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If you want to sell Final Expense Life Insurance Independently, here is the simplified version of what you do:
1. Get licensed. Check out online classes. I really liked testteachersonline. Then take your test. In Texas, you take it at a private place called Prometric.
2. Get Contracted.
Contact Insurance Companies you are interested in and ask who you would call to get contracted. Sometimes a company contracts you’re directly but most of the time, you have to go through a broker of sorts .... they will generally email you the contract for you to fill out and then you email it back with a copy of your insurance license, a void check, and a w-9.
Tip: Shop around to see what's out there. Some offer more benefits than others.
You want a company for healthy non smokers, a good priced company for smokers, and a decent priced company for your sick customers. I also like to have RBC in my bag for Easy Term (If I could, I would write them all day long. It's the easiest application in the world).
3. Order Leads: Whether you are signed on with someone that provides leads or order your own leads, you need to get a jump on this. You might as well get them flowing in. You can use Mail Houses, Telemarketing Companies, Dialers (with restrictions), Internet Leads ...etc.
You are aiming at 50-85yr olds with an income between 0-50k .... however, I prefer 15k and up ... When I raised my income standards, my income increased because I had less customers fall off the books (thanks to advice from Chris Westfall).
However, if you are tight on money, you will need to cold call. It's best to join up with a company like Mojo or Callfire. These companies speed dial for you and when someone picks up, you attempt to peak their interest and make an appointment.
One of my agent friends cold calls two hours in the morning and works the afternoons. He says he gets 2-4 leads every morning ... that is really good.
You can also hire a telemarketer to call for you - I have had really good luck with this.
I use someone to make my appointments too ...
4. Take each application from each company you represent and study each question. I take each health condition and mark which company does what with each illness. This helps me know what company to write.
I try my hardest to get everyone first day coverage.
5. Study a sales presentation word for word. Know it by heart and don't waiver from it (newby has a good one from last year ... use the search button for "FE Sales Presentation.)
You have to have a system. See it like a funnel. You start at the wide end and gradually funnel them down to the close.
This is my general flow:
1. Demonstrate the high cost of Final Expenses.
2. Whose going to pay for it?
3. Have you ever paid for a funeral?
4. Who is your Beneficiary?
5. Do you take any Medications?
6. Hows your heart, lungs, liver, kidneys. Ever been in the hospital for any reason in the past 5 years?
7. Ask if they are planning on being cremated or buried.
8. Show them three prices.
9. Ask which fits into their budget.
10. Ask the questions word for word on the application.
11. Tell them they are approved.
12. Ask if they know their SSN by heart and to see their ID.
6. Bank Account:
This is a touchy subject. I will often get through an entire sales pitch but not know if they will give me that information.
One trick I use during our chit chat session in the beginning:
I will ask if they are on a fixed income. If they say yes, I will ask if it's automatically deposited or do they get the check in the mail?
If they say it's deposited, I know they have a bank.
If they say it's sent in the mail, I will ask if they deposit it or if they cash it at the grocery.
In short, if they don't have the bank, I will usually wrap it up and recommend a local debit company.
I have found that few will ever send in their payment and when they don't, it hurts your persisantcy.
Once you know they have an account, it gives you the confidence you need to ask for the information when you get to the end of the application.
"So Mrs. Jones, what was the name of your bank? What day do you want to make the payment? And so you know, most insurance companies don't accept monthly payments through the mail anymore so they are going to be debiting the money out of your account each month. Do you have some proof that it's your account? Like a void check or deposit slip?
This works about 90% of the time.
7. Send a thank you card, B. day Card, and Christmas card.
And drive by on an occasion to see them. Most customers like to see you again. This helps them stay loyal.
This is how simple it is....
I believe anyone can do it. It's good money but its not free money. You have to work.
But it's well worth it.
Good Luck!
1. Get licensed. Check out online classes. I really liked testteachersonline. Then take your test. In Texas, you take it at a private place called Prometric.
2. Get Contracted.
Contact Insurance Companies you are interested in and ask who you would call to get contracted. Sometimes a company contracts you’re directly but most of the time, you have to go through a broker of sorts .... they will generally email you the contract for you to fill out and then you email it back with a copy of your insurance license, a void check, and a w-9.
Tip: Shop around to see what's out there. Some offer more benefits than others.
You want a company for healthy non smokers, a good priced company for smokers, and a decent priced company for your sick customers. I also like to have RBC in my bag for Easy Term (If I could, I would write them all day long. It's the easiest application in the world).
3. Order Leads: Whether you are signed on with someone that provides leads or order your own leads, you need to get a jump on this. You might as well get them flowing in. You can use Mail Houses, Telemarketing Companies, Dialers (with restrictions), Internet Leads ...etc.
You are aiming at 50-85yr olds with an income between 0-50k .... however, I prefer 15k and up ... When I raised my income standards, my income increased because I had less customers fall off the books (thanks to advice from Chris Westfall).
However, if you are tight on money, you will need to cold call. It's best to join up with a company like Mojo or Callfire. These companies speed dial for you and when someone picks up, you attempt to peak their interest and make an appointment.
One of my agent friends cold calls two hours in the morning and works the afternoons. He says he gets 2-4 leads every morning ... that is really good.
You can also hire a telemarketer to call for you - I have had really good luck with this.
I use someone to make my appointments too ...
4. Take each application from each company you represent and study each question. I take each health condition and mark which company does what with each illness. This helps me know what company to write.
I try my hardest to get everyone first day coverage.
5. Study a sales presentation word for word. Know it by heart and don't waiver from it (newby has a good one from last year ... use the search button for "FE Sales Presentation.)
You have to have a system. See it like a funnel. You start at the wide end and gradually funnel them down to the close.
This is my general flow:
1. Demonstrate the high cost of Final Expenses.
2. Whose going to pay for it?
3. Have you ever paid for a funeral?
4. Who is your Beneficiary?
5. Do you take any Medications?
6. Hows your heart, lungs, liver, kidneys. Ever been in the hospital for any reason in the past 5 years?
7. Ask if they are planning on being cremated or buried.
8. Show them three prices.
9. Ask which fits into their budget.
10. Ask the questions word for word on the application.
11. Tell them they are approved.
12. Ask if they know their SSN by heart and to see their ID.
6. Bank Account:
This is a touchy subject. I will often get through an entire sales pitch but not know if they will give me that information.
One trick I use during our chit chat session in the beginning:
I will ask if they are on a fixed income. If they say yes, I will ask if it's automatically deposited or do they get the check in the mail?
If they say it's deposited, I know they have a bank.
If they say it's sent in the mail, I will ask if they deposit it or if they cash it at the grocery.
In short, if they don't have the bank, I will usually wrap it up and recommend a local debit company.
I have found that few will ever send in their payment and when they don't, it hurts your persisantcy.
Once you know they have an account, it gives you the confidence you need to ask for the information when you get to the end of the application.
"So Mrs. Jones, what was the name of your bank? What day do you want to make the payment? And so you know, most insurance companies don't accept monthly payments through the mail anymore so they are going to be debiting the money out of your account each month. Do you have some proof that it's your account? Like a void check or deposit slip?
This works about 90% of the time.
7. Send a thank you card, B. day Card, and Christmas card.
And drive by on an occasion to see them. Most customers like to see you again. This helps them stay loyal.
This is how simple it is....
I believe anyone can do it. It's good money but its not free money. You have to work.
But it's well worth it.
Good Luck!
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