FINAL EXPENSE INSURANCE
Why Should You Consider Selling Final Expense?
There are a lot of good reasons to sell Final Expense Life Insurance. If you surveyed successful insurance agents, you would hear many reasons why they chose and love final expense, but this is what I think are the top four reasons:
# 1 - It’s Simple!
The primary final expense product is a simplified issue whole life policy; easy and simple to understand and explain to clients. You don’t need to be a Certified Financial Planner or a CPA to explain, underwrite, and sell these products. In fact, one of the biggest mistakes I’ve seen final expense agents make is over complicating what is truly a simple sale. If you know and can explain the difference between term and whole life insurance, you can succeed in this market. The process is very simple and something I can walk you through.
Learn the scripts and follow the system!
Use our reliable, consistent, warm lead source and commit to it!
Don’t recreate the wheel!
The Final Expense wheel goes round and round – don’t reinvent it! Oh and I should reiterate, Simple does not mean Easy.
# 2 - People Need It!
The target market for Final Expense Life Insurance is low to middle income retirees, those on a fixed income, and disabled individuals.
This group of people need your help for three reasons:
They never had large enough income or assets to attract the attention from financial planners and other life insurance agents.
They are mostly retired and likely lost whatever benefits they had through their employer. Simply stated, they are “bare” and need to be covered. The nice part is that they are usually very aware of their need for final expense coverage.
Most people in this market and age group have buried a loved one, so they understand the impact of having an additional $15-20K to help with both the expected and unexpected expenses. Their first-hand experience prepares them for a discussion with a professional life insurance agent. It’s crunch time for them and they know it.
# 3 - Leads!!!
The Market for Final Expense is HUGE and will continue to grow. Someone once said that to catch a lot of fish you need to go where they are. As far as demographic trends are concerned, the biggest client pool to fish is the senior market. The most common statistic is that roughly 10,000 Americans turn 65 every day. That trend is expected to continue for the next twenty years! Another trend that is helping this market expand is current retirees rarely are able to continue their employer-sponsored life insurance benefits into their retirement. This means we have a growing pool of prospects with a real need for our offering.
# 4 - Freedom!
Some people excel at a 9 to 5 job with a predetermined salary. Some people like going to work at the same place to see the same faces every day. Some people like to have a boss making sure that their work schedule is strictly adhered to and that their breaks and vacations are scheduled within strict corporate guidelines. Those people will struggle in Final Expense sales.
The number one reason agents love to sell Final Expense Life Insurance is the FREEDOM it affords them. As an independent agent, your own efforts determine how much money you make. You decide when and where you work. You meet new people almost every day, most of them like you, and most of them become your clients! As an independent life insurance producer, your business can be run to fit your lifestyle. Does your son or daughter have a ball game, recital, or school function? Go ahead and work that into your schedule! Got a chance to share a condo in the Bahamas with some friends next month? Go ahead, if you want to. Did you earn an all-expenses paid trip to Hawaii from one of your top companies? Put it in your planner and go! It’s your business –own it!
These are some of the top reasons life insurance agents love to sell Final Expense Life Insurance. There are many more!
