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A final expense program that you can cross-sell to is important.

Already selling medicare? Cross-selling final expense is easy!

What is the first thing I should look for in any final expense program?

There are a lot of insurance agencies with a final expense program, who just don’t seem to pay their agents very well. Most of these same agencies don’t even offer first day vesting. This means, if the agent doesn’t stick around for the first couple of years, they lose all of their renewals. Sounds more like a hostage scenario, than an insurance sales position if you ask me! Most of the competing agencies here in the Fort Lauderdale area pay between 55% and 85%. Some even pay a lot less. This is not a fair commission for any final expense program. Final expense agents are supposed to get paid more per sale, than medicare and health sales.

Is this normal?

Unfortunately, this is normal with most captive agencies. They tend to prey on newly licensed or unlicensed agents, presenting them with the best case scenario. Sadly, this best case scenario is often out of reach because of the contract levels and poor lead programs. These agencies can justify this because most people will not do what it takes to be successful. This is true especially when it comes to final expense sales. There, I said it! It’s not always about the leads, or the training, or the contract levels. Without a strong work ethic, none of that matters for any final expense program! It really takes a lot to be successful, especially if you are leading with other insurance products.

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I’m selling medicare products. How do I fit in for cross selling final expense?

This is where things get interesting. A lot of agents that sell medicare products for years end up walking away from lots and lots of final expense leads and sales. You see, it’s easy to cross sell when you know how. There are plenty of times and ways to ask your current medicare client or prospect about final expense. I believe the best times to ask about FE is when you make the policy delivery or go back to meet with the client to go over their medicare insurance. This is a great time to ask them who they have their final expense coverage with. Another great time is when you don’t make a sale. That is when you can pivot to final expense sales. Remember, it can never hurt to ask. Make this part of your final expense program and watch your business grow.

What is the average pay on a final expense sale?

The average pay per sale varies from agent to agent. It all depends on the market and the way that the insurance is being sold. My personal experience is that the average sale pays roughly around $660. Like I said, this is average. Think about this. Wouldn’t it be nice to make a final expense sale or 2 each week, while working in your current market? Ah, this is when the light comes on! With most companies, their final expense program might include a smaller commission, so make sure you pay attention to what you sign. Making an extra sale or 2 will feel like nothing, if your commissions are not fair.

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What does it take to be successful if I decide to lead with final expense?

In our industry, it takes the right combination of several things to be successful. Here is my personal list of things that can greatly increase your chances for success therefore allowing you to make the big bucks.

  • A strong work ethic
  • Access to training and sales support
  • A direct mail lead program
  • Competitive carriers
  • Huge Street level contracts
  • A strong work ethic

What does the typical day of the final expense sales agent entail?

In our industry, the usual activities are calling to set appointments, door knocking leads, making presentations, saving cancellations, and servicing our clients. We break it down to 2 different types of days so you can keep it stupid simple. On our phone day we call to set the appointments, do paperwork, and service clients. When working from home, this system makes it easy so you can also get some of your personal chores accomplished. On the field days we are out running appointments and door knocking in between the appointments. Yes, there is more to it than this but you get the idea! This system is taught in just about every agency’s final expense program and is what the typical insurance agent is doing already.

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What is the target market for final expense?

We actually sell most insurance to low income retirees. A lot of our clients are barely getting by each month surviving off of social security, alone. Without the insurance, their families have no way of paying funeral or cremation expenses. This makes our services necessary and is why final expense sales agents can do very well in our industry. A good final expense program will teach you how to specifically market to these low income families. You will still be able to sell middle class folks but these sales are not very common. Keep in mind, the most common type of cross-sell is going to be people that have medicare advantage plans because they are going to be your typical low income prospect.

What kind of money can I make selling final expense life insurance?

Look, this article is about cross selling! If you decide to go all out into final expense sales there is a lot of money involved and depending on your personality, you might be better off sticking with your original market. The bottom line is that most of the successful agents are making around $50,000 and up. With the system that a lot of our agents use, it is possible to have a six figure income. This is due to the high contract levels we start our agents at along with our direct mail leads and final expense program. Agents that have new direct mail leads, every week, are more likely to be successful than those who don’t. We know that most agents who do not use direct mail leads, will either fail out of the industry or end up earning around $30,000 a year.

I’m already selling medicare with someone else and don’t want to move my contracts.

Here is something to consider. If you are already selling medicare advantage and medicare supplements, it’s going to be easy to pivot to final expense. Yes, you need to learn the FE products and make sure that you work with an agency who’s final expense program will allow this, but that won’t be an issue with most IMO’s. We have several agents that do their final expense sales with us and their medicare and health insurance sales through another broker. The way I see it is this! If we can help you to make more sales, and show you how to market our products in addition to what you are doing, it’s a win, win, situation!

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Douglas Massi

Douglas Massi has been a high volume final expense insurance producer with a record of success. *Top Agent 2014 5 Star*, *Top Producer 2015 Security National Life*, *Top Producer 2016 Security National Life*

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