An Insurance Agent’s Review Of Senior Life Services (SLS)

Disclaimer We are not in any way affiliated with Senior Life Services. In fact, we are a direct competitor of theirs. This article is our personal review of their agent sales career opportunity and our personal opinions of the company. If you are looking to contact Senior Life Services directly, call them at (800)548-3249.

Most likely you’re reading this article because you want to learn more about starting a career selling final expense life insurance with Senior Life Services out of Vero Beach, Florida.

Is working for Senior Life Services as an insurance agent a good idea? You’ve found the right article to find out.

Let’s jump right in!

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About Senior Life Services (SLS)

Senior Life Services (SLS), founded by Rory F. Dougherty, is a subsidiary of Florida Insurance Services, Inc. established in 1978. Over the years, Florida Insurance grew to become a major provider of life insurance and health and annuity products along the east coast of Florida.

The Senior Life division of Florida Insurance Services, specializing in final expense life insurance, was established in 1996.

A year later, the division was renamed Senior Life Services and it quickly became one of the largest national providers of final expense insurance. Senior Life Services is headquartered in Vero Beach, Florida and operates in 42 states.

The mission of Senior Life Services is to help provide the necessary funds to help families cope with the death of a loved one.

They offer two types of final expense insurance: guaranteed issue and simplified issue life insurance.

With over 15 carriers, Senior Life Services offers a broad range of products to their customers at the lowest possible cost. 

How selling with Senior Life Services works

Senior Life Services aims to provide insurance agents with the best possible tools and resources including final expense leads, an excellent sales environment, ongoing training, support, and compensation.

Agent training, including lead generation, selling, marketing, and learning how to tailor insurance products to meet the customers’ needs is an essential part of working for Senior Life Service.  

Because the company relies heavily on door-to-door sales, agents who work for Senior Life Services must be available to travel frequently. 

Senior Life Services leads

Senior Life Services provides insurance agents with free leads. According to the company’s website, agents typically get 30-50 exclusive direct mail leads per week.

All of them have signatures of the people they were mailed out to, meaning that agents are contacting only prospects who are genuinely interested in their products. 

Senior Life Services shows its agents how to work with every type of lead and what are the best ways to maximize those leads.

As part of the training, agents learn what types of leads are available and the most effective ways to communicate in order to get the desired results. 

However, some agents have expressed dissatisfaction with the fact that the SLS direct mail is not related to their insurance products and that the company targets low-income customers to whom it can be challenging to sell insurance. 

Senior Life Services Commissions

Working for Senior Life Services is 100% commission based. Agents can increase their commission depending on their personal production.

In addition, the company organizes contests, promotions, and offers numerous incentives.  

Is Senior Life Services a scam, MLM, or pyramid scheme?

Senior Life Service is not a scam. It is a legitimate company that holds an excellent A+ rating with BBB. 

SLS 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.

My Thoughts

I’ve been an independent final expense agent since 2011, and now that you understand a bit more about how Senior Life Services works, I’d like to share my thoughts with you.

How much do free leads cost?

One of the advantages of working with Senior Life Services is that, unlike independent agents, you don’t have to worry about investing your own capital to generate leads.

Senior Life Service provides free leads!

However, as always, there are pros and cons to every business deal. 

Potential For Less Commission

This is not unique to Senior Life Services:

Any insurance agency providing free leads will ultimately provide much lower commission levels.

So, how big of a commission difference are we talking about?

While I’m unsure about Senior Life Services’ exact commission levels, but I’ve seen other agencies with a staggering 50% to 70% difference in commission levels compared to how my agency operates.

Let’s do the math and see just how seriously this would affect your annual income!

Imagine you write $100,000 in final expense premiums for the year. 

In this hypothetical example, you’re with an agency that provides a 50% commission level contract and offers free leads, meaning you’ve made $50,000! 

Now let’s say you’re an independent agent at an agency like mine. The average commission level is around 100% to 120%. But let’s be conservative and base our argument on a 100% commission level. 

Remember, you will have to pay approximately $2,500 a month on leads ($30,000 a year).

So, a $100,000 final expense premium multiplied by 100% commission equals $100,000 in revenue. 

Now, you need to factor in your lead expenses. $100,000 minus $30,000 equals $70,000 in net income.

That’s $20,000 more in income! Compared to an agency that offers free leads at a reduced commission level, that’s $200,000 in additional income over ten years. 

And, of course, this difference in income depends on YOU! The more deals you close, the more you could make as an independent agent. 

If you’re naturally talented at selling final expense, you won’t benefit as well financially compared to an independent agent buying his own leads in the long run.

Vesting, Pay Direct from the Carrier, and Releases

Full 100% vesting of your final expense business is vital.

When you talk to whoever recruits you at SLS, make sure you ask questions about the following issues.

I don’t know 100% how they operate, so it’s always a good idea to directly ask the agency you’re considering joining.

#1 – What vesting provisions apply to your contract?

Vesting refers to who owns the “book of business” that you write. This is important because who owns the “book of business” decides who gets paid if you lose your job for whatever reason.

Many agencies won’t allow you to own your book of business until several years have passed. In some cases, it’s only a year or two – worst case, you might have to wait a full decade before you acquire full vesting ownership.

However, ideally, you want to own your business entirely from day one. That’s how we operate at the Duford Insurance Group.

#2 – How does the pay scheme work?

Make sure that your carriers pay you directly – not the agency. The more people in between you and your money, the more complicated the process becomes. 

At my agency, my agents are paid directly from each insurance company. It simplifies the payment process, and I strongly recommend you request this no matter which agency you work for.

#3 – Will the agency release your carriers if things don’t work out?

Imagine you join an agency, but things just aren’t as you thought they would be. You want to leave. However, there’s one problem – you like the insurance companies they’re partnered with. 

I don’t know exactly what SLS does in this circumstance.

However, if an agency refuses to release your carriers, you’ll have to wait six months before moving those carriers to another company, even if that agency offers the same carriers.

This makes things deliberately tricky for agents who want to move on but have gotten used to a particular carrier. 

Summary

I hope you enjoy this article and understand a little more about how an insurance sales career with Senior Life Services works.

I train new and experienced agents to become top producing agents in final expense, Medicare Advantage, and annuity sales.

If you’d like more information about how my organization works, click the link here.

Make sure to also check out my agent success stories as well as my best selling insurance sales books

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