Before you can sell final expense insurance, it is important to understand what it is. Final expense insurance helps your loved ones pay for funeral expenses if something were to happen to you.
It also provides them with a lump sum payment that they can use however they want.
This type of life insurance usually costs less than other forms because the coverage typically only lasts three years. Final expense insurance is essential for people from all walks of life.
To improve your sales, here are some effective tips to follow.
Try Reaching Out to Leads Outside Your Target Audience
One of the easiest ways to find new leads is by expanding your target market.
A lot of agents aim for middle-aged people who are currently retired, have a family, and are financially stable.
However, final expense insurance can be beneficial for so many more types of people.
People with health issues or students who may not yet have access to healthcare could also benefit from this type of coverage. These individuals might require less information before they sign up because their situation is different than most retirees.
By reaching out to all types of potential customers, you will increase your chances of selling them life insurance in general which would include a final expense policy as well.
Establish Great Credibility with Your Prospects
The first rule of selling a product is that you’ll need to establish a good reputation with them.
This means being honest and transparent about any information that might affect their policy.
For example, if they have high blood pressure or diabetes then this could cause the premiums on their life insurance policy to increase because of these health conditions.
If you are upfront with them from the beginning by telling them what will be covered in full detail it can help soften the blow when they receive an accurate quote for final expense insurance down the line.
It also helps send a signal that you’re trustworthy and willing to work within limits rather than trying to oversell something else.
Strive to Turn Your Final Expense Leads into Customers for Life
The best way to increase your chances of selling final expense insurance and the rest of your life insurance products is by forming a long-term relationship with them.
For example, if you’re able to sell them $20,000 in coverage for their burial expenses then they would be more likely to buy other policies like an affordable term policy or whole life plan.
The more products they buy from you, the less likely they will be to switch insurance providers and agents.
It may seem like a lot of work in the beginning, but if you establish a good rapport with your prospects then it can pay off exponentially down the line. This is the basics of Final Expense 101.
Do You Want to Learn How to Sell Final Expense Insurance?
The best insurance agents are both informative and compassionate when selling insurance. If you want to learn more about how to sell final expense insurance, continue reading our blog for more information.