How to Make Money Selling Final Expense

Final Expense insurance is a plan written for older individuals who will benefit from end of life expenses. Expenses that are usually covered by these policies are funeral expenses, burial or cremation, medical expenses, or any other immediate expenses after the death of the policy holder. Though these plans can benefit many individuals, there are many challenges that agents can face while trying to make a sale. It is fairly difficult to approach someone and throw a sales pitch about their pending demise. Even so, finding potential clients can be a challenge if you’re not plugged into a network of potential clients. The question then is how do we make money selling final expense? We can start by creating a system to help create a steady flow of potential clients.

In any good system, it is well thought out and takes into consideration all of the possibilities that can happen. It has contingency plans in case the straight forward route doesn’t pan out. For instance, you reach out to the potential client with their information you were given. You tried to call, but didn’t get an answer; so you have to leave a voicemail. Maybe you don’t get a call back. You should then follow up with an email if they gave one on the info sheet. In order to not put a bad reputation to your name, don’t continuously hound them about buying Final Expense. Your system in place should flow seamlessly and allow for you to move onto another lead.

One of the hardest obstacles of making a sale is having a steady flow of proper leads. Even when starting out, it is very important that you diversify your lead sources. These sources can be flyers or brochures, email lists, social media profiles advertising your business, mailing lists, lead cards, and so on. Additionally, 2-3 of these lead sources could be paid for on lead generating websites. These sites help visitors be more familiar with your services while also collecting information about them for you so you can contact them if they’re interested in buying FEX insurance.

Another necessary feature for a great system is for it to be measurable. Have running records of how much you spend on marketing and how many new clients you see; even if they don’t buy a product, it’s still a good thing to know if your marketing is actually paying off and bringing in new clientele. In addition, if you are using social media (Facebook, Instagram, Youtube, etc.) to market your services, many times, they have engagement statistics to show you how many people actually see your content. It breaks down how many see each individual post. These metrics can help you fine tune your marketing tactics to get more consultations down the road. Another thing to look into is studying sales of products. Are the products you’re selling even competitive in the current market? Is it even worth carrying a product that no one will buy? Make sure you keep your portfolio up to date with the best products in the industry.

As time goes on, you should be seeing what is working and what isn’t. This goes beyond simply getting leads. Are your sales pitches clinching sales? Have you been very attentive to your client’s needs and reservations about buying FEX? The process from your point of view should be clear: Speak with your client to find out about their demographics and what medical conditions they may have, complete accurate underwriting, search for the best plans available for your client, and answer any questions they may have regarding what FEX covers. Through active listening and acknowledging the major issues that the client is going through, you can build a very strong rapport. Once you get your routine down, you can simply rinse and repeat this process with new clients (adjusting to the energy of each client as necessary).

With a system in place, your work flow should move rather smoothly. By design, this should create a routine for you. Schedule your day to complete certain tasks at certain times. In the morning, check your emails and respond to any messages you may have. In the early afternoon, setup consultations with clients. Depending on if you’re doing in-person visits, in-home visits, or over the phone consultations, plan out your time blocks to accommodate your appointments. Additionally, you will have to set time aside to deal with chargebacks and other bookkeeping; make sure it’s generally set at the same time every day to ensure you have enough time to handle these tasks. Most importantly, you should ensure that you pace yourself and only work a certain amount of hours per day; otherwise, you could get burned out early into your career.

One of the major components of selling FEX insurance is the underwriting process. This can be long and tedious, especially if you sell many products from different carriers. Generally, after taking in all of your client’s medical information, you have to cross reference this information with large charts of medication names and medical conditions to see if your client even qualifies. This could take several minutes or longer if the client has a lot of medical issues. There are software programs out there like Best Plan Pro to help with the underwriting process. So why worry about underwriting? Or if you can’t invest in an automated underwriting program, make sure you have a system in place to quickly determine which products your clients qualify for.

Having the proper workspace is imperative to a good work flow. You should separate yourself from things that can distract you if you’re working from home. If you have pets, though it can be very hard to separate yourself from them, you have to figure out a way to keep them preoccupied while you work. You can also schedule around your pets; set out break times where you can attend to your pet if applicable. As for your actual workspace, have a separate station where you can perform all your work related tasks. Keep all your files and contact information here so you can easily find what you’re looking for. Ensure client documents are separated and organized by time of appointment. This will make phone calls easier if you have all the necessary documents to discuss plans with your clients right in front of you. Staying organized will help you follow through on your scheduled appointments with your clients and more importantly, stay on time so you don’t keep other clients waiting.

Many carriers are using Telesales to reach more clients who live in different areas. Telesales is the selling products or services via telephone. After you collect leads, you actively call the client to make the final sale. If they have any questions, you are tasked with sharing more information on the product(s) to secure the sale. Not all carriers allow for Telesales, but more and more are expanding to it in order to reach more clientele. Whether or not you sell via Telesales, you want to follow up with your clients to make sure they are satisfied with their investments or if they have any further questions. Telesales is a great way to speak to more potential clients if you cannot find more clients who’ll meet in person.

As with anything, you want to set little milestones to reach not only to track progress, but to also have something to work towards. These goals can be big like make 20+ sales per month or something little like having a certain amount of consultations per week or even per day. With small goals in mind, you can build up your experience and knowledge of the industry while still having something more to work towards. Just keep in mind that it might not be feasible to make a ton of sales when just starting out. Stick with small goals until it’s time to think big. Always try to improve your speech craft and become more personable. At the end of the day, you are interacting with your clients directly. Be upfront about everything. There’s a good chance that clients are shopping around. So they will end up learning about what they are and are not eligible for, and if there’s something they feel is off, they could turtle up. You don’t wanna get replaced if your client finds out that there’s something better out there for them.