Final expense insurance is centered on funeral coverage and related costs after death. How do you encourage clients to invest in this type of insurance? How can you bring up final expense and talk about how one can cover costs upon death? There are some strategies you can employ to attract more customers when selling final expense insurance.
You need to gather a comprehensive understanding of the financial situation of your client before any final expense sale. This way, you know about any gaps within their existing insurance policies. The more questions you ask about them, the better idea you’ll have about the kind of policy they’re interested in and what they may be able to afford.
Ask the right questions. These should center on your client’s current insurance policies, assets, health, and family. Background information like this can help you ask more specific and individualized questions later on.
In addition, consider asking about their final wishes. If they don’t yet have insurance coverage, who will be responsible for taking care of funeral and other arrangements? Do they have money to cover all these expenses? By asking them these types of questions, your client may realize and better understand the necessity of investing in final expense insurance.
Knowledge and Education
Keep in mind that your client may be hesitant and unwilling to invest a considerable amount of money for insurance if they don’t quite understand what coverage entails. A significant factor in buying insurance is the ease of understanding the policies. As an agent, you need to help your clients feel more comfortable about what coverage means for them, especially when planning around end-of-life.
In doing so, the first thing you should talk about is the basics of final expense policies. Let them know the stability of these policies, as their rates don’t change and benefits don’t get cut or reduced. Then discuss available final expense plans, what they qualify for, and what suits them best. Your clients will be more appreciative if you can walk them through these details and allow them to see the value each type of final expense insurance provides.
Pre-Qualified Sales Leads
Before pitching a specific final expense insurance policy, determine your client’s qualifications by studying their health and budget.
Some health factors disqualify individuals for final expense insurance. These include conditions like cerebral palsy, cancer, dementia, diabetes, AIDS, and a previous heart attack. Before talking about a specific policy or moving on to another stage of the sale, ask about your client’s health condition first.
Additionally, be aware of their budget. It won’t matter how interested your client is in a particular final expense insurance policy if they can’t afford it. You can determine what the right price range is for them by asking about monthly premium amounts and seeing how they react from the highest to lowest amounts. You can ask your client how much they expect end-of-life services to be. It’s important they’re made aware of the average costs of cremations and funerals.
Once you make these determinations, you can begin to talk about the different policies and how much coverage is best for your client.