Final Expense insurance is a basic issue life insurance policy that covers people until they reach 100 years old. Many independent insurance agents start selling life insurance by offering small plans as add-on sales to Med Supp plans. If not, why not? Sensible, simple, succinct, and smart. Most families donât have $12K to $17K readily liquid and available. Theyâre likely earning more and thinking more about their future. A majority of agents avoid having âthe death conversationâ with their clients. “There’s a lack of affordable, accessible training that covers everything for new agents these days,” says Bilyj, who sells insurance while managing digital marketing for Bantamedia, an award-winning content marketing firm based in Cleveland. Advertise with Us | 508-641-2418 | [email protected] | Privacy | © 2021 JonHope Publishing Company, Inc. | Find us on Facebook Twitter LinkedIn, Boston-Area Website Design by BKJ Productions, There's a lack of affordable, accessible training that covers everything for new agents these days, Ask Your Clients: Who Merits Your Money As You Ponder Your Legacy, Looking Forward, Americans Remain Engaged, Continue To Adapt To Challenges, The Pandemic Has Accelerated The Pace Of Digital Transformation & Product Innovation In Insurance, US Stimulus Will Boost Growth at a Cost of Higher Deficits, Debt, Investor Activity Rises as Markets Hit Record Highs in February, Pandemic Impacts Even The Most Successful Advisors & Financial Professionals, Small Businesses Show Renewed Commitment To Hiring in February. Level death benefits for clients who have had a heart attack more than 12 months, but less than two years, ago. Selling final expense life insurance is a very lucrative career and very easy to sell. Selling burial insurance is a process that requires and agent to build a need, want and desire for the product. Starting in the education industry over 20 years ago, Human Care Solutions launched our first insurance-based call center in 2017. Take the stress out of selling Let's face it, being a Final Expense agent is tough. There are several uninsurable conditions that often disqualify clients for a traditional final expense plan, such as a heart attack or stroke within the last 12 months, cancer within the last two years, AIDS/HIV, Lou Gehrigâs Disease (ALS), congestive heart failure, oxygen use, residing in a nursing home, or not being able to perform all of the activities of daily living (ADLs). The main difference between AmeriLife HPS and other lead-generation companies is that we are in the business of selling mortgage protection and final-expense insurance. With over $50 million in insurance premiums sold via our telesales model in under 3 years, our goal is to apply our expertise to help you drive your commission income by utilizing our tested and proven sales systems and our FREE highly qualified Final Expense leads. “Insurance agents are in vital need of assistance right now,” says Shelton, whose company, Lead Heroes, provides agents with telemarketed insurance leads. (They may even believe life insurance costs way more than it actually does!) Aside from the obvious purchase of leads, there are many ways to develop final expense lead sources. Inside its 57 pages, you’ll find info on the types of plans available, acquiring final expense leads, getting licensed to sell final expense, how to contract with carriers, … If youâre selling final expense insurance, there are multiple ways you can think outside the box for new leads and new sales. View the book video trailer on YouTube for more detail. 2. We cover the entire sales process, whether agents are selling face-to-face, on the phone, or online. Here is the perfect guide to get you started. Do you know what they are? Insurance agents have different definitions of who qualifies for final expense insurance. Learn a simple step by step sales process on how to sell Final Expense Life Insurance! See All. Meanwhile, the insurance agents who advise seniors are also retiring, leaving young agents unprepared to meet increasing demand. This process will help you determine which final expense plan may work the best for that particular client. It also clearly demonstrates to the client how a small premium difference could purchase several thousand dollars more in coverage. You Can Sell Final Expense Insurance. Flexibility & Freedom – Selling final expense insurance will provide agent with the freedom and flexibility to choose their own products and their own hours. For new prospects and the referrals you will receive (when you ask for them after a successful sale), the process of building rapport will be more difficult. Ritter Insurance Marketing | 800-769-1847 2 Eventually, we all have to think about how we’ll pay for a loved one’s, or even our own, end-of-life expenses. We wanted this guide to encompass a range of different sales styles and situations, so we collaborated with more than 35 experienced agents to share a variety of real-life examples, scripts, and advice.”. Often referred to as funeral insurance, burial coverage, whole life insurance, or just FE. He is the author of 3 best-selling insurance sales training books - The Official Guide To Selling Final Expense Insurance, Interviews With Top Producing Insurance Agents, and The Official Guide To Selling Insurance For New Agents. Lili Vasileff, president of Wealth Protection Management, in her article, Navigating The Perils Of Gray Divorce. While the average premium on a final expense policy is usually less than $50 per month, your target market of low-to-middle-income clients may need assistance in determining if they can fit these monthly premiums in their budget. Luckily, completing a client profile fact finder can also help you determine if there are funds in other areas that can be repositioned to assist with life insurance coverage. Are you interested in learning how to sell final expense insurance over the phone? The product is simple and the money is there to be made. Traditional whole life products can build cash value and provide guaranteed insurability in the future. 0Comment (s) May 19, 2017 One of the most talked about parts of the sales process is … But if he can’t help a suspect with their life insurance, he also asks if they might be interested in saving money on their auto insurance. What are some unique ideas for selling final expense insurance? One of the most effective tools to use with current clients is a client profile worksheet, or âfact finder.â This is a short document you can fill out, while meeting with clients, that should help you uncover opportunities for additional sales. But, donât limit yourself to this age demographic! Insurance agencies, IMOs, and FMOs that recruit agents will also find the guide useful for teaching agents how to sell life insurance without the significant investment typically required for training. Generally, the average funeral cost can range from $7K to $10K or more, depending on the area of the country. Simplified underwriting refers to underwriting that requires no medical or physical exams. Why not use it to your advantage? Your target market for final expense is low-to-middle-class seniors, ages 50 and above. Then you should consider attending one or both of our next live online training classes to start really helping people! It can be very lucrative. Do you have middle-aged, middle-class clients that now use permanent insurance along with their term insurance? A traditional whole life product may have more underwriting questions and disqualifying conditions, but it may also offer an even lower premium for healthy clients. Read More, A new year approaching means only one thing: itâs time for health and life agents to shift their focus toward selling final expense. Consider the following alternative ideas for sales: All final expense plans offer simplified underwriting. How I USE Sales Materials during the Final Expense Presentation! Final expense appointments are generally short, and the target market and need for this product are both extensive. Although the product itself is simplistic and easy to learn and get your arms around, there is definitely an art when it comes to selling final expense insurance. You may be able to meet more than one insurance need with the same product. New agents might spend thousands or sacrifice contracts (and commissions) in exchange for training, as they seek guidance to advise seniors. But, with your clientsâ best interests in mind, delving deeper and exploring coverage gaps may lead to additional sales opportunities and help set you up for long-standing, mutually beneficial business relationships. Ask the question, âDo you think that if all of these decisions had been made ahead of time and paid for ahead of time, the family would be relieved and grateful they knew, with absolute certainty, that they were following their loved ones wishes?â. In your low-to-middle-class target market, the need is great. Let us show you how to win in this lucrative market. More and more agents are selling final expense insurances from the comfort of their home office. There are life insurance sales tools and programs out there that you can also use to offer funeral planning services, including customized photo presentation, assistance with locating local funeral homes, travel arrangements, and floral services. Use a final expense leads service who can do all that hard work for you, leaving you to focus your energy on building those important relationships with clients. There are four significant things every agent selling final expense insurance should do for more sales. “It is a powerful reckoning for clients to realize that peak earnings funding a household’s mature lifestyle may not last longer than a few years and may be insufficient to support two post-divorce. The good news is that, if youâre an agent whoâs already working with a Medicare book of business, youâll have already started the process of building rapport with clients. In fact, we split the cost with the agents to make it more affordable for the agent to succeed. We don’t profit from our leads. Thereâs an art to selling final expense insurance, and art involves getting creative. 3. One of the most effective ways of closing a final expense sale is to offer the client three coverage and monthly payment options. Top final expense life insurance agents make over 6 figures per year easily while completing all transactions from their home. High Income Potential – The market for final expense insurance is growing all the time and that trend shows no signs of slowing down. In addition, many final expense carriersâ underwriting processes are similar. If the client does not quit smoking during that time, the policyâs face amount will be reduced. One of the most effective ways of closing a final expense sale is to offer the client three coverage and monthly payment options. Accendo/CVS Health® Final Expense Product Details Broad qualifying age range — you can sell to anyone between the ages of 40 and 89 Flexible coverage amounts with a low minimum policy requirement ($2,000); Level and Modified Plan Options; Riders. Since smoker rates can be significantly higher than non-smoker rates, this can be a great benefit to clients who smoke to encourage them to quit for good. Join the thousands of independent agents getting the first word from Ritter. For example, offering death benefit amounts of $7K, $10K and $12K, with the corresponding monthly payments, may help the client determine how much theyâre willing to spend. Clients could be interested in a traditional whole life product for their children or grandchildren. Thereâs nothing wrong with using a final expense appointment to simply sell a final expense insurance policy. The Art of Selling Final Expense & Medicare Supplements New Insurance Sales Training Book Prepares Agents to Effectively Serve a Tsunami of Retiring Seniors More than 35 experienced agents collaborate to share proven insurance sales tips & scripts for selling Final Expense insurance and Medicare Supplements Your target market is fixed-income seniors who can afford an average premium of $50 a month. Final Expense, or burial insurance, is now America's fastest growing segment of the life insurance industry. As medical expenses and funeral costs escalate, the wrong insurance plan could devastate a senior’s standard of living or leave a legacy of debt to the next generation. For healthy clients on a budget, consider simplified issue traditional life insurance, instead of a final expense plan. 5. Although the product itself is simplistic and easy to learn and get your arms around, there is definitely an art when it comes to selling final expense insurance. The Complete Guide on How to Sell Final Expense Insurance makes selling final expense insurance easy for beginners and pros looking to earn more in commission! Being agents ourselves, we know the challenges of what it's like to sell in the field, over the phone, or online, so we designed Final Expense Toolkit to make however you sell just a bit less difficult. Once you have reviewed the clientâs health and financial condition, completed the application, and discovered the type of coverage the client qualifies for, itâs important to offer payment options that meet the clientâs budget. The Art of Selling Final Expense Insurance Final expense insurance has been around a long time and will continue to be sold for a long time in the future. Selling final expense insurance is not about “elephant hunting.” In many insurance markets like annuity sales, there are opportunities to score 5 and 6-figure deals. While reviewing the insurance needs of other family members, consider final expense products for younger adults who have chronic conditions and may find it difficult to qualify for traditional life insurance products. Discuss the living benefits that many final expense policies now offer. They ask different questions to determine which leads are qualified, which is a good marketing move. Having a conversation about death can be uncomfortable. Shelton and Bilyj pulled from their personal experiences as insurance agents, and also surveyed other agents about the most effective methods for selling Final Expense life insurance and Medicare Supplements. https://www.DavidDuford.com/FAQ/ - What A Career Selling Final Expense Insurance Is LikeDiscover how a career selling final expense insurance works. The short answer, YES! How do you do that? Yes, selling final expense life insurance is lucrative. Final Expense insurance is a life insurance product used to cover expenses associated with the death of the insured. There’s no one-size-fits-all secret to selling life insurance or senior health plans, but because of our comprehensive collaboration, there’s something in this book to benefit every agent.”. Is Selling Final Expense Insurance A Good Career Choice?
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