Are you thinking about a career selling insurance with Equita Final Expense Services Agent Career?
Perhaps you just got off the phone with a representative, and everything sounded reasonable, but now you’re concerned that there might be more to know about Equita Final Expense Services.
Even if you haven’t been tested for your insurance license yet, if this describes how you’re feeling right now, keep reading!
Today, my job is to answer your questions in this Equita Final Expense Services Career Review in a fair and balanced analysis.
PS: Check out my insurance sales jobs reviews of other agencies for more information.
NOTE: Are you an aspiring or new insurance agent looking for more insight into how the insurance sales industry works? Check out my Free Insurance Agent Resource Guide.
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Equita Final Expense Services is a part of the Equita Group, founded in 1986 by a group of insurance professionals as a life and health insurance distributor.
The Equita Group, also known as Equita Financial and Insurance Services, is one of the largest life insurance marketing organizations in the United States, with a network of over 10,000 independent agents across the country. The company is headquartered in Richardson, Texas.
In 2005, President and CEO of the Equita Group Eric Brennan launched the final expense division, now known as Equita Final Expense Services. Equita Final Expense Services is an independent marketing organization specializing in final expense insurance.
In 2020, the Equita Group partnered with AmeriLife Group, the national leader in marketing and distributing life, health, and retirement solutions.
The Equita Group markets life insurance and annuities. Their primary focus, however, is final expense insurance. They offer a broad range of final expense products from top insurance carriers.
The agency specifically targets the senior market.
Equita Final Expense Services offers a comprehensive direct-marketing and telemarketing lead generation system. They provide exclusive, fresh final expense leads that connect the agent to a prospective buyer who has already expressed interest in a product.
Leads are geo-targeted and demographically screened before being distributed.
The lead prices are as follows:
- Final expense direct mail leads: $30 per lead
- Final expense telemarketing leads: $20 per lead
- Final expense bonus leads: $5 per lead.
The most productive agents are eligible for lower prices for their leads.
According to the company, the agents are able to close 25%-30% of their prospects.
In addition, EFES also offers lead financing. They provide agents with the capital they need in order to generate a consistent lead flow. That way, they can operate a successful business without having to worry about a large upfront capital investment.
The company’s comprehensive Leads Program offers one-on-one support from a dedicated marketer available 24 hours a day, as well as back-office support including lead management, territory management, contracting and licensing, and new business processing.
Like most insurance companies, Equita Final Expense Services doesn’t publish its commissions for agents. However, expect to get paid a commission with no salary.
EFES offers several educational resources and toolkits to its insurance agents. In addition to comprehensive video and audio training, they host weekly training sessions that provide information to assist agents in connecting with clients, building meaningful relationships.
They also provide the opportunity to learn from the most experienced final expense producers.
Equita Final Expense Services is not a scam but a legitimate company. EFES has a B- rating from BBB.
This is not a multi-level marketing (MLM) business opportunity or pyramid scheme. The company doesn’t have multiple layers of agents, mentors, and trainers and is not suitable for agents who are primarily looking to recruit.
Now you know a little more about how a career selling insurance with Equita Final Expense Services works, I’d like to provide my experience and knowledge as an insurance agent since 2011 and as an insurance agency owner since 2014.
My Experience With a Quota
I started selling final expense insurance in 2011 with Equita Final Expense Services. I sold for a total of six months before moving on to another organization but still have plenty of first-hand experience I can share with you.
First, Equita Final Expense Services training was very good. I felt they provided plenty of opportunities to join on conference calls and partnered me with a great trainer named Andrew. I’m still friends with him, and at the time, he helped me understand and learn more about the final expense sales business.
Second, Equita Final Expense Services had plenty of access to quality final expense carriers to help me place business with my final expense prospects very well. I never felt there was a limitation on carriers or that I couldn’t help my clients to the best extent possible.
Third, I liked the lead programs they offered. At the time, they only had direct mail final expense leads. And I felt like the leads were very good quality. As described above, I didn’t have to pay for any leads until I received the first batch of lie, which is a tremendous help to get started.
Fourth, Equita fully vested me from the first day, which means I own my book of business and the cash flow that comes from sales that I made.
Drawbacks of Working With Equita Final Expense Services
Keep in mind that despite working with Equita, my experience at the time of writing this is from over ten years ago. A lot has changed with Equita since then (for the better).
And I believe Equita Final Expense is one of the more reputable organizations for final expense agents to join. Believe me; there are many worse opportunities that will short-change you both in the short and long term.
Commission Was Lower Than Elsewhere
Again, this has changed. From my understanding and discussing this issue with other agents, depending on which organization you join, there is an opportunity for greater commission levels than I had.
I started at an 80% commission level as a new agent and moved up to 85% after writing a few policies. But I soon tapped out at 90% and was told that I couldn’t go any higher.
Looking back, I was satisfied with this but knew that thanks to my consistent production, I should have been eligible for a higher commission payout. This is partly why I left Equita Final Expense because I knew, as a more experienced agent, I could get a 100% commission level or better elsewhere.
While the commission isn’t everything, it is pretty important. If you write $200,000 in final expense during the year at a 90% commission when you could have had an average 100% commission level, that’s a $40,000 difference. Extrapolate that over ten years, and you lose $400,000 in potential income.
Again, to be clear on this, my understanding is that depending on which agency you join, your commission levels may be better than what I’m posting here.
One of the things that have changed in this business is that there’s a lot more competition between agencies selling final expense.
And that’s been good for the industry. It has forced agencies to be more competitive and offer higher commission levels so they can stay relevant and attractive to agents. Of course, if you offer drastically reduced commission levels, you will end up losing agents to other organizations that pay more.
Equita Did Not Release My Carrier Contracts
Again, this has changed for the better. My understanding now is that they will release agents to other agencies if the agent decides that another organization is a better fit.
At the time, I was contracted with Equita in 2011, and I wanted to move to another organization called Securus. But Equita decided they wouldn’t release the carriers that I had access to.
It wasn’t the end of the world, as I had access to other companies that were just as good. But it did kind of slow me down for a little bit as I had to familiarize myself with new companies and get up and running again.
I hope you enjoyed this article on how a career with Equita Final Expense Services works. Hopefully, now you’ll be able to decide for yourself whether they’re the right agency for you.
Make sure to check out my Free Insurance Agent Resource Guide for more information and so you can learn how to spot a good agency from the bad!
If you would like to find out more about becoming a top producer in face-to-face and final expense telesales and discover how my agency works, there’s more information on my FAQ page.