Each day, over 10,000 baby boomers turn 65 years old, an age group that forms the final personal expense leads in the insurance market. However, the finalexpense is a product for everyone. You could use it if you analyzed its benefits, but a few agents focus their sales to seniors’ clients. The myths that surround final expenses makes it look too sensitive to even talk about.
Below are the myths about final expense insurance.
Final expensive is difficult to sell
Most agents feel they type of insurance is challenging to sell as most final expense leads are older and not in good shape health-wise. The target market is people 50 years and above who are on a fixed income. The agents believe the more former prospects and their health is deteriorating each day, thus difficult to qualify for coverage.
However, that not the case, if the agents work up the right business way, the older age and health issues aren’t a hindering to cover. The agent should use different carriers and engage multiple insurance companies that allow them to offer coverage most optimally designed for lead’s health. This is possible as in the final expenses insurance sector no two carriers underwrite identically.
Furthermore, final expense insurance products allow for underwriting flexibility not found in full underwriting products.
Final expense leads on a fixed income
Most older leads aren’t on a fixed income. Inexperienced agents focus on selling on exclusive final expense leads with white collar jobs. They believe the prospects must have discretionaryincome. In such a case the agent struggles to understand the market opportunity and wonder how they can make money selling to leads who take home a monthly social security check of $1,500 a month.
The agents seem to ignore the critical fact is what the prospect keep after expenses. In most cases, the final expense leads benefits form government subsidized allowing them to save more money in their monthly check. Moreover, the prospect is more motivated to buy at this age than never especially if the loved one didn’t have a life insurance cover.
Final expense market is fully saturated.
Most agentsbelieve the market is hugely saturated leaving little or no opportunity. In recent years more agents in other insurance sectors are moving into final expense. This makes agents interested in final expenses market think the success is small in the industry.
Despite more agents moving to final expenses, it’s still an excellent opportunity to further your career. An experienced agent can overcome saturation by maintaining a high level of prospecting activity. Moreover, final expenses aren’t a technical product. All you need is explain to final expenditure leads as they don’t shop for rates.
Final expenses coverage is overpriced, suboptimal coverage
Most agents looking to sell final expenses tend to draw their experience form TV and Insurance junk mail ads. An in-depth review the agent finds the final expense products don’t offer full coverage or are among increasing term policies, thus concluding the quality of the product is low. Although this is true for carriers who market through tv and junk mail ads, in depend, final expense agents working with multiple carries know this isn’t the case.
They have access to final expenses product that doesnecessary, simplified issue underwriting that results in coverage at rates substantially lower compared to brand-name carries offered on TV and through the mail. Click here.
High-pressure sales tactics to win in final expenses
Sales agent interested in selling final expenses insurance believes that only high-pressure sales tactics can generate sales. They worry about their values and browbeat their leads into buying before they buy. It’s evident that successful agents close more deals by following a more educationally driven approach. Focus on explaining how the product works soberly instead of using methods such as those used by tv and junk mail to win final expense leads.
Clients appreciate agents time and care they took to educate them, thus increasing loyalty to the particular agent.
