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HOW TO INSURE FINAL EXPENSES
National Edition
That's precisely why so many families aren't prepared for them.
MONEY SHOULDN'T HAVE TO BECOME THE NEXT EMERGENCY. That's the purpose of a professional final-expense conversation.
FINAL EXPENSE INSURANCE ISN'T ABOUT A FUNERAL A funeral may be part of the need. But the financial consequences surrounding death can be broader. Ask:
IDENTIFY THE ACTUAL NEED. WHAT YOU'LL LEARN This practical producer guide helps you work through:
HELP THE CLIENT PLAN BEFORE THE FAMILY HAS TO REACT. WHO IS THIS GUIDE FOR? Especially useful for:
START WITH WHAT THE CLIENT WANTS Don't assume everyone has the same objective. One client may say:
Now you know where to begin. LISTEN BEFORE RECOMMENDING. WHAT RESOURCES ALREADY EXIST? Before discussing new insurance, ask about resources the client may already have. Possibilities include:
It's to determine whether a gap exists. EXISTING LIFE INSURANCE MAY HAVE ANOTHER JOB A client says:
What is that $100,000 intended to accomplish?
IDENTIFY THE PURPOSE OF THE EXISTING COVERAGE. AFFORDABILITY MATTERS A policy that creates financial strain isn't automatically a good solution. Especially when working with older clients or clients on fixed incomes, the producer should understand:
UNDERWRITING MATTERS Final-expense products can vary. Depending upon the product and carrier, underwriting may involve:
The producer must understand and accurately explain the actual product being offered. Never turn:
THE FIRST-DAY BENEFIT QUESTION If a policy has a waiting period, graded benefit or other limitation, the client needs to understand it.
EXPLAIN THE CONTRACT YOU ARE ACTUALLY SELLING. BENEFICIARIES MATTER Ask:
Death. Remarriage. Family changes. Old beneficiary designations deserve attention. When legal or estate issues arise, involve the appropriate professional. DON'T REPLACE A GOOD POLICY JUST TO MAKE A SALE An older client may already have coverage. Never assume a new policy is better simply because it's new. Consider:
PROTECT THE CLIENT FIRST. NOW LET'S FIND THE PROSPECT Final-expense prospecting does not have to mean buying a list of strangers and making cold calls. Start with relationships. YOUR EXISTING BOOK MAY ALREADY CONTAIN THE PEOPLE WHO NEED THE CONVERSATION. PROSPECTING TRIGGER #1 THE RETIREMENT CONVERSATION A client says:
PROSPECTING TRIGGER #2 AN OLD LIFE POLICY The client has owned a policy for years. Ask:
Both outcomes are valuable. PROSPECTING TRIGGER #3
Don't immediately quote a policy. Ask:
PROSPECTING TRIGGER #4 A FAMILY EXPERIENCES A DEATH
SERVICE FIRST. Any future business should come from trust, not pressure. PROSPECTING TRIGGER #5 THE ADULT CHILD Sometimes the person who raises the issue isn't the prospective insured. An adult child may say:
But remember:
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PROSPECTING TRIGGER #6
THE ANNUAL INSURANCE REVIEW Ask appropriate mature clients:
Excellent. Others will say:
YOUR P&C BOOK MAY CONTAIN YEARS OF RELATIONSHIPS Think about the clients you've insured for:
Yet nobody has ever asked them about final expenses. DON'T ASSUME ANOTHER AGENT ALREADY DID. EDUCATIONAL PROSPECTING Consumers have questions. Answer them.
EDUCATION—NOT FEAR. A 30-DAY FINAL-EXPENSE PROSPECTING PLAN WEEK 1 — IDENTIFY APPROPRIATE EXISTING CLIENTS
WEEK 2 — OFFER THE REVIEW Try:
WEEK 3 — ANSWER ONE QUESTION PUBLICLY Example:
No scare tactics. WEEK 4 — FOLLOW UP Track:
FAMILY REFERRALS CAN DEVELOP NATURALLY If you handle the conversation professionally, clients may introduce you to:
Try:
Respectful. FINAL EXPENSES MAY OPEN OTHER CONVERSATIONS A final-expense review may reveal:
REAL-WORLD PRODUCER THINKING The guide includes practical situations involving:
It's better producer judgment. PRACTICAL PRODUCER TOOLS Use the guide for:
WHAT COULD ONE CLIENT RELATIONSHIP BE WORTH?This guide costs: $25.
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HOW TO INSURE FINAL EXPENSES
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