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How to Add Selling Final Expense Insurance to Your Insurance Agent Business

How to Add Selling Final Expense Insurance to Your Insurance Agent Business

Are you looking for an easy product to sell? Done right, this product can supplement your revenue and give your client the peace of mind they need. Add selling final expense insurance for low-premiums and simplified underwriting to satisfy a need for your client.

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Increase Your Revenue With Final Expense Insurance

Being an insurance agent means constantly thinking about the best way to evaluate your services and to provide them effectively to your clients. Final expense life insurance is strongly recommended for those individuals who may otherwise not qualify for receiving a traditional life insurance policy.

They may be denied outright by companies or the premiums associated with a typical life insurance policy may be far too expensive. For these individuals, re-routing them to consider final expense life insurance may be the most appropriate fit as this allows them to still have some peace of mind about basic burial expenses if something were to happen to them.

If you have been thinking about getting involved with final expense insurance sales but have previously held back, there is no better time than now. The truth is that more people are realizing the benefits of having at least a basic life insurance policy. Consulting with a knowledgeable life insurance agency is strongly recommended to get brought up to speed on selling final expense life insurance.

Remember that around 7,000 individuals will pass away every single day for the next 19 years. This makes it more important than ever to make the connection with your clients about the benefits of final expense insurance. Thousands of individuals are retiring every single day and many of them have taken no steps to prepare ahead for the future.

This means that their family members may instantly inherit significant costs and expenses when their loved one passes away. This is an excellent opportunity for insurance agents to transition within the insurance agency or to change careers entirely. Some of the most successful agents in the final expense insurance business did not start out selling only that type of insurance.

Basics Of The Final Expense Target Market

There is a large market for final expense insurance and in the United States for those individuals who want to protect their life savings all the way up to those who are unable to afford a funeral. The primary denominator here is a desire to not to leave a burden behind for their family members. This is one of the biggest reasons why life insurance agents will consider transitioning to final expense insurance to be able to tap into a rewarding opportunity.

Final expense insurance sales allow you to have a full control over your schedule, which many life insurance agents enjoy having. There are many different systems that can allow you to track and have conversations with people quickly and easily. In fact, Skype and telephone conversations and web conferencing systems are increasingly becoming a way for life insurance agents to connect their clients with ideal policies.

These systems often managed at some level by your insurance brokerage will allow you to have support with every component of the sale, whether its underwriting to training to leads as well as pre-setting final expense insurance appointments.

Know Your Target Clients

Bear in mind that if you’re shifting from a more traditional offering, like term life insurance, to final expense, you’re talking to a slightly different market. First of all, your clients in final expense may have already gone through the life insurance application process. They may be coming to the table with the perception that it’s long, frustrating, and destined to end badly. It’s your job as the agent to help them see how final expense insurance works and how you can be of service as an agent.

Most clients who are aware of their health problems or who have already been denied for traditional insurance will be pleasantly surprised by how much easier final expense is, but you need to bring this confidence and awareness to your own sales process. It can help to put the client at ease and assist them with receiving a policy more quickly, too.

Do I Really Need Leads For Final Expense Insurance?

Experienced insurance agents will say that you are only as good as your leads within your business for selling final expense. You need to have a consistent source to keep the pipeline full at any and all times. Purchasing leads can allow you to set up phone conversations and to close on this form of life insurance policy.

When it is the right fit for the client, you will be able to provide them with a policy that is received relatively quickly to give them some peace of mind that their family members will not face an undue burden if their loved one with the policy were to suddenly pass away. Since final expense life insurance policies tend to be less expensive than other types of policies, you can connect them with a company that assist them as soon as possible. Good training is essential for being successful with final expense life insurance sales.

Many agents ignore their training opportunities because they believe it will be simple to sell a small policy that is basically used for funeral expenses, but this is not completely accurate.

Although the typical premiums associated with a final expense insurance policy are much less than other types of policies, this is a significant amount of money for many customers and this means that it is still an important decision for them. This is why you need to be able to read the room and identify you target market appropriately. The right training program can help you determine how a final expense insurance policy can actually connect your clients with the specific needs they have at that given time.

Do not hesitate to identify an insurance agency that has extensive experience in connecting agents with assistance over the course of the sales process. Identifying an insurance agency that has handled final expense insurance before will allow you to create a seamless system for capturing leads to bring them to application status. Final expense insurance policies are typically delivered much more quickly than other types of insurance, so it is important to partner with an agency that has a connection to quality carrier.

Key Takeaways In This Article

  • Final Expense is a good alternative to traditional life insurance
  • Understand your market and when a final expense product is right for your client
  • Selling final expense is lucrative and allows you to be your own boss
  • Develop a sales process that works for you to capture leads and sell final expense

Over to You

We'd love to hear your thoughts in the comments below on:

  1. Do you sell final expense insurance? Why or Why not?
  2. What cross-selling opportunities have you come across where final expense is the answer?
  3. Do you sell final expense face to face, over the phone, or online? Why or Why not?

If you have any questions, please leave a comment below. We will carefully read each one of them. Happy Selling!

About the Author Matthew King

Matthew King is a co-owner of TR King Insurance Marketing and partner at Independent Life Insurance Agent Association. When he's not creating processes, content, and developing SEO strategies, he likes to immerse in gaming with his wife and friends.

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