ackground
Final expense leads are taking off, offering a good living and rewarding career for the right sales professionals. With aged final expense leads, a smart life insurance sales process, and a knack for cold calling these leads, you could be one of them.
It’s a Huge, Underserved Market
On the whole, a final expense customer is anyone who wants to proactively take care of their burial expense and avoid a hardship on their family — without breaking the bank. Customer age can vary from as young as 50 to as old as 85. However, the ideal final expense market is centered on folks closest to the full retirement age of 65, from about 62 to 68 years old. The massive Baby Boomer demographic continues to age into this zone at a surging pace. Every day, 10,000 seniors turn 65.
This is really a huge number of people, more than the number of Americans who die each day from all causes and almost as many as the number of Americans born each day. For final expense agents, it’s almost like a conveyor belt of 10,000 new potential customers each day.
Importantly, this market is underserved. Many get into the insurance business to focus on other market niches. Some want to work the lucrative annuities and financial planning markets. Some feel better suited to the term and whole life markets. These are all great market choices, but the result is an underserved final expense market — and an opportunity for those agents who sell final expense.
Final Expense Sales Are Evolving
A massive Baby Boomer Generation is getting old and starting to think about tying up loose ends. But that’s the not the full story. There’s a great deal of change taking place as a new 21st Century generation of leads become seniors.
A decade ago, I would’ve told you you can’t sell final expense over the phone, because it’s always been a face-to-face game. That is still how most leads are comfortable buying final expense. But the times they are a-changing.
About 10% of final expense leads are now sold quickly and easily via phone sales and this percentage is growing exponentially. It’s the younger range of aged final expense leads, from age 50 to 65, that are the most comfortable buying over the phone. And it’s this group that is only going to increase, in raw numbers and in market share of the final expense market, over the coming years.
Selling Final Expense Over the Phone
Agents are having success with final expense phone sales for a number of reasons. Plenty of agents have great phone skills in other product niches. Selling via phone is natural for them. The same rules apply — building trust with your prospect and having an honest conversation about their needs is the basis of the sale.
Final expense carriers are making phone sales easier, as well. Nearly all the major carriers have a complete voice signature procedure in place. Three-way calls between the agent, prospect, and carrier allow a point of sale interview, where the carrier rep formally asks the prospect all the required health questions and gets authorizations for prescription history checks and MIB record checks. Most carriers can render a final decision by the end of the call.
Aged phone leads can offer a great pool for final expense phone sales. These are prospects who have already responded to a direct response card or otherwise requested a quote. These aged leads really never go bad. It’s possible to continue to market final expense leads for years until they buy, move, or die.
Final Expense Isn’t Going Anywhere
The future for the final expense market is going to be bright for the foreseeable future. Today’s youngest Boomers are 53. It will be more than a decade before they retire and begin drawing social security. At the same time, younger generations have less savings and more need for affordable burial expense options. One thing that’s not changing is the concern seniors have about leaving their loved ones with bills for final expenses. And that makes all the difference for where the final expense market is headed.
Ready to get started with aged final expense leads? Fill your pipeline with a fresh supply of high-quality leads from The Aged Lead Store. You’ll find thousands of sortable aged leads, ready to boost your sales, whether your business is auto, life, final expense, health, Medicare supplement or homeowners insurance, annuities, auto warranty coverage, mortgage refinance, or solar installation.
