Although I have never tried to specifically market final expense insurance I have talked to hundreds of agents who have. Based on what they have told me it seems that it would be much more enjoyable for me to go to the junkyard barefooted and kick broken bottles and bricks.
It appears to be way too much work, too frustrating, expensive and time consuming. I have sold a ton of final expense in the last sixteen years and each sale was an easy and rewarding experience. Why? Because I had already developed a relationship with that person and they knew and trusted me.
Every final expense sale I have ever made was the direct result of a Med Supp appointment. Med Supp appointments are so much easier to get and Med Supps are so much easier to sell without the need to spend thousands of dollars buying what I consider mostly worthless "leads". In my experience direct mail is the absolute worst when working the senior market.
Most of the time after making a Med Supp sale I am able to show my new client that not only can they have a policy that will cover their funeral expenses but it will not cost them any additional money over and above what they were already spending.
Over 99% of the time, when I sell a Med Supp policy, I am able to save my new client money. Many times I have saved them a substantial amount of money. (It doesn't occur often but I have saved a prospect over $100 per month on their Med Supp policy.)
After completing the Med Supp application and pointing out the savings it is a very smooth transition to simply make the suggestion that, with the money they saved, it may be a wise decision on their part to invest a portion of that savings in a final expense policy.
Since the prospect is not going to have to increase the amount of money already coming out of their checking account, most often they also think that it is a good idea.
Med Supps and Final Expense go together like a hand and a glove.
Does it get any easier that that?
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Medicare Supplement Sales Training and Coaching.
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Don't forget to also offer single premium life in place of CDs for those leaving money to charity or relatives. I've got two in the works right now. 72f, 14k exchanged for a paid up $21k life policy. 81f exchanged a $10k cd for $12,780 policy. I put this offer in my newletter once per year and do well with it.
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Originally Posted by Yoda
That being said for the most part I think Michael Moore is dead on. .
Don't forget to also offer single premium life in place of CDs for those leaving money to charity or relatives. I've got two in the works right now. 72f, 14k exchanged for a paid up $21k life policy. 81f exchanged a $10k cd for $12,780 policy. I put this offer in my newletter once per year and do well with it.
If that were only the best example of Yoda's wisdom. I think he's got a few words to say about the entire FMO structure of the insurance industry, as well as other great wisdom advice on subjects we all fail to understand. What a burden it must be, to be so wise.
I plan on reading the documents through twice, then clarifying myself on a few words to "brush up" since my licensing classes. As soon as I do that I will definitley give you a call! I have read the documents once. The second read, I am going to make notes on what I DONT understand. Expect a call from me hopefully within the next week!
GORDON SAID- "Just trying to enlighten others as to what Yoda deems quality information sources. It is a free service."
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You mean quality news sources like your mickey mouse newsletter you send out to your clients......ha ha ha ha ha ha ha!
Mickey mouse? Well lets see. That mickey mouse newsletter had three email and one phone call thanking me for taking such good care of them. One new client via referral. That was this week within two days of the letter being mailed.
Client says to friend... "did you know?".... while showing that newsletter, etc. Friend calls me to set appointment. So if that's mickey mouse... I like it.
I spend ~$220/mo doing that letter. I get at least one refferal shortly after it going out. Coincidence? That alone pays for the letter. Staying in communication with clients keeps them loyal. Death... the only way I've lost a client in 2009. Besides that, anything I need to say to one, warn one about, or call to action I need to tell one... I tell em all.
This last newletter where I suggested swapping CD money for SPL... if I close one of the two I'll make over half of my mailing expense for the year. Big woop.
Customer service/retention... another concept of this business Yoda doesn't have a clue about.
Final Expense -- Easy Cross Sell
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