Aug 20

Final Expense Insurance Agents

Senior Leads - Final Expense Insurance Agents1. One focus

While serving low and middle income market, you could help senior customers who are confused about insurance, avoid confusion by highlighting a single problem. The high expenses associated with death. Once you have targeted the problem, you can also provide the financial answer to the problem. You can introduce the concept of Burial Insurance, ask if you can be the burial man/woman, and then once you have talked about the topic and provided all information gracefully, you can leave to help another family.

2. 100% Guarantee for lifetime

Seniors tend to be hesitant about insurance plans. But plans with committed coverage, fixed rates of premiums and fixed claim payouts or death benefits appeal more to seniors in middle or lower class markets. Such plans provide peace to seniors. They are also a reminder of insurance products that their parents bought years ago. The final expense sales agent should be appointed with 3-4 final expense carriers. The agent should know the rules so that he can issue the policies quickly. Many seniors are more concerned about the premium amounts than they are about the death benefit.

3. Commit to direct response programs

Final expense players need to be consistent. They should commit to direct mail response programs. Companies which send direct mail acknowledge that they only get 2% or below returns but they get results. Hence, they continue to send out direct mail. But you do not need to do the mailings yourself. You should set up an account with a turnkey direct mail house. You should target seniors with an income of $15K – $50K. Soon, people would ask for help. Also with direct mail, you continue sending direct email until the senior has bought another final expense plan, or moves or dies. You should consider it as an investment, not a cost.

4. Attend to it full time

If you have attended workshops, meetings and conventions, you would know that the speakers have earned specialty in one area. If you have an already existing line of insurance products and if you add final expense plans to it, then chances are it would damage your practice. It may take your focus away from the core products. But in order to be successful, you should be an expert in one niche. You should pick one target group, one consumer market, one concept, one demography. You should switch to another line if this doesn’t work, but you should only concentrate on one line.

5. Be compassionate for the target market

Many agents quit the final expense plan sale career after just a few months because they think it’s below them. This market is not for all agents because it deals with the lower and middle class market. Many seniors you would encounter would not even have $50K in savings. But that’s why they would be open to your $10K burial plan. You might have to give insurance advice to seniors living in trailer parks, old homes or under such lowly circumstances. When you’re in a rundown locality, you should understand the big picture and realize that even these seniors love somebody. For them, it is their last option, their last policy.