In this interview, Laura shares how she built a successful final expense business in Northern Idaho – including an impressive $18,000 first month – and why she decided to sell half her book to New Horizons.
Laura talks about:
- Getting started in final expense sales
- What lead sources worked best for her
- Why face-to-face selling was her secret weapon
- How she found New Horizons through a simple Google search
- What made her trust the process
- How the sale helped her pay off debt and transition into Medicare sales
If you're considering final expense sales, thinking about selling your book, or curious about pivoting to Medicare, Laura's story offers practical insights and real-world experience.
Want to sell your book of business or find out what it's worth? Fill out the form on this page, and we'll be in touch.
Transcript:
John: Why I really wanted to do this with you, specifically, was – we bought lots of books in the last four years, and they're all primarily Medicare books—Mes Supp, Med Advantage, there might be ancillary in it, there might be final expense, there might be some other products in there. But for the most part, they're Medicare books. And in your book, it's a final expense book. So, we thought it'd be good because we're absolutely interested in buying final expense books. That's why we're doing this one today. So just, how did you find us, Laura?
Laura: I actually just typed in "who would want to buy my book of business."
John: Really?
Laura: Yeah. And you guys were pretty up there, pretty close. And so I ran it by my manager, and I told him I want to sell my book of business, and he said, "Well, be careful. You want to make sure that you are with good guys and good people and stuff." And so I said John Hockaday, and he said, "New Horizons? Yeah, they're good. You'd be fine."
John: How about that! Who's your manager?
Laura: Ben knows just about – I'm pretty sure he knows every single thing about life insurance and health insurance and everybody who's in the industry and everything, really. He's been in it about 15 years, I think, and he's a whiz. So, when he gave me the thumbs up for you guys... yeah.
John: Well, that's nice. You know, we're in central Illinois, and you're in Northern Idaho. Yeah. So, how did you get into the final expense business, and just tell us a little bit about what your business looks like. You know, like how you find customers and that kind of thing.
Laura: Okay. Well, during COVID, I had to shut my big preschool down, and I moved back to Idaho where all my kids and grandkids are. And I was thinking, you know, I'm used to being my own boss. I don't want to go work at a checkout. I don't want to clock in with anybody. So, I started googling what can I do to make a decent income and work for myself. And I think it was the Duford guy—David Duford, you know who that is? He's pretty big on YouTube. Anyway, he started explaining about life insurance and how much money a person could make doing that. So, I just started looking into it. I contacted a few different IMOs and kind of almost got started up with a couple of them, but then Ben – I saw him make a comment on a Facebook page, and I liked his mentality, so I called him and went with him.
So he really taught me – it's about leads, basically. And after my four years now of experience, direct mail leads are king. I've tried them all. And my first month, just right out of the gate, I made $18,000.
John: Wow. That's a great start!
Laura: Yeah. Yeah. The thing is, around my area, it's not a lot of people. So after a time, this market got saturated here with me, basically. And so then I started having to travel farther and farther. I love face-to-face sales so much – that's my absolute favorite – and I have tried telesales quite a bit, and I really didn't love it at all because nobody trusts me, you know. But as soon as they see me face-to-face, they trust me somehow within five minutes.
John: Sure.
Laura: So now I'm kind of at a crossroads with my career, and I'm actually thinking about going down the Medicare path.
John: Yeah. Let me jump in. So, for everybody, when we bought Laura's final expense book, we really bought like half of it, didn't we? We still have another half. We bought half and are servicing those customers from here. It's going good. And Laura and I have had a few conversations about – you're nowhere near ready to retire, and you've still got this book. Let's get into the Medicare market. We can help with that and educate you, and all of that. So I don't know. We've kind of talked about buying your second half of the book, too. But if I get a vote in it, which I don't, but if I did, I'd say stay in it. Stay in it, Laura. And I think you'd really be well served to do that.
Laura: Yeah. After talking to you, I've really – that's all that's been on my mind, actually. And I finally said, you know, bite the bullet, and I need to get my health license. And that's what I'm studying. I'm already 59% through the course, so I'm working hard.
John: Okay. Well, you get that done, and then we'll help you with all the other stuff. We'd be happy to, we want to. So, just going back on your deal, though – you reached out to us, we met, we appraised it. Was there anything that stood out to you that you remember that you liked or didn't like? Because it is a process. I mean, it just doesn't happen overnight, and we try to communicate along the way, but you got any two cents worth you want to pitch in there?
Laura: Well, I really got a sense for you, John, in your personality and who you are, and you didn't seem like somebody who would scam me. I just felt very trusting of you right away. And you guys just made it very easy and really simple. The money that I got from you helped me pay off some debt and kind of restart a little bit.
Yeah, it was a really good experience. And I also recommended that my son sell part of his book of business as well. And for sure, I know he's going to want to sell the rest of his book of business because he's kind of gravitated out of life insurance, and he's selling leads now.
John: Yeah. Well, thank you for those kind words, and we got a great, great team here. We're thankful they care and do their best.
Laura: Very professional. You guys are really good on communication. Absolutely.
John: Great. Well, thank you. Thank you for saying all that. Is Joe your agent who's helping your customers?
Laura: Yes. Joe Auvil. And I've referred people and given them his number because, you know, sometimes they throw away mail or whatever. And I know that a few of them have said, "Well, I was going to contact Joe, but I couldn't find the letter." And I would – if I were Joe, I'd send out another letter and just say hi again or whatever.
John: Okay. Well, I appreciate that. We probably should. I just want everybody to know if you got a final expense book or really any book that has a residual income tied to it, we'd love to talk to you. That's what we do on these acquisitions, and maybe we can work something out that makes sense for you.
So, it's been a really great experience working with you, Laura, and it looks like we're going to be working more together going forward.
Laura: Yeah, thank you.
John: Thank you for doing this, even though I know you're not feeling great. I really appreciate it.
Laura: No, thanks. You always cheer me up, John.
John: I'm gonna call you more often for sure. Thank you. Well, have a great Christmas and we'll be talking.
Laura: Okay. All right. You too, you guys. All right. Thanks, Laura. Bye.
Other interviews in this series:
- Sell Your Medicare Book and Keep Selling: with John Knepper
- Selling Your Medicare Book of Business: An Interview with Steve Cooke
- Interview with Bill & Amy: Selling Their Medicare Book of Business
Conclusion
Laura's experience shows that selling your book of business doesn't have to mean the end of your career – it can be the beginning of a new chapter.
Whether you're looking to pivot to a different market, pay off debt, or simply start fresh, the right partnership can help you transition with confidence.
If you're considering selling your final expense book, Medicare book, or any book with residual income, schedule a discovery call with us today.
