Pivoting to Final Expense from Medicare
Does it make sense for you to become a final expense sales agent or to add FE products to my portfolio?
Many health and medicare insurance agents are struggling. They are being pushed out of business due to the changes that are going on today with The Affordable Healthcare Act. Unfortunately, the insurance carriers have had to adapt to this new marketplace. Health insurance agents are not needed the way they were a few years ago. The medicare sales market is another industry that has changed. Every year the laws and regulations seem to get tougher. There are many reasons that a medicare agent would into becoming a final expense sales agent.
The annual training and requirements to sell medicare advantage, and receive renewals, is horribly brutal. That is reason enough for most agents that want to get away from advantage and start selling something easier. Medicare supplements is still pretty strong. The clients are limited on options in some states. Florida is one of them. When you think about it, having all these products really does make sense though. There are lots of cross selling opportunities due to the high demand of senior insurance products.
Is it hard to sell final expense insurance?
Most agents that are licensed to sell medicare products are also licensed to sell life insurance. For experienced health and medicare agents, becoming a final expense sales agent is pretty simple. The prospects are the same as medicare advantage. This makes final expense a great cross sell. For those selling health insurance, the clientele is a little different but the money in final expense sales can be much better. You should be able to average a $600 profit from each of your FE sales. Becoming a final expense sales agent, for someone selling health insurance products, is actually very easy. We work with lots of agents that have either made the switch or are masters of the cross sell.
Here’s something else to think about! When you are in your prospect’s house, making your medicare presentation, you will find lots of opportunities to find out if they have final expense life insurance. You can ask them if they have a state regulated program to pay for their funerals. You can pick the time to do this that works for your sales system. Some agents ask during their medicare presentation and others will ask when they deliver or go over the medicare insurance. You can also ask for referrals at this time.
We have several agents that market medicare and ask every one of their clients for a referrals. One of our agents in Florida like to inquire about the neighbors. His thing is to ask each of his prospects if they are close to their neighbors therefore setting up a referral situation. If they say yes, he asks them what the neighbor’s name is and if they think they would be alright if he knocked on their door.
With the issues agents are having with medicare sales, does it make sense to check out final expense sales?
Most medicare agents that I speak with are trying to figure out a way to get out of their industry. Final expense is one of the easiest types of sales in the nation. Keep in mind, we are selling seniors that actually need the insurance, just like with medicare. For those selling health or medicare, consider becoming a final expense sales agent. Here is an important fact. The final expense market is constantly growing. Thousands of people are turning 50 years old every day, thus making our industry grow. Health insurance sales is no longer a viable way to make a six figure income. Becoming a final expense sales agent can remedy that problem.