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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.
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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.
After a senior requests more information about Final Expense options, the call recording is sent to management for review. This quality control process ensures that only leads that are interested in more information are sent to agents.
Baby boomers are the second-largest age group after their millennials. By the year 2030, every baby boomer will be over the age of 65. With the median retirement savings for baby boomers just over $200,000, very few have large nest eggs to fall back on. That means there's a large market for final expense insurance. As an agent, you just have to know how to tap into it.
Final expense life insurance is designed for seniors. It pays a death benefit to their beneficiaries to cover funeral costs and other expenses, giving your clients confidence that they have eased the burden that end-of-life activities bring.
As an insurance agent, the simplest way to explain final expense insurance is to label it as a permanent life insurance option with a small benefit paid upon death. Some clients may refer to it as burial insurance or funeral insurance.
To understand the true value of life insurance, consider the sky-high cost of funerals. The median funeral expense in the U.S. is $7,360, but it can be much higher. Here are the most expensive states to have a funeral:
Most seniors who had life insurance through their employer no longer have that benefit once they retire. They may also not have enough savings to leave behind to cover funeral costs. Beneficiaries can use the final expense payout to cover anything they need, such as:
Ultimately, final expense life insurance provides peace of mind that your clients' families won't need to worry about the burdensome costs of death when they're already dealing with its emotional difficulties.
The ideal client for a final expense insurance policy will be advanced in age or dealing with health conditions that make it difficult to qualify for any other type of life insurance policy. Individuals who always had life insurance through their employer but lost it in retirement are also ideal candidates for final expense insurance.
Final expense life insurance comes with a much lower premium than a typical term life insurance policy, due to lower coverage amounts. The amount of final expense coverage can range from around $5,000 to $35,000, but usually not much more. For your clients between the ages of 50 and 85 who want an affordable way to give peace of mind to their loved ones, final expense insurance is a great option.
As an insurance agent, it is clear there is a big market for final expense insurance. How do you tap into this potential revenue stream? As always, it starts with finding good leads. Here are a few tips for finding them.
There is a lot of potential on social media, whether it's, Facebook, Instagram, or other social networks. According to Pew Research, 73% of users between ages 50 to 64, and 45% of those over age 65 use social media. To target these users for final expense insurance, it is best to use the platforms they visit most often (Facebook).
On Facebook, it can start with simple posts about final expense insurance to get folks talking. Try to generate interest by posting data on funeral expenses and costs. You also want to think about how you could make use of Facebook advertising to get in front of clients as they scroll their feed. Try a few different angles and see what kind of traction you can get. You may be surprised to see the high hit rate a social media presence can bring.
Cold-calling isn't as popular as it used to be, but there is still a place for it in insurance sales. Grabbing a listing of phone numbers and then hitting on them one at a time can be worthwhile for a few reasons. One, you can work on your final expense insurance sales pitch and see how prospects react. Second, you may come across one or two new clients in this glorified training exercise that can lead to an eventual sale. It may not be the most glamorous sales tactic, but cold-calling can be helpful.
One of the best ways to get strong final expense life insurance leads is to purchase them from lead-generation providers. The key, though, is finding the right partner. Many lead-generation providers offer free leads online. These "free" leads usually come with requirements for what you need to sell, when you need to sell it, and so on. Plus, the leads aren't unique, meaning you're competing with many other agents who are seeking free leads.
You can generate many leads from your existing customers. Talk to your client base regularly and build great relationships. Let them know you are accepting new clients and offering final expense insurance. As you post on social media, see if you can get them to interact with you in the comments. All this can lead to new clients coming your way without any advertising dollars spent.
To close the sale, talk up the benefits final expense insurance brings to the table. Highlight the fact that it's not only about paying for funeral costs and burial expenses. Your clients' beneficiaries can use final expense insurance for anything. Understand your prospects' needs and use that to close the sale.
Now is the time to start to tap into the final expense insurance market. There is a lot of potential out there with your existing clients' networks, as well as what lead generation providers like Nectar can offer. If you want to get a head start on selling life insurance, we can help.
Nectar's real-time, unique lead generation software allows you to target life insurance customers in your area. You can control the type of leads you get and when you want to receive them. Get a jump on selling final expense insurance today with real-time life insurance leads from Nectar.
Lead Concepts has been a leader in developing final expense and burial insurance leads for three decades. We have the knowledge, products and experience to provide the best lead generation services in the industry to our clients.
Some families may be unaware of the benefits of a final expense or burial insurance plan or simply not know where to go to find information about these plans. That is why we reach out to families without final expense insurance and provide them with an introduction to the concept of these plans and a resource (you!) to contact for more information.
We understand the sensitivity of this topic, which is why our mailers are designed with the potential customer in mind. Our final expense and burial mailers can provide the specific tone and mood you are looking for when interacting with clients in need.
When it comes to selling burial insurance, Lead Concepts has the tools to help you be successful. We have many options that will increase your final expense insurance plan response rates. From giveaways to phone appointments, demographic targeting and more, our team has employed a variety of tactics to ensure you get the highest response possible. These customizable options allow agents to choose a mail design that fits his or her sales style and, as a result, convert more leads into clients.
We ensure that the leads we send to your inbox are real people that are interested in your services. In fact, we employ a lot of past and current data that enables us to make informed decisions about our direct mail strategy for generating final expense and burial/funeral leads. Our guarantee is our clients will receive high-quality leads when they work with us. By providing creative and unique lead generation methods, listening to customer feedback, and never sharing leads, we commit ourselves to customer satisfaction.
With many companies declining life insurance policies for those at high risk of mortality, the demand for guaranteed-issue final expense insurance increases. Having access to a steady flow of final expense insurance leads is the key to maximizing your potential sales. While purchasing exclusive final expense leads is an option, there are other ways to generate leads with little to no upfront costs. Here we discuss the pros and cons of some of the top lead-generating options and how they can help your business.
A final expense lead is any person looking to proactively find a policy that will provide their beneficiaries with enough money to cover the cost of death and funeral arrangements. With the average cost of funerals in the United States costing nearly $10,000, final expense insurance, also known as burial insurance or funeral insurance, is a vital yet often overlooked protection policy for your potential clients. The target demographic for final expense leads is people between the ages of 55 and 75 and have primarily been driven by direct mail campaigns.
Buying qualified final expense leads can be an affordable way to generate new business as you are gaining leads that have already expressed interest in purchasing final expense insurance. When it comes to purchasing leads, you typically have two options: exclusive real-time leads and aged leads.
Exclusive real-time leads are between 24-48 hours old, providing you with potential leads that have very recently shown interest in purchasing a policy. Unfortunately, for new agents, these leads can be expensive.
Many of these real-time leads are often left unsold, leaving them to age. These aged leads are available for sale with prices based on their age. The older the leads are, the cheaper they will cost. While these leads have shown an interest in these policies, there has been a time since that interest was originally shown, meaning they may already have a policy in place. However, they can be a low-cost option to try. 041b061a72