How To Sell Final Expense Life Insurance

Entering the final expense insurance market requires more than just selling life insurance. It entails understanding the intricacies of burial insurance, and the different final expense plans. As a final expense sales agent, your role is to provide coverage tailored to cover end-of-life expenses, including funeral costs, medical bills, and outstanding debts, offering peace of mind to policyholders and their families.

Understanding Final Expense Insurance

Final expense insurance, also known as burial or funeral insurance, is a crucial component of financial planning for individuals and families. These policies typically offer whole life coverage with lower face values and premiums, making them accessible to individuals of varying financial means.

Final expense insurance is often designed to be simpler to qualify for, with minimal underwriting requirements, making it an attractive option for those with health conditions or limited financial resources. The death benefit is lower than a whole life insurance policy, but this is because these types of policies have a lower cost. Just like with whole life or term insurance these policies have a cash value.

There are several types of final expense insurance policies, including guaranteed issue, graded, and modified. Guaranteed issue policies, for instance, do not require extensive underwriting and can be sold during the first meeting with a client, streamlining the process for both sales agents and clients alike.

Identifying Your Target Market

To excel in selling final expense insurance, it’s essential to identify and understand your target demographic. This typically includes seniors and older adults who are planning for their end-of-life expenses. Additionally, individuals with health issues or limited financial resources may also be prime candidates for final expense insurance. Understanding the demographic, you serve is crucial for tailoring your sales approach and marketing efforts effectively.

If you already have a book of business for Medicare clients, this would be a great place to start. You already have an established relationship, so start there before deciding on other lead generation efforts for life insurance leads.

Building Trust and Rapport

Establishing trust and rapport with potential clients is essential for success in the final expense insurance market. This begins with demonstrating empathy and understanding towards your clients’ concerns about end-of-life planning. Whether through face-to-face interactions or virtual meetings, active listening and personalized communication are key to building genuine connections with clients.

Customizing Coverage

Every client’s financial situation and insurance needs are unique, necessitating a customized approach to coverage. Conducting a thorough needs analysis allows you to determine the appropriate face value and coverage options for each client. Consider factors such as age, health status, budget, and desired level of coverage when tailoring final expense plans to meet your clients’ needs.

Overcoming Objections

During the sales process, you may encounter objections from clients who are hesitant to purchase final expense insurance. Common objections may include concerns about affordability, the need for coverage, or skepticism about the value of insurance. Addressing these objections requires empathy, patience, and a thorough understanding of the benefits of final expense coverage.

Closing the Sale

Closing the sale requires confidence, professionalism, and effective communication skills. Once you’ve addressed your client’s concerns and demonstrated the value of final expense insurance, ask for their commitment to purchase coverage. Utilize closing techniques such as trial closes, assumptive language, and offering incentives to encourage clients to take action.

Many individuals may be unfamiliar with final expense insurance and its benefits. As a final expense sales agent, it’s your responsibility to educate your clients about the importance of planning for end-of-life expenses and the role that final expense insurance can play in providing financial security for their loved ones. Utilize various channels, including social media, direct mail campaigns, and educational seminars, to disseminate information and raise awareness about final expense coverage options.

Follow-Up and Continued Support

For a licensed agent the sales process doesn’t end once the client has purchased coverage. Follow-up with your clients regularly to ensure their needs are being met and to address any questions or concerns that may arise. Provide ongoing support and assistance throughout the life of the policy, demonstrating your commitment to your clients’ well-being and fostering long-term relationships.

You don’t have to go at it alone. You can partner with an insurance company like Orca Life. We train our people with weekly calls, monthly trainings, and annual conferences to help you continue to build your skills and your book of business.

We partner with the top insurance carriers not just for final expense insurance sales, but for you to be able to offer a comprehensive list of insurance products to sell. We work with new sales agents who need the mentoring and guidance on how to get their insurance license to be able to succeed in a competitive, but lucrative industry.

Succeeding as a final expense sales agent requires a combination of empathy, understanding, and effective communication skills. By identifying your target market, building trust and rapport, educating clients, customizing coverage, overcoming objections, and providing ongoing support, you can excel in the final expense market. With dedication, knowledge, and a commitment to serving your clients’ needs, you can make a meaningful difference in the lives of individuals and families as they plan for their end-of-life expenses.

If you have any further questions, please don’t hesitate to contact Orca Life or simply call 844-851-3846.