By Jeff Gaston

Final expense is one of the simplest life insurance products to sell, but it isn’t the easiest to discuss. What are some ideas for selling final expense insurance?

In general, final expense insurance itself isn’t hard to learn, with low face amounts, low premiums, and simplified underwriting. Final expense appointments are generally short, and the target market and need for this product are both extensive. It can, however, be hard to segue into and give a final expense sales presentation.

Having a conversation about death can be uncomfortable. Additionally, it can be difficult to build rapport with a potential client. How can you possibly get more final expense leads and close more final expense sales?

Always Consider Leads Outside of Your Target Market

If you’re selling final expense insurance, there are multiple ways you can think outside the box for new leads and new sales. There’s nothing wrong with using a final expense appointment to simply sell a final expense insurance policy. But, with your clients’ best interests in mind, delving deeper and exploring coverage gaps may lead to additional sales opportunities and help set you up for long-standing, mutually beneficial business relationships.

Your target market for final expense is low-to-middle-class seniors, ages 50 and above. But don’t limit yourself to this age demographic. In your low-to-middle-class target market, the need is great. Generally, the average funeral cost can range from $7K to $10K or more, depending on the area of the country. Burial services and other end-of-life related expenses can cost an additional $5K to $8K. Most families don’t have $12K to $17K readily liquid and available. By calculating the cost of these services using a funeral planning worksheet and offering plans and pricing options that are affordable to your clients, you can minimize or eliminate the biggest funeral planning challenge for them. 

Cross Selling Medicare clients

The good news is that, if you’re an agent who’s already working with a Medicare book of business, you’ll have already started the process of building rapport with clients. For new prospects and the referrals, you will receive (when you ask for them after a successful sale), the process of building rapport will be more difficult. Asking for referrals after a successful sale is easy and comfortable, and obtaining referrals is very common. This also allows you as the agent to be a one stop shop for your client. You don’t want to give another insurance agent the opportunity to come and sell a final expense policy to your client and then have the chance to ask your client about their Medicare plan. Ask for the business!

The problem is a majority of agents avoid having “the death conversation” with their clients. One of the most effective ways of broaching the topic with clients or prospects is to point out the elephant in the room and address it via a more personal approach. Building rapport is easy when you share a personal story that your audience can relate to, such as a family member or friend who passed away and how you and your family dealt with all the financial and extremely emotional decisions that had to be made very quickly. Ask the question, “Do you think that if all of these decisions had been made ahead of time and paid for ahead of time, the family would be relieved and grateful they knew, with absolute certainty, that they were following their loved ones wishes?”

Perfect Your Final Expense Sales Pitch

Once you have reviewed the client’s health and financial condition, ran quotes, completed the application, and discovered the type of coverage the client qualifies for, it’s important to offer payment options that meet the client’s budget.

One of the most effective ways of closing a final expense sale is to offer the client three coverage and monthly payment options. It is important to always make sure that you don’t sign your client up for something that they can’t afford. A good example of selling a policy is to always ask. For example, offering death benefit amounts of $5K, $8K and $25K, with the corresponding monthly payments, may help the client determine how much they’re willing to spend. It also clearly demonstrates to the client how a small premium difference could purchase several thousand dollars more in coverage. It also helps make sure that you don’t sign your client up for something that is going to make too big of a dent in their monthly budget. 

Bottom line

Selling and offering final expense coverage to your clients is easy though Agent Boost Marketing. We have access to a myriad of insurance carriers, top agent commissions, quoting and e-apps on our website, and access to knowledgeable staff to help you every step of the way. If you’re unsure where to start or need additional training, please don’t hesitate to reach out. We want you to provide value and service to your clients, as well as earning a great sales commission. Let us know how we can earn your business.