There are plenty of agents who are successful with aged final expense leads. And there are plenty that aren’t. What sets the successful folks apart? Both use similar life insurance sales processes and cold calling strategies. So how do you make sure you end up in the successful agent basket?
1. Knock on Doors
Aged final expense leads are bought by seniors, generally 55-75 years old, who don’t have the need or desire for complex whole life products. These are folks looking for an affordable, simple solution and a simple sales process.
Drip email campaigns and even cold calling may not get you as far as you want. That’s why I’d recommend targeting leads in a particular area and start knocking on doors. At least 10 doors a day, five days a week.
You were just in the neighborhood. You’ve got their information and the quote they requested. Do they have a moment to go over their quote?
2. Know Your Sales Process
It’s also important to know your sales process and your market. The final expense sales funnel is less complicated than other insurance funnels. And if you try to complicate it, you’re going to mess things up.
That’s partially due to the final expense market, where the customers are lower- to middle-income folks looking to cheaply solve a single problem — burial expenses.
Successful final expense agents know these things. They happily take on the role of the “burial insurance guy/gal”, going door to door, providing a quote, and selling policies. Believe it or not, these agents frequently leave money on the table — they don’t complicate the process with health coverage, whole life, annuities, etc.
3. Sell the Prime Benefit
Successful agents also know that the key selling point for final expense plans is its guarantee. The prime market for final expense still aren’t too keen on insurance. But the skeptics do warm up to a “burial insurance” plan that is 100% guaranteed.
Another angle to take is to emphasize the customer’s primary pain point — the high cost of dying. With the cost of basic funeral expenses now over $10,000, many less wealthy folks are looking for a reliable solution like final expense.
In order to make the most of the opportunity, savvy agents typically do two things. First, they keep with them an up-to-date copy of local funeral home and cemetery general price lists (GPLs). This material can be used to emphasize the burial cost pain point.
Secondly, smart agents get appointed with three or more final expense carriers to maximize their chance of being able to get a policy issued for their leads. Many folks won’t want to pay more than $40 or $50 in monthly premiums, so it’s good to have options.
4. Get into Direct Mail
There will be some final expense leads who can be sold over the phone or even through email, but it’s not common. Older consumers prefer face-to-face contact and direct mail.
Think of all the businesses and charities that target seniors through mail. True, the response rate for many is below 2%, but mailings can still produce sales and a healthy ROI, even years after you first picked up an aged final expense lead.
A solid direct response program can be expensive for a turnkey solution, but consider this an investment. And don’t try to manage thousands of mailings yourself. Your time is best spent face-to-face with customers.
The best agents might have their mailing house send out 5,000 cards a month, 10 months out of the year (don’t mail during the holidays). For every 20 cards they get back, a savvy agent can expect to write $2,000 to $5,000 in premium.
5. Commit to Final Expense
Anything worth doing is worth doing well. And final expense is a thing worth doing well. This means committing to the product fully, at least until you find out whether it’s for you or not.
The truth is, it’s difficult to do final expense and a slew of other insurance niches at the same time. This is a product that requires patience, persistence, and commitment.
After a period of time, some agents find final expense isn’t their calling. And that’s perfectly fine. But for those who are successful with it, final expense often becomes their primary focus.
6. Connect With This Market
Lastly, successful final expense agents are those that can really connect with this customer market. That’s not such an easy task and for some it’s just impossible.
There are those who excel helping wealthy clients with financial planning. Successful final expense agents are a different breed. These are agents who can connect with regular folks, often those on fixed incomes, living simple lives, and sometimes living in old houses that have seen better days. The most successful agents are motivated to help these customers plan for their final expenses. For these agents, final expense can be a rewarding and profitable line of business.
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