressed “to the nines“ in expensive Italian suits.Back in the ole days, they used to stop in to pick up the payments... your life insurance and protection money all at one time. All cash business. If you know what I mean.
@shonceman used to work with with his friend Vinny.
He also drove a giant yellow Cadillac. He carried two antique Tommie guns in the trunk. I heard from other agents that he would often show those to new customers. He worked in the toughest part of town, so after he showed the guns in the trunk, he also showed them his shoulder holstered weapon. He did it all in an upbeat, fun manner, but the point was so the criminal element in the neighborhood knew that they shouldn’t mess with him.
Back then, we were allowed to take government checks for premium payments, and give the client the change. We didn’t charge a fee like the check cashing joints, so the clients got to keep more of their money. It was a good service I used sparingly just for clients who had difficulty getting out to cash their checks, because I never wanted to have very much cash on my person.
But according to the “Godfather legend”, he cashed so many government checks on his sizeable agency that he would withdraw $10 grand out of his own bank account at the first of the month just for that purpose. Yet, to my knowledge, he was never threatened with robbery or violence!
The Godfather was well loved by his clients, and was one of the kindest, most ethical, and generous people I’ve ever had the pleasure to know, despite his gangster moniker!
- 29,531
Very similar to having a paper route that you had to collect for each week. There were always assholes dodging paying a 10 year old kid.It was called a debit because the company debited (charged) the amount to be collected against the agents book. Any amount that was not collected was credited as being in "arrears" .. At the end of the week, the amount collected and the arrears had to match the amount that was debited.. If it didn't, it could drive an agent nuts trying to find the mistake..
- 4,056
Same ones that send their own 10 year old kid to the door to tell the insurance man, “My mama say she ain’t here!”Very similar to having a paper route that you had to collect for each week. There were always assholes dodging paying a 10 year old kid.
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