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11 Things your boss expects you to know about Final Expense

  1. Final Expense is a product designed for middle to lower income people.  Because this is a product specifically for people who may be on a limited/fixed income, many of the clients are people on social security or disability.  It means selling the product in middle/lower class neighborhoods.  A good final expense agent will always be willing to travel to see clients no matter where or how they live.
  2. Volume is the name of the game.  The way to make serious money in the final expense marketplace is to write more applications, not higher annualized premium.  1-2 applications a week might not cut it if you’re looking to make a six figure income.  Each application may only be worth roughly $500-$800 annualized premium but sell 4-6 a week and you’re on pace to make a couple grand a week.
  3. Fall in love with the underwriting.  One of the reasons a lot of agents have gotten into final expense over the past couple of years is because it is such an easy product to get issued.  Most companies just require a telephone interview with the client, while the agent is in the house.  Once this is completed there is no APS or lab work to worry about.  Just send in the application and get paid.  This also allows you to focus more time to finding new clients instead of getting hung up on getting your existing cases issued.
  4. Be an educator.  Many of the clients in the final expense market are poorly educated on how life insurance works.  When meeting with clients, take the time to explain simply what this product is doing for them and how it can help their families.  Don’t focus on the sale, help these people out.
  5. Get used to driving…a lot.  This goes back to number 2 on this list.  Because this is a high volume based business.  You’re going to have to get used to being in the car for 6-10 hours a day sometimes.  If you drive a massive gas guzzling SUV you might want to trade it in for something easier on your gas budget.
  6. Listen to other agents and your upline when it comes to training.  A lot of agents come into the final expense market from various financial backgrounds.  Financial Planners/Advisors, Stock Brokers and even accountants.  These guys are so used to spending a lot of time on just a few clients.  They have a tough time adjusting to the simplicity of final expense.  Many times they think they have to service their clients too much.  To put it bluntly, close your mouth and open your ears to the people that are writing big business.
  7. You must have the right lead system.  Because final expense agents are trying to get in front of as many people as possible, you must find a solid lead system.  Buying your own leads may not be a bad idea if you can afford it.  A solid, qualified final expense lead should net you 2-3 applications for every 10 leads that you buy.
  8. Don’t get caught up on day to day production.  Because we are dealing with people, you’re going to have weeks that will make you want to jump and dance for joy.  You will also have weeks that you will wonder why you ever got into insurance in the first place.  This roller coaster of emotions can be regulated by only focusing on how much your overall production is.  “Did I have a good month/quarter/year?”  Not, “How did today go?”
  9. From time to time you’re going to get stood up at appointments.  This is an inevitable obstacle that every agent in the final expense market is going to have to deal with.  Every week that you go out on appointments there will be some one that forgot you were coming over.  Don’t fret however; you should have other people booked in the area that you should be seeing anyway.
  10. Don’t panic.  This is such a simple one and also most crucial.  There have been many agents who go out for a full week of appointments and don’t write any business on one day and then collect 6 applications on the second day.  It so important to finish your whole week until you start judging how you’re producing.  You never know who you’re going to see next.
  11. Have Fun! Be thankful you don’t have to be cooped up in an office all day with boring meetings.  Many agents love the flexibility and freedom that selling insurance gives them.  You set your own schedule and work on your own time.  Many people would love an opportunity to work without a boss looking over their shoulder.  Seriously, enjoy it!

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