Cold Calling Final Expense

mikeincolumbuso

Super Genius
100+ Post Club
119
After the furstration of trying to run pre set appointments, I have to decided to start cold calling to prospect for final expense sales. I had some luck starting late last week by setting one appointment and closing that sale. I have several more for this week already from last week's calls. I probably called for 7-8 hours with those outcomes.
Is there someone that can provide a "turnkey" model/selling system for cold calling final expense like Frank Stastny does for Med Supps? In terms of the lead/prospect demographics, phone and in- home scripts, carriers etc? His system works so well for med supps because many people want to try and save money on their monthly premiums. I am looking for an effective angle when I call people asking to help them with their life insurance needs but I do not want to have to reinvent the wheel and making the calls is no big deal for me. So many of the people I talk to on the phone with my script say they are all set so where do I take the call from there. A turnkey system would help address those issues. I thought about going the Med Supp route, but my experience has been in FE and MAPD sales so I want to stick with these products.
 
To my knowledge you won't find a "turnkey model/selling system" for telemarketing FE business as it's not a model that anyone is pursuing long term. The only agents I know of that have done it, did so for a short time to generate a little bit of cash flow until they could get their direct mail off the ground.

With regard to what to do with the people who "are all set" your best bet is to move on. What you're doing with telemarketing FE is no different than what is being done with direct mail in that you can drop that mail to 1000 people and 5-15 are going to respond. Generally speaking the ones who respond just got home from Aunt Gertrude's funeral and she didn't have a lick of insurance so now the person you called is suddenly all ears when you called out of the blue. It's truly about the numbers and not really the technique for these particular calls, the polar opposite of Frank teaching someone who to give good phone for supps. You are just in a very nice and direct way asking them if they'd like to buy some life insurance...period.

Be very careful pushing too hard on these types of prospects as well as your persistency will be in the toilet in no time flat. Take the low hanging fruit and move on. If you then see it as a viable way for you generate business 60-90 days down the road train 2-3 callers to do the legwork for you and just work the leads. If you're committed long term to just doing it yourself you'd be WAY better off having Frank teach you supps and just cross sell FE and annuities. As a phone warrior that is a much better market and you'll have a much better book of business than raw telemarketed FE.
 
Here is a technique: When the prospect says....I have more insurance than I know what to do with, I have a prepaid burial etc. You say: I'll tell you what ! You are one of the most responsible, thoughtful people I have met ! Most people don't look ahead and plan like you do. I wish everyone thought like you !....Now you have made them feel good about themselves, and you have made a friend. Now interact with them, have dialogue with them.
Say, do your children or other members of your family have life insurance ? No ? Well, you and I both know that the earlier you purchase it, the better the rate and they will be locked into this rate for life. I would like for them to have the same peace of mind that you have, knowing their loved ones will not have to face the financial burden of paying for their funeral. Do you think they would mind if I dropped by to show them my FE plan ? Yes-No doesn't really matter, if they don't have it, drop by anyway......I just happened to be in the neighborhood and thought I would stop by...........Now Johnny, when you pass away, your family will be around you, reflecting on your life and all the good times you had together, recalling all of the good memories they have of you, and how they love you, you want that to be a special time, you don't want them worrying about how they are going to have to pay for your funeral and the other expenses associated with it, DO YOU ? Well, No.... I didn't think so...I have a plan right here that will make this situation so much easier. Let's sit down and go over it. 6,000 for 20.00...8,000 for 25.00 and 10,000 for 30.00.....which plan do you feel most comfortable with. Oh, the 25.00 ? OK let's write it up.
Word it to suit your self and in a way you feel comfortable with. You can come up with new ideas, and some ideas will just naturally present themselves.
 
Briefcaseboy, I have to completely disagree with you. That is a fantastic way to waste a ton of time. If you're working lead cards and literally have nothing better to do, then sure, but in the amount of time it takes to drive around and harass people at their front door an agent can literally make 100 calls.
- - - - - - - - - - - - - - - - - -
To my knowledge you won't find a "turnkey model/selling system" for telemarketing FE business as it's not a model that anyone is pursuing long term.

I have to agree with you on that. The other problem with that is the fact that life insurance, particularly final expense, is not a commodity sale (at least most of the time). By design you won't find someone selling a telemarketed FE selling system because it is a much more complicated sales process.

The other reason why I think it'll be unlikely that someone would sell a turnkey FE system is that it makes much more sense to keep that stuff in-house rather than sell it for the few hundred dollars tops that an agent would pay for it. I'll give you a perfect example. Saturday I had an agent work for about 4 hours using the "turnkey" type system I developed. He's a great guy and a great agent, but he's never done life insurance before. After working for 4 hours he's looking at just over $3k in premium with probably another $2k that'll kick loose over the next few weeks. By contracting him under me and training him, I'll make more in a week of overrides than I would every be able to get an agent to pay me for a system.

Going back to Frank's system, he's offering a tremendous value for what he provides. Were I in Frank's position I most likely would have started recruiting sooner, but that's more of a stylistic difference. Frank has the market cornered on giving away high contracts, excellent training, and only charging for the software.
 
Last edited:
I guess I really didn't not mean "selling system" per se but more a turnkey "blueprint for success" as it relates to sellling final expense by cold calling for final expense sales. It to me that handling the objections to someone saying "I am all set" becomes a huge challenge to overcome. Perhaps cold calling final expense is not the best route to go long term and other methods like buying direct mails leads is a more cost-effective way to go. I am in a position to purchase direct mail leads if it makes more sense, but getting 5-10 pieces back from a 1,000 piece drop doesn't seem that cost effective either, unless of course you close at least 3 of them from a ROI perspective. I am just trying to go the route that will make me the most money just like everyone else.
 
Thanks guys, I appreciate the kind words.

I am a strong advocate for cold calling to sell Med Supps. I have found it to be the most successful, cost effective way to get new clients. Since I save all my new Med Supp clients money, cross selling FE becomes relatively simple.

I have tried to use my cold calling Med Supp model and develop one for FE. I haven't been able to come up with anything that works like the one for Med Supps does.

The only kind of "cold calling" for FE that I had any success with was knocking on doors.

When I first started it was suggested that I knock on doors for FE so I tried it. I was told to go to the poorest areas in St. Louis and knocked on doors. I just went down one side of the street and then crossed over to the other side.

I did fairly well but it only took a few weeks for me to realize that this was not where my future was.
 
I agree with Brad, if a person tells you they have adequate insurance to pay for their funeral and final expenses thank them for their time and call the next person. There is no objection to overcome if they don't need your product.
 
Back
Top