Final expense costs are not funeral costs alone. There could be additional costs like hospital bills, physician bills, card debts and unforeseen cash usages. Often, on retirement, individuals lose their insurance. Similarly, individuals who are nearing their retirement ages do not have permanent coverage. Beneficiaries of these insurance policy holders only receive an average of $250 from the Social Security department on death of the policy holder. Over the past 40 years, this amount being doled out by Social Security has not changed. However, with rising inflation, funeral expenses today can reach $10K. Funeral costs are continuously rising. This creates the perfect opportunity for the sale of final expense insurance. There are a few reasons why an insurance agent should specialize in a final expense market compared to other traditional insurance lines.
The selling process is more effective compared to traditional methods. There are exceptional final expense insurance products available with liberal underwriting. People with good or fair health conditions in their age are eligible to purchase this insurance. The turnaround for this policy is also quick compared to other forms of insurance. Hence, there’s less buyer’s remorse associated. Sales processes and presentations associated with this kind of insurance are also simple and effective. Presentations only last for 30 minutes to an hour at most. This gives the agents more time for contact follow ups and presentation calls.
With 13 million homes being identified as potential candidates, Final expense policies today have a huge market. Because death is inevitable, prospects respond more easily to lead solicitations. This simplifies the prospecting process for an insurance agent. For customers, their financial requirements are identifiable. Exclusive final expense leads provide affordable solutions for burial/life insurance agents. The Life insurance leads market is ever-growing and the future looks promising for insurance agents in this line. More people enter the qualifying age group every day and the cost of funerals continue to rise. Hence, final expense leads insurance agents can be assured of sales growth through the years to come.
This field requires the agents to only do daytime work. The fastest growing section of the United States populace has a need for Final expense insurance. This group of individuals make their own purchasing decisions, unlike many other markets where final purchase related decisions may be taken by others.
Now, in the context of Final Expense, what is a lead? Many individuals are mistaken that a lead is a person who’s waiting to purchase insurance. That is not true. A lead is actually a person who has responded to a problem which has been put before him. Final Expense Leads systems, for the most part, are based on one fact. That Social Security only pays $250 as death benefit to beneficiaries.
If you have to be a successful final expense lead sales insurance agent, here’s what you should do. Read a copy of the lead. Read the text. Find out what problem the prospect is talking about. Find out what information the prospect has asked for. Find out the power phrases. Use these basic fundamentals during your conversations with the prospect.
Learn to organize your leads by geography. If your leads are all over the place, you can easily get frustrated. Organize them neatly by States, Counties, Cities and then finally the zip codes. Within each zip code, if you can organize your leads within age groups, it will save you further time and will allow you to structure your day and work a schedule more effectively. Schedule leads who are under 65 years of age for the evenings. Visit with people over 65 years of age during the day.
Compute a week’s worth of work. You should be able to work on an average of 30 leads every week, including policy holder and referral leads. If 5% of those leads are below the age of 65, then you might have to spend 2-3 evenings a week working with them additionally. Work with prospects in an area in the same day. Do not attempt to go back and forth finding prospects from different areas. This will waste a lot of time. Organizing a week’s worth of leads before hand can help save you time. Use street maps and highlighters to dot the prospects’ locations before you leave. In order to be successful, you should maintain a realistic set of expectations. At the same time, you should also have a clear understanding of the objective and opportunity before you.
Final expense insurance leads are 100 exclusive with New Lead.
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