Marketing 101 for the Final Expense Agent

Alan Benedict, LUTCF

Marketing 101 for the Final Expense Agent

Alan Benedict, LUTCF, started selling final expense insurance in 1996 and hasn’t looked back since. He writes about 250-300 policies per year and is widely considered a foremost expert on final expense sales.

Alan Benedict, LUTCF

Marketing 101 for the Final Expense Agent

A. Whole life policies ranging from $3,000 to $25,000

B. Limited Underwriting, few health questions

C. Simplified Issue

D.Guaranteed Issue with modifications

What is a Final Expense policy?

Marketing 101 for the Final Expense Agent

A. Lower-income seniors

B. Ages 55+

Best Target Market for Final Expense Plans

Marketing 101 for the Final Expense Agent

A. Covering the funeral home costs and cemetery fees

B. Not leaving a financial burden for the children

C. Leave a lasting memory, not a funeral/cemetery bill

Primary Purpose for Purchasing Final Expense Insurance

Marketing 101 for the Final Expense Agent

A. Direct mail

B. Seniors still ask daily, “Anything in the mail?”

Best Way to Develop a Lead Source

Marketing 101 for the Final Expense Agent

A. 55-80 years of age

B. Income range: $15,000 to $50,000 maximum

C. One mailer per household

D. All dwellings

E. Phone numbers not requested

F. Demand place for Date-of-Birth to be written; NEVER “current age” of senior

Order Direct Mail Pieces from the Turnkey Insurance Mailing Houses

Marketing 101 for the Final Expense Agent

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G. Order 5,000 mailers at a time (monthly/quarterly) to be mailed out

H. Determine what zip codes to mail to

I. If you wish to do Final Expense full-time, you need a minimum 30,000 names in this profile

Order Direct Mail Pieces from the Turnkey Insurance Mailing Houses

Marketing 101 for the Final Expense Agent

A. Do NOT use the phone to make appointments

B. Goal is 50 stops per week, average 10 per day, 5 days per week

C. By comparison, a UPS driver in a city makes about 150 stops per day!

D. Work the numbers, play the percentages, as in sports

E. Even if you were to make phone calls to get appointments, you would need to go see them. Make at-door appointments

F. If in 12-15 homes per week, you will make 4-8 sales per week

“Warm Calling” by Stopping By and Introducing Yourself

Marketing 101 for the Final Expense Agent

A. “… in the neighborhood helping other seniors such as yourself get a free quote on burial insurance.” (Show them the stack of leads you are carrying that day)

B. “What did you have in mind when you sent this in?”

C. “… only takes a few minutes to give you the information and give you an estimate. May I come in?”

Best Approach at the Door

Marketing 101 for the Final Expense Agent

A. Educate them about the high cost of dying

B. Show prices of the local funeral homes and cemeteries in that area (GPLs)

C. Educate veterans and spouses about their benefits if they qualify

Best Approach at the Kitchen Table

Marketing 101 for the Final Expense Agent

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D. “Either a senior has this in their savings, has burial insurance or the children will have to share the costs and pay the funeral home when services are rendered.”

E. Show 3 quotes per senior, ie: $5,000/$7,000/$10,000

F. Keep premium in the $40-$50 range; better persistency, stays on books

Best Approach at the Kitchen Table

Marketing 101 for the Final Expense Agent

A. ACTIVITY, ACTIVITY, ACTIVITY!

B. You could have a bad week, but never a bad month if you are doing your 50 stops per week!

C. Be an educator, not a salesperson

D. Remember, it’s compassion, not commissions that sells Final Expense insurance

Most Important for Final Expense Agents