Are you wasting money on FEX Leads?
If you’re like most agents, you are always looking for ways to generate more leads and close more sales. And, if you’re selling insurance, you know that quality leads are essential to your success.
Final expense leads offer a great opportunity for agents looking to grow their businesses. But, not all final expense leads are created equal.
Unfortunately, many agents waste a lot of money on leads that don’t work out. Some rely on cheap and low-quality lead vendors while others just lack the necessary follow-up skills or sales techniques. Either way, it’s important to make sure you’re getting the most out of your final expense leads.
So, how do you know if you’re wasting your money on final expense leads? How do you know which leads are worth your investment?
Let’s take a look at the cost and value of final expense leads and how to make sure you’re getting the most bang for your buck.
The Obvious: Don’t Get Replaced
This tip is probably the most obvious. Once you sell a policy, make sure it stays on the books. That means don’t sell a policy outside your client’s price range. That means preventing replacement.
We’ve written more about replacement and pricing, so we’ll refer you there:
- Using Best Plan Pro to Quote based on Budget (and Health)
- Preventing Replacement as a Life Insurance Agent
How many sources should you have?
We’ve written on this topic too, so the short answer is several (diversify!), but view the answer in context with caveats and explanation here: How Many Lead Sources Should You Have?
What Is A Final Expense Lead?
Let’s make sure we’re all talking about the same thing. So let’s start at the basics. What is a Final Expense Lead?
Final expense leads are defined as potential customers who want to take care of their burial expenses before their death, to avoid burdening their loved ones.
This type of policy is usually purchased by people over the age of 50, and it’s a great way to provide peace of mind for both the insured and their loved ones.
Final expense leads are much different from other types of insurance leads.
They’re generally easier to sell, and they don’t require as much work on your end due to simplified underwriting requirements often allowing for instant issue of policies.
This makes them a great option for agents who are new to final expense sales or want to boost their sales numbers quickly.
Are Final Expense Leads Worth Pursuing?
Final expense leads are often approved quickly as burial insurance doesn’t require access to medical records or blood samples.
As well, final expense leads are not as risky as other types of insurance, so the premiums for these policies are relatively low.
This means that final expense leads can be more affordable, and you could make a higher profit on each sale.
Final expense leads can often be closed over the phone, leading to a quick and easy sale.
If you’re an insurance agent who is interested in selling life insurance to seniors, then using aged final expense leads may be the right move for your business.
Where To Find Final Expense Leads
Customers looking for final expense or burial insurance are often in their 50s or 60s, so they can be difficult to find if you’re used to using digital platforms.
Traditional lead generation techniques, like direct mail campaigns, are often the mostlucrative when prospecting these buyers.
That said, more and more final expense leads are becoming familiar with digital platforms. Here are a few ways to find final expense leads:
- Use Facebook ads to attract final expense leads
- Canvas neighborhoods
- Leverage telemarketing techniques
- Ask for referrals from existing customers
- Use direct mail campaigns
A combination of these strategies will likely produce the best results.
When it comes to final expense leads, it’s important to target those who are most likely to buy. The goal is to find people who are already interested in life insurance and convert them into final expense buyers.
If you have an existing subset of customers who have already purchased life insurance, you should start by targeting them. This approach allows for a more precise targeting strategy, which can be useful when trying to reach the right people.
When using Facebook ads or other social media platforms, try creating an ad that targets people who are in your ideal age range (in this case 60+). Then use that same ad and target those who have recently been searching for life insurance quotes online.
This will help you reach people who are already interested in buying a policy, which can save you time and money.
Considerations When Pursuing Final Expense Leads
It’s important to remember that final expense leads may not be the best option for everyone.
Some agents find that they are more successful when they focus on other types of leads, such as health insurance or term insurance. However, they’re usually a great option for medicare cross-selling.
Final expense insurance is often purchased by individuals who are nearing or have recently retired, so they are in limited supply. The risk of chargeback is higher for those who need final expense insurance, however, commissions, issuance process, and other factors make it simpler to sell.
If you’re not seeing success with final expense leads, then they should be used as a way to supplement other types of leads.
Conclusion: Are You Wasting Money on Final Expense Leads?
Final expense leads can be a great way to find new clients, close deals quickly, and increase your commission.
However, they may not be the best option for everyone.
The bottom line is, if you’re not getting the results you want from final expense leads, it’s time to try something else.
Try focusing on other types of leads and use final expense leads as a way to supplement your business.
While final expense leads may not be your biggest moneymaker, they can offer a lot of value when used correctly.
Secure Your Final Expense Leads Today
You can find success with final expense leads by asking for referrals from your current customers, using direct mail campaigns, and considering the age of the leads you’re pursuing.
Remember that final expense insurance is often purchased by individuals who are nearing or have recently retired, so make sure to target those individuals specifically.
Evaluating multiple lead sources is essential for final expense leads and systematizing the underwriting process for leads will help simplify the process of determining if a lead source is worth keeping. In our experience, lead sources work in cycles of really great to really bad consistently. In the “bad” times, we’d recommend a strategy of mixing less expensive aged leads and fresh leads with a door-knocking (for face-to-face) / drip communication (telesales) strategy to help keep cost-per-acquisition lower.
Best Plan Pro was created to help final expense agents sell the best product for their clients to maintain maximum placement and retention.
We offer efficient, predictable, and effective underwriting calculators and a full-featured multi-product health prequalification that can help you determine which product is best for each client.
We also have the best-documented platform and the best, user-focused technology in the industry.
This means that you can trust our products to help you sell more policies and maintain customer loyalty.
If you’re looking for final expense leads, be sure to check out Best Plan Pro today. Learn why Best Plan Pro is unmatched here.
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