Insurance agents selling final expense insurance can make a difference.

Is final expense tele-sales the best way to market and sell final expense life insurance?

Yes, and here’s why! There are a large amount of people throughout the United States who haven’t taken care of their funeral expenses. As a matter of fact, for most seniors, talking about funeral and final expenses is something that they avoid. It’s as if they are afraid to talk about it. When you are selling insurance on a face-to-face basis, you are limited. You can only drive so far and see so many people per day. But with final expense telephone sales, you can reach out across the entire country. Well, you also need the right final expense sales system! Unfortunately, most agents in our industry fail due to their lack of working effective and cost-effective insurance leads. This is why our agents have access to a High-Intent lead generating system that is unlike anything that our competitors are using.

Who can sell final expense insurance by phone?

This is an important question as you really need to be good at using a computer and technology. Final expense phone sales sounds easy on the surface, but if you’re not really good at multitasking and using a computer, this may be the wrong type of sales for you. Here’s a great example of a telesales case study. Agent one is in her 40’s and is really good with technology. She’s never sold insurance before, but she has advertised on Facebook before. Agent two is in his mid-60’s and has sold some insurance designed to cover final expenses but he has never done this over the phone. He’s also never tried advertising on Facebook because it seems complex to him. At the end of their first week, they both had completely different results, even though they targeted similar states and had the same leads budget.

What was the first week final results- with final expense tele-sales?

Agent one had 7 sales with a total AP of $5,135. She used 3 different insurance carriers to help the 7 people cover their funeral expenses. Even better, she was able to close all 7 final expense sales with very few issues. This was partially because she had prepared herself correctly. I suggest that all new agents call the carriers and practice running a sample application through each product. By doing this, she was totally prepared and knew exactly what to do with the 3 insurance companies that she wrote the burial life insurance through. Yes, she did have a couple of issues, but they were immediately corrected. When she was starting one of the applications, she sent me a text message to verify that she was doing it right. I realized she had started using the wrong product and directed her to the correct one.

Unfortunately agent 2 had different results. He ended up with two potential sales with a total AP of $1,600. He used 2 different burial insurance companies and had issues. Agent 2 wasn’t well prepared and had login issues when he went to write his first final expense sale. He wasn’t prepared and since he was caught off guard, instead of switching carriers, he told the client that he would call them back. They never answered the phone again. She had no insurance for her funeral and may end up leaving her family stuck with the burial bill. He was able to log into the portal to send up his second application correctly and that sale ended up being a solid one. His last sale went easy too. However, after he and I spoke, he never completed the voice signature authorization as once again, he didn’t realize that was necessary.

Agent 2 wasn’t strong at using technology while agent 1 was very good at using computers and technology. As far as multitasking, I realized that agent 1 wasn’t going to be great at this but if he had spent a little extra time to be prepared, he would have at least had 3 phone sales in his first week. I have had years of experience working with insurance agents who did phone sales. At one point, I even owned a final expense telesales call center. That felt like a babysitting job, and I hated it. My point is, I know what it takes to be successful at selling insurance over the phone. You have to be good at technology and multitasking. Know that you will have to learn how to run your own Facebook ads and lead funnels. You’ll also need to spend a little extra time to be prepared.

How should I stay in contact with my funeral insurance client?

First off, you definitely want to start by sending your client a thank you card. I suggest doing this the day after you sell them insurance. That way, they are getting something personal from you within a few days of making their purchase. I would even put a brochure (of the product you sold them) into the envelope! Make sure you have the monthly draft date and monthly premium amount written down there too. I also suggest sending them a refrigerator magnet with a business card that has your information on it. Then put each client into your CRM. A good customer relationship management tool will have automations. Make sure you get a birthday reminder, so you can call them. That’s super personal! Send them automatic voice mail drops each quarter and text messages. This let’s the client know you didn’t forget about them. They will always appreciate this.

Are final expense internet leads and final expense Facebook leads good?

Yes, but again, buying these leads is usually not worth it. They are just too expensive and hard to get on the phone. This is why it is important to have your own high intent lead generating system. As of today, the highest intent lead is also the same lead that costs the fewest dollars. The self-generated Facebook Calendar apt set lead. These people see an ad on Facebook that mentions affordable burial insurance or final expense insurance. They click on the ad, and it takes them to your funnel. They answer some questions and give information like their email and phone number. Then they get an option to set up an appointment on your calendar. Once they’ve done this, they will see a photo of you and your family and will get a text and email about the appointment. Now when you call, they know who you are.

What kind of technology is involved with final expense phone sales?

First, you’ll need to use a computer. When I say use a computer, I mean be really good at using every aspect of the computers technology. With final expense tele-sales, you’ll need to do the underwriting. That means looking up the clients medications and ailments based on how the carriers view them. You’ll also need to have multiple windows open at the same time. While you’re doing the underwriting, you’ll need to look up the pricing to quote them correctly. Meanwhile, you’re filling out the application. Then at some point, most carriers require a voice authorization. This means calling into the insurance company with the client and getting the carrier to interview the client. Some carriers have an Email option for the signature, but some seniors have a hard time doing that. Other carriers do the entire application over the phone. Which means no E-App for the agent to use!

What technology is involved in generating telesales final expense leads?

This is where a lot of agents fail. Again, for success at final expense phone sales, you are better off generating your own leads. Our people can set the system up for you, but you will have to take it over and learn how to use it. If you have never attempted to generate your own Facebook leads or funnels, selling final expense over the phone is probably not for you. The future is here. Those of us that can spend the time and do what it takes to succeed, will succeed. Those of us who give up because the technology is just too much, will fail. Buying leads for selling final expense by phone just doesn’t work. Sure, it used to. But now, there is just too much competition. Every licensed insurance agent and her brother are selling something to cover funeral expenses.

What is the sales process of final expense phone sales?

For someone who is good at using technology, the process is very simple. First, make contact with the burial insurance prospect. You have to have a lot of conversations per day, for this to be a profitable business. Once you have the prospect on the phone, you have to start building rapport. This is where the tire meets the road. Almost every final expense sales presentation that I see is lacking in one area or another. Most final expense presentations will have a tendency to get the agent to the pricing too fast. The presentation that our contracted agents use does the opposite. It actually directs the agent when and how to start a conversation about different rapport building topics. Once rapport is built, you can give the pricing options. If you give out the prices too early, the prospect will tell you that they have to think about it.

While you are building rapport and having a conversation with the client about their funeral experience and experience having to deal with funeral expenses, you need to do the underwriting. This consists of looking up the clients medications and health conditions to determine what product to sell them. Once you have done that, you have to look up the prices for that final expense product. You have to be really good at multitasking. Or at least willing to hang in there long enough for the natural multitasking skill set to sink in. It comes easier for some than others. This is a very important aspect of the sales process. Once you have the client write down the pricing options, (and have closed the sale), it’s time to complete the carrier’s application process. Some products require a phone interview, and some require an electronic application. Some require both!

What should be done after the telesales are completed?

Once you have closed your sale, it’s important to do a cool down. After each final expense sale, you have to spend some time speaking with your client. I suggest picking any topic that is not insurance related. My go to is getting the prospect to converse about something that they are going to do with the rest of their day or week. Talk about hobbies. I find out what they like to do and share my experience with that. Sometimes I just get into what I like to do with my free time. Talking about family makes you relatable. It’s a great way to help the client know that you are just a normal person that they can relate to. Everyone respects people who have a family as they understand that may be the driving force behind you.

What kind of final expense sales leads are there?

There are a lot of companies that sell leads. The main issue is that the cost of the better-quality leads is more money, than what they are worth. The better the lead, the higher the cost! However, most leads are in my opinion, garbage. Buying leads that are resold is a waste of money. Even if you are only paying a few dollars per lead. They just aren’t any good. Telemarketed leads are really hard to get a hold of. You can get a good telemarketed final expense lead for around $15 each. The fun part is getting them to answer the phone. Also, remember, the intent on this type of lead is low. A final expense tele-market lead is simply a lead of someone who was called by a telemarketer. The marketer asks if it’s ok for an agent to contact them about insurance and they say yes.

There is no intent to buy with a telemarketer lead. A call transfer lead is basically the same thing. Instead of the marketer asking if it’s ok for an agent to call them, they ask if it’s ok to connect them to an agent now. Again, the intent is not there. People who have no lives and are bored are the ones that say yes, they can call me. Or yes, you can connect me! It’s not like they are shopping around for burial funeral insurance. Any electronically generated lead is Illegal and not TCPA compliant. Using these type of leads will end up getting you sued out of business. The same with offshore telemarket leads! The offshore lead vendors are calling people who are on the do not call list. These companies can’t be sued by those of us who live in the United States and should be avoided.