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:
- 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.
This is particularly important as the target market is generally over 65 years old with low to moderate incomes. Any one over the age of 50 will tell you your health changes. Couple this with most are retiring or have already retired only to find out their life insurance is no longer available and they're scrambling to get some type of coverage.
The client presentation is simple (not to be confused with easy, you still have to sell a need). While successful agents will have their spin on talking with clients the basics are a common thread. If you can explain the difference between term and permanent insurance and paint the picture of their need, add the right carrier appointments and you too will be successful at selling final expense.
- The market continues to grow and will continue to grow for decades to come. The baby boomers, one of the largest group of people, is aging and retiring. Most agents rely on lead vendors to supply them with names of prospects to call. Finding a quality lead source who knows the market and insurance business is key to a successful lead campaign.
Lead vendors who have never sold the products you will be selling are opportunists trying to capitalize on a growing market leaving the agent to figure everything else out. At Legacy, our management team is active in the field selling the same products using the same leads you will. Find a quality lead source and stick with it.
- Successful agents love the market. They know people need the product and so do the people they see. Agents realize that selling final expense life insurance is perfect for growing a career and their business. Why? Because the policies issue quick getting you paid quickly. Ideal for giving their business the cash flow they need while they work other markets that require more complicated products and longer underwriting.
Working both the mortgage protection and final expense markets together gives an agent the opportunity to not only earn a healthy six figure annual income but the weekly cash flow to keep their business moving forward. Following this recipe for success has helped our team of Partner agents earn more money than they ever have selling life insurance.
- Being independent give agents scheduling freedom they were unable to realize before. Some people need to have a boss they report to everyday, a predetermined salary, while only having the weekends off, maybe. Those people would not be successful selling life insurance.
However, as an independent life insurance agent running a successful business selling both final expense and mortgage protection, if you need to take a day off to see your kids' ball game on a Friday afternoon, you can! Need to take a week or two or three off for some other personal reason, great just work it into your schedule. This is your business. Did you qualify for an all-expense paid trip to Italy or Hawaii for you and your spouse? Excellent, put on your calendar.
Bottom line, selling final expense life insurance will give the cash-flow you need to be successful. Combining final expense with more complicated markets will earn you more income then you ever have while still offering the freedom of scheduling. If you want to know more about how Legacy can help you then contact us today.
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