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Editorials for Final Expense

How to overcome the buyers remorse objection

How to overcome the buyers remorse objection

Once a buying decision is made by a new client, often times they start to second guess their decision. What that really means is that their ideal picture has changed from the benefits they wanted to gain to the loss of money while living on a fixed income.

That's when buyer's remorse begins to set in. It's vital for any life insurance producer to cut off any doubts by addressing this issue in advance for this objection. This can be difficult to accomplish since what we offer is an intangible product, yet it can be done. The intangible product I am referring to is the need for a final expense life insurance plan.

Why Sell Final Expense Life Insurance

Why Sell Final Expense Life Insurance

There are many reasons to sell Final Expense life insurance products. If you talk with those agents who are successful at it, it would cover several pages of reasons. Here we'll talk about the four most important:

  1. The products used to sell final expense are simple for clients to understand and can be simple for agents to get issued. The primary products are simplified issued whole life. Meaning, there are no physical exams, often no height/weight restrictions, and are very forgiving on conditions.
Expanding beyond your Final Expense Marketing

Expanding beyond your Final Expense Marketing

Final expense will continue to be a very strong market providing leads and sales for years to come. The ever-increasing cost of final expenses continue to rise meaning premiums will continue to increase as well.

There are certain inherit traits to working the final expense market– the feeling of chasing business due to defaulted premium payments and no shows for appointments. The busier you are any chargebacks will melt away.

Reaching out to clients sometimes leads a mistake in account numbers provided at the time you took the application. This happens more often than you might think. I’ve lost count on how people gave me the wrong account number to their credit union checking or savings. It can be as simple as adding a “dash” that kicks back the account to the carrier.

“no shows” can be mitigated by never booking appointments longer than two days out. Even doing this still generates no-shows. It’s for this reason I book FE appointments in blocks of three with and extra 45 minutes between blocks. However, even with this habit I will schedule 6 to 7 appointments a day knowing I’ll most likely sit with half.

It’s for all of the above reasons I started looking at the Mortgage Protection Market. The sales process was very similar. It was a one-call close meaning, once I delivered my presentation my expectation was a decision and completed application.

I also found that 20% to 30% of the time I used a final expense product to complete the sale. Some people just couldn’t qualify for a term product to cover the whole mortgage, so I pivoted to covering monthly mortgage payments for a given time.

When I decide to mix in Mortgage Protection leads, the “no-shows” began to disappear and no one defaulted on their premium payments. As part of my fact-finding in running these leads I added the question of what they had setup for Final Expenses. Surprisingly, most had nothing, so more often then not I sold two policies for the breadwinner. Term to cover the mortgage and simple issue whole life to cover final expenses.

Working both markets reduced the number of Final Expense leads I needed every week from 30 to 20 when I added 10 Mortgage Protection leads every week. Using this weekly standing lead order mix gives me the opportunity to stay busy every week and keeps me at an average of $20k a month in sales.

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How Many Carriers Should a Final Expense Agent Have?

How Many Carriers Should a Final Expense Agent Have?

While there is no exact magic number, a good quality mix of “A” rated carriers is best. We recommend contracting with about five life insurance carriers which will give you an opportunity to have a product available regardless of heath conditions.

While we have dozens of carriers available here are some of the things to look for when choosing your mix:



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