As uncomfortable as it may be, eventually, end-of-life concerns must be addressed. Some people need do nothing, they have enough money that matters regarding final expenses can be paid for without a second thought. For many however, this is not the case. That is where final expense life insurance comes in, helping take at least some of the sting out of such a recent loss.
WHAT IS FINAL EXPENSE LIFE INSURANCE?
Final expense life insurance is insurance designed to cover some or all of death and burial associated costs. It covers caskets, tombstones, embalming and prep, cremation, urns, and even costs and fees associated with running the funeral home that often aren’t considered. Some of these costs and fees include operating expenses for the hearse, service vehicles, and staff salary. It never hurts to be prepared, especially for a time when one will be hurting the most.
WHY SHOULD SOMEONE PURCHASE FINAL EXPENSE LIFE INSURANCE?
Final expense life insurance provides peace of mind for one of the most turbulent times anyone can face, it’s that simple. Many Americans are unable to afford an emergency costing $500 or more and the kind of emergency that Final expense insurance would help with costs significantly more than that. This type of insurance, sometimes referred to as burial insurance, provides more coverage than preneed insurance.
Another benefit to purchasing final expense insurance is the lack of a medical exam. By answering just a few simple health questions, one can be well on their way to qualifying. These benefits also never expire so long as the premiums are paid, ensuring that the death benefits go to the beneficiaries.
HOW TO SELL FINAL EXPENSE LIFE INSURANCE
Whether you want to do this face to face or over the phone, one constant of selling this product is that you need to BE selling, often and consistently. Unlike other products, final expense does not have large payouts, so you need to be appealing to old and new clients alike to maintain a steady stream of income. Because this is a near-daily commitment, passion goes a long way, as does having access to a wide range of carriers.
Receiving training from someone who already successfully sells final expense insurance can provide a significant benefit. This can fill in gaps in your knowledge, provide you with some tried and true practices, and help with your networking. Joining an agency can be an option if you feel like you need more help; the training they provide can be incredibly valuable for starting your final expense career. However, be wary of agencies that seem to have you recruit agents more than write policies, the insurance world is no stranger to MLM schemes. Make sure that the agency you join, if you choose to do so, has your success in mind, and don’t be afraid to ask other agencies or salesmen about agencies you may be interested in working for. They can give you honest reviews to see if an agency is a right fit for you.
Have wide selection of carriers that you work with. This will enable you to provide the most competitive, and best, plans to the leads that come in, increasing the amount of success you will have in the industry.
Leads, leads, leads. The final expense industry owes much of its success to the direct mail business. Get set up on a regular mailing schedule and you will have a steady stream of leads coming in, ensuring that you don’t run out of prospects. You can also hold informational seminars or webinars. This will help build your reputation and provide you with an easy avenue to set appointments and get people in your door using the offer of a free review. Talk to an agent today to help plan a marketing strategy that suits your needs.