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Editorials for Final Expense

How to Improve Policy Retention in Final Expense Life Insurance

How to Improve Policy Retention in Final Expense Life Insurance

If it’s one complaint I often hear from agents who work the final expense market its retention. After all policy retention will affect your commission, carrier contracting, and your time. If you’re paid an advance it can be daunting. Therefore, let’s discuss how to improve that aspect of the market.

Have you heard this one? “…don’t worry about chargebacks in final expense, it’s all about the numbers…you’ll have so many applications and policies in the pipeline you won’t even notice.” While that might be true if you’re submitting and placing 10-15 applications week in and week out, for the average agent doing half that amount (5-7 applications) it can feel like you are never getting ahead. Sending half your week chasing down NSF’s just to get policies back on the books.

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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41000 Woodward Ave, East Ste #350
Bloomfield Hills, MI 48304
 

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