Final Expense, or burial insurance, is now America's fastest growing segment of the life insurance industry. More and more agents are selling final expense insurances from the comfort of their home office. If you are looking to get on the final expense sales ladder, you should know the best methods to really sell these plans.
NAAIP has become pioneers in selling final expense insurance by phone/telesales due to having the technology and sales force that is required to succeed. Numerous insurers come to NAAIP when they are interested in switching from traditional final expense selling systems to selling by phone.
The first step that one needs to succeed is to have an impressive website. NAAIP will give the agent an impressive website at no cost or obligation. There are other tools that are needed. We are here to help. With your hard work you can look forward to earning more money and having more clients.
The second step is having the highest contracts for the various Final Expense insurer contracts. Our agents receive the highest payouts in the final expense industry - Guaranteed. Technology brings results and results bring volume. Volume allows us to give you highest industry contracts. For all insurers - agents are paid direct by the carrier.
Click the eContracting Portal link to initiate contracting - Join the 125 FEX Club - Mutual of Omaha (UOO), TransAmerica, Oxford Life, United Home Life, Americo, Aetna, Royal Neighbors of America and others have street level 1st year commissions of up to 125%. Residual compensation follows. All moneys direct from the carrier. NAAIP contracts with 37 Final Expense Carriers. A Final Expense Quote Engine with 37 carriers is available at the Sales Tools at the bottom of this page.
Note: Oxford Life is currently face-to-face sales and Point of Sale (Your client is accepted in 7 seconds) and a Member of the 125 FEX Club - 125% commission. Oxford Life Final Expense has among the lowest rates in the industry (you can see this at the Final Expense Quoter at the bottom this page - Oxford is in 47 states - not Alabama - so drop down to your state on the the quoter).
United Home Life is NAAIP's favorite over the phone carrier. It's preferred whole life (which pays 125 first year and 17% year two) is not showing on FEXquotes.com UHL's preferred whole life face amount starts at 10k till 150k.
Current Final Expense Insurance Telesales Companies that make selling over the phone easy:
- United Home Life - eApp - 5 total policies: preferred, 2 standards, graded & GI. Till 150k in whole life.
- Americo - Eagle Premier and Ultra Protector
- Baltimore Life
- Royal Neighbors of America
- Sentinel Security Life
- United of Omaha (Mutual of Omaha)
- AIG/American General - Guaranteed Issue
- Gerber Life - Guaranteed Issue
The third step is knowing which CRM/dialers to use to succeed.
The fourth step and the ultimate arbiter of your success is Leads.
The fifth step is providing an added service that will make you invaluable. Referrals will follow. We encourage final expense agents to 1. Become a Notary Public to expedite the signing of the will. 2. Keep a portable printer in the trunk of your car.
Get yourself in your customer's mind. The customer is worried about the cost of burial. Help them. Go to the local funeral homes and find out the prices. Publish those prices on your NAAIP free - forever website. There are Federal Trade Commission (FTC) rulings that govern the funeral industry which allows the family to purchase caskets, tombstones, etc. online or at Walmart. Google online caskets/tombstones, etc - They deliver within 24 hours. Be an expert. Put your expertise on your website.
At our daily conference call, Monday to Thursday 12 noon & Weekends 2pm ET. Phone 1-(888)532-9320 we specifically discuss how providing a Free Will to your prospects will build your business.
What Many of Us Think Final Expense Sales are All About
What many of us believe about selling final expense policies and the reality are often quite different. Obviously sitting at your desk from morning till night making call after call will increase your income, but this is not the be-all and end-all of selling.
The truth is that the belief that hard work (or long hours) equals success is only part of the story. Should you approach this regimen in an incorrect manner, it will lead to disappointment. Those looking for a ten hour day with upper middle class income, should adopt the following model to put you where you want to be. Here is an interesting chart:
Stress-free Final Expense Sales
If you are just starting to sell final expense insurance by phone, there are numerous resources telling you the best way to go about doing things, but are these necessarily correct? Ask yourself whether you wish to follow the examples of those who are industry workers or those who are industry leaders. Average Joe can offer you his two cents and make it look plausible, but those with a wealth of knowledge will offer true guidance, consistently.
This is a concept that I have learned during my long tenure as an insurance salesman, and one which applies to every product line, not only final expense insurance. Know the successful agents are, you can tap into their resources and their expertise will flow to you.
When I first started sourcing the cream of the crop to advise me on sales techniques, I expected to find a bunch of dedicated desk-slaves, burning the midnight oil as if their very existence depended on making 1,000 phone calls a day. My research results surprised me and it changed my perception as to how to maximize sales and live a better life in and out of work:
- Get in the right head-space: It may sound kinda cheesy, but mindset is important. I'm no deep thinking philosophical being, but having spent time with a colleague who applied specific mental laws to their lifestyle, I saw the benefits of positive thinking and a relaxed approach to business. I spent a month in 2008 shadowing one of the industry's top producers ($100,000 per month income) and got to observe the way he balanced his skills and relaxation.
- My mentor had a routine whereby he didn't rush to the office, but spent the early part of the morning having a coffee and listening to his favorite music, while contemplating the day ahead. He set aside three periods during the day in which to concentrate his calls and during the downtime discussed with me the benefits of time management for work and rest. He ate healthy and exercised. On the whole this healthy eating and exercise embellished his already healthy attitude to life and work.
- It's a marathon, not a sprint: Insurance sales people are ambitious and driven to push harder to achieve. Often times by working both days of the weekend and working late every evening. If this sounds like you, you need to slow it down. Focus on a system that causes maximum sales in an allotted period of time that allows you to "work to live and not "live to work."
- You owe it yourself and your family to give yourself a break, and if done right the results will be more pleasing. My mentor took one look at my 7-day regime and showed me that he would give himself a six day window to meet his targets with a seventh day to act as a day of rest. This day of rest gave my mentor definite results. I was going hell-for-leather, teleselling for over 250 hours a month. Finally, I saw the light.
- Don't stray from the path: Stick to your plan and don't change it. Top final expense producers that I have been fortunate to work with adopted a relaxed, yet automated approach to their work. As their daily schedule was to make calls at a certain time, this was the sole focus. The top final expense agents would shut off all distractions and fully dedicate their time to their task.
- When it comes to selling final expense insurance, success is borne out of routine and it is sticking to these routines that causes success. It is important to fit your final expense selling around your lifestyle and not the other way round. These set hours of work are the basis of your business, please stick to your routine. Your inner peace and success in life is what matters. More information that will help you understand selling final expense insurance.
Selling Final Expense Insurance by Phone: What is Next?
To many of you this advice may not be relevant, but I hope that you will consider your mental health in selling. As well, time management is so important.
Telesales - Where do you start in selling final expense insurance by phone?
- 1. Web Site
- 2. Insurer Contracts
- 3. Phone System/CRM
- 4. Leads - NAAIP is now in the lead business - offering below market rates or free live transfer life leads - We have had long term relationships with the leading lead companies. The drawback when dealing with lead companies is cost and trust. Spending $10 per shared final expense lead is dependent on how much the lead is shared. An exclusive lead can be $15 and for that price you better close one of four leads. Many agents find themselves in the red before they even get off the ground. Getting good at selling final expense over the phone is critical in increasing your close ratios. Use a dialing/crm system. NAAIP has dialer system expertise. Please consult with us.
Once you are good at telesales obviously you would want to be selling in multiple states. The National Insurance Producer Registry a portal for non-resident licenses.
NAAIP strives to help agents, regardless of experience, achieve more sales. More and more agents are now selling final expense insurance from home. Please use our resources to help you grow your business.
Another graph to help you sell final expense insurance.
Final Expense Telesales Script for Setting One Call Appointments or Two Call Closes
(Your script will be in Red letters, Client's will be Blue with italics and quotes - special notes to you are in green and in parentheses)
This is standard script to cold call potential final expense insurance clients. Cold call a marketing data list of those who are between ages 55-65 and household income of under $40,000.
Hello, Mr./Mrs. __________, My name is ______________ of the Senior Alliance of (whatever region you are in) in Boca Raton. (an upper income city). (example - Hello Mr. Smith, My name is Sam Jones of the Senior Alliance of Florida in Boca Raton)
The introduction is to be said rather quickly - no pauses - pausing allows the potential client to interrupt you - If client has time to think then they may wonder why he is allowing you to waste his time - in the meantime - client is thinking that you are a charity - so client is giving you the benefit of the doubt - therefore client is not hanging up on you):
Here is the reason for the call: There is a crisis in the community for many who are entering their golden years. These years are really meant to be enjoyed. To say it plainly, many people have not planned properly and their families are being destroyed by the costs of the funeral. It is a tragedy that can easily be prevented.
The Senior Alliance of Florida in Boca Raton are experts in preventing this type of financial hardship. We really are. There are over 50 life insurance companies in Florida that sell a type of insurance that is designed to prevent this type of tragedy. To be honest, I am an expert in this field and it would be my pleasure to work with you in preparing for the inevitable.
It just seems smart to plan ahead to prevent bad things from happening. Mr. Smith - I am sure that you agree with me? Right!
It is still the beginning of the cold call - don't have a client say much or he will think and then hang up.
This first time that the client speaks it should be Right? "Right"- don't give the client time to think - if he thinks he may just hang up on you. Your goal is to impress upon the prospect that you are a needed professional. This is done by sounding anchorman-esque and providing tidbits of information that indicate that you are an expert.
I am glad to know that we may be working together. I will use my vast knowledge in this business to do what is right for you. You should know that I am a licensed insurance agent in the State of Florida for over ten years and really know this market.
Whether you are completely healthy or have major medical problems - I know the insurer that can cover you. I have access and knowledge of literally the entire industry. Thank you for working with me. Mr. Smith, Let me ask you a few questions so I can get to you the exact proposal that is best for you. Is that ok?
"Yes, It is."
Let the client talk - Let the client be your friend - The personal questions that you will need to get a quote and make an appointment will only occur if the client likes you - you came across very strong initially - now ease up and be his friend.
At this point you can ease up and have the client speak - Your job now is to get basic information to make an appointment to sell him something.
(if you sound good and don't pause - no one hangs up on you till this point)
Mr. Smith - The following is the basic information that I need to get an exact quote for your insurance coverage
I need your exact name. I have John Smith - Is that right?:
Your Birth date?
Do you smoke?
Do you have any medical conditions?
Do you take medication for that? I don't think it is a good idea to get the client's exact medication names over the phone on the first call or even ever - Just get the medical issue that meds are used for - have the client be prepared to show you their prescription list when you meet them - or on the second phone call when you close the final expense sale over the phone.
According to my data your address is _________________, is this right?
Mr. Smith, Normally this medical condition and your birthday is sent over to our medical underwriting department to present to you the exact insurance company that will offer you the best value. Based on my experience and knowledge in the business I actually know the insurer that will be recommended to you.
Let's cut to the chase - Let's sit down and allow me to present to you an insurance policy that will give you tremendous peace of mind and make your life better.
In fact, I am in your area of Miami Beach all of next week - Would Monday be good or would Tuesday be better. "Monday" Great - Is morning good for you or is it better in the afternoon? "Morning"
Great - Before we close this call Let me give you my, name, office & cell phone, website and email - Do you have a pen and paper handy? (Wait for them to write it down)
My name is Sam Jones - My cell phone is 561-555-1212 - my email is firstname.lastname@example.org - my personal website is www.jonesagency.com and office is 1212 Main Street, Boca Raton, FL 33431. Even though our office is in Boca Raton, my job is primarily in Miami Beach.
If they ask who is senior alliance mention that it is associated with smithagency.com.
Mr. Smith, I will send you an email confirmation as well. What is your email? and what is your cell phone?
Great, We will meet at 10 am Next Monday on October 5th. Mr. Smith, I really do appreciate you giving me the opportunity to help you sort out this very important issue.
If the appointment is a few days away send a regular letter to them introducing yourself as well as an email and sms - whatever you can do to make the client feel more comfortable with you .. Do it! - This is a one call appointment!
Final expense selling is primarily to lower income, less sophisticated older folks. This population wants to have a personal connection with the insurance agent that is advising them on such an important decision. Be available to them. You always have the option to short-circuit the home visit and take the final expense application over the phone.
You will have substantially more success if you are seemingly accessable to your client. Meanining, even if you take the application telephonically there should be the option that you visit their home to pick up the check or simply visit.
If you go on the appointment you should talk about the tax benefits of life insurance, help them with their "free will", etc. The initial calls are to present yourself as an expert and have the client trust and like you.
Traditionally final expense insurance is a face to face sale. Telephonic final expense selling if done "quickly" will have a high cancelation rate. You must spend extra time and effort to compensate that you are short-cutting the process by doing the sale remotely. Good luck.
NAAIP has available to agents various final expense insurance plans for individuals who are in "perfect" health as well as those who suffer from terrible medical problems. Please consult with us. We are experts in helping you in selling final expense insurance.
* The information provided is intended for licensed final expense insurance agents only. It is not intended for the purpose of advertising the insurance products to the general public. Selling Final Expense Insurance from home.
Visit our authoritative page on Selling Medicare Supplement Over the Phone/Online/from Home and on How to Sell Annuities by Phone.