Selling Final Expense

There’s a growing number of insurance agents who think the secret of success in selling insurance is the number of letters that follow their names. With a list of almost 200 professional insurance designations and certifications, it’s easy to see how this can happen.

The truth is that an agent’s designations and certifications have little to do with how effectively they can sell or how much money they will make. This does not mean that continuing professional education and the designations that follow aren’t important. Knowing as much as possible about the products you sell is clearly a good thing. But it’s not the only thing.

The reality is that the insurance business, right along with just about every other business, is changing rapidly. The recent financial turmoil of the past several years has taken its toll. Disposable income is down. Budgets are tighter. Things that people once spent money on are no longer in the budget.

Many insurance agents thought they could insulate themselves from these macro-economic dynamics by focusing on high-net worth individuals. The reasoning was that these folks will always be able to afford insurance. The reality is that this market has never been particularly easy to break into, and is even harder today. Some of these people have taken serious financial hits like everyone else. And even for them, high-cost insurance policies with expensive premiums—and juicy agent commissions—simply aren’t as commonplace as they used to be.

final_expense_vs_life_insuranceThat’s why Final Expense insurance is on the rise—everybody needs it and just about everybody can afford it. For most families today, paying out the $10,000-15,000 or so required to bury a relative or loved one represents a potentially serious financial hardship. The funeral home, cemetery and memorial companies are in business and need to make money. These expenses can’t really be trimmed.

Final Expense insurance solves this problem with a very affordable monthly payment and extremely easy application process. A good Final Expense agent can typically sell a policy with one meeting at the dining room table. Simply by pointing out the high costs of dying and taking a simple application, the policy will pretty much sell itself.

A good agent can make money selling virtually any kind of insurance, and Final Expense is no exception. The difference is that Final Expense is an easy product to learn, sell and profit from. Furthermore, these policies are typically much easier to get approved and issued because of their simplified underwriting. Most seniors can acknowledge their need for this type of coverage and appreciate the fact that Final Expense is simple and easy to understand, making it an extremely attractive product for an agent to offer.

As with anything else, if you’re considering a move into selling Final Expense, it is best to find an experienced group of Final Expense producers to align yourself with. Not only will they be able to help shorten your learning curve and provide motivation, but can also point out important details from their own learning experiences, which can help insure your future success.