Online Financial Tips

Archive for the ‘Final Expenses Insurance’ Category

There is one thing you can say about Selling Final Expense Insurance to Seniors and that is it’s recession proof. Whether it’s a good economy or a bad economy, selling Final Expense Insurance is the way to go.

Not only are burial insuranc sales recession proof it also is one form of Insurance the Government and regulator don’t mess with and most likely won’t in the near future. If you have ever sold health insurance with it’s yearly rate hikes or Med Advantage, you know exactly what we mean. And then there is Long Term Care… No thank you!

The real trick though with selling Final Expense Insurance is finding that right Insurance Selling System. Most agents don’t make $100k per year and that is sad since there is so much opportunity to make that and so much more if you find that right system.

Most agents don’t focus on one thing or they do and then can’t keep there book of business because rates keep going up and they have to start over every year or the Government changes regulations and all those agents run to the next hottest thing.

Ah, then there is Final Expense Insurance. Such a simple product with little or nothing to learn. You can master it in about a week. There are no moving parts and it is so easy for clients to understand. There is no complicated language about what is covered and what is not. No complicated illustrations or contracts to decipher. There is no question as far as need since we all die. And it won’t put any client in the poor house.

How simple is this – Client dies….. Beneficiary gets some money!

Selling Final Expense in and of itself isn’t necessarily profitable. It really boils down to how you do it and what platform you use in selling it. The old way is out and not very profitable anymore.

What’s the old way? Running appointments in the field, knocking on doors, spending $25-35 for the good leads….. you get the point.

The way to be successful today Selling Final Expense Insurance and the way to cut your personal expenses to practically ZERO and cut lead costs by more than 75% is with final expense telesales.

Final Expense TeleSales has all the advantages of making money without all the expenses and limitation running appointments in the field has. The real trick though is finding the right platform and group to work with. Not many people have all the pieces in place to make Final Expense Telesales Profitable. It’s a tricky business if every piece of the puzzle is not in place. This is where doing your due diligence and research is so crucial to your success in this business.

Selling final expense is the future of selling insurance for those agents that want a simple non complicated product that is recession proof. Not only is it easy to learn and sell but the Market is exploding with new customers every day as the population gets older.

There is an exciting future for this business.

Few surprises are as unpleasant as the exorbitant price of burial costs and miscellaneous other final expenses. Although many individuals have life insurance of some type, many of these policies are outdated and may not in fact provide enough coverage. Small face amount insurances that may have been adequate several years ago are probably not going to fully cover the cost of today’s expenses.

A consumer must understand what is included in burial costs and final expenses in order to correctly determine the appropriate amount of protection necessary.

Funeral home expenses are derived from a variety of different services and some may be optional, but most are fairly standard. Transfer costs from the morgue to the funeral home are typically $200-300 and after this first step the really expensive items can begin. Caskets widely vary in cost with most ranging from $2,000-5,000. Preparation of the body is often expensive, but also depends on the options selected. Typical professional charges will normally add up to $1,000 or more and this typically doesn’t include the actual funeral service.

Burial costs are another major expense and are something that many people simply leave out of their planning. Although a cemetery plot is normally pre-purchased at a cost of $1,000-2,000, there are also fees for the opening and closing of the grave. Special ceremonies are an additional cost and so are headstones and their engravings. Burial costs normally conservatively add up to about $3,000-5,000.

When everything is added together, most funeral home and burial expenses total up to a staggering $6,000 to $15,000. Not many consumers are prepared to spend this much, especially if the death was sudden or unexpected.

Many individuals believe that Social Security pays a death benefit to help cover funeral costs, but the fact of the matter is that the amount is $255 and will only be paid if there is a surviving spouse. Other organizations, such as the Veterans Administration, will pay a little bit more at approximately $450. It is blatantly obvious that these small numbers will not even make a dent in the total costs, so it is imperative that an individual take the necessary steps as soon as possible.

Life insurance programs become more expensive and have more limitations as the client grows older, so procrastination can be costly. The good news is that there are many different options and programs available and most are surprisingly affordable.

Success in selling Final Expense Insurance comes from having a complete Insurance Selling System in place. Many times Agents may have parts of the system in place but most of the time they fall far short which then is a spiral to failure. There are several key factors which drive that success and missing anyone will create certain failure, even for the most ambitious Insurance Agent.

You can’t sell to air so without Final Expense Leads one has virtually no probability for success. Quality leads, without a doubt, are the life blood of a successful agent. final expense leads come in many different forms and price points. The industry average for “A” leads is anywhere from $25-$35 per lead and these leads can often be as old as 2 months depending on who you are receiving them from. The less sought after but should not be over looked “B” leads are far less expensive but are far more than 2 months old and have usually been contacted or “worked” before you lay your hands on them.

Most Agents usually have less than 10-20 “A” lead in there possession at any one time. Having access to such few leads stops an agent from being successful selling Final Expense. To be successful an agent needs to spend almost, if not more than, $1,000 per week on leads to have enough fresh leads to work. Unfortunately most agents aren’t willing to spend that much on their business because of the risk of not making sales. So at this point the agent is setting themselves up for failure.

Insurance selling training or a mentorship program and on going training is crucial to an agent selling final expense insurance. Being able to shorten the learning curve and making each presentation count is important to the success of the agent. Without this the few leads an agent has gets wasted on inferior sales presentations and the inability to close sales. This one piece of the puzzle is lacking in the insurance industry. Agents aren’t properly trained and are out of the business before they start.

An Agent needs to have access to a mentor and regular training to be able to hone skills and make each lead count. Very few organizations have quality ongoing training for their agents. Most agents are given a contract and fed to the wolves and left to defend for themselves. A sure sign there final expense business will be short lived. Good on going training is one thing the best insurance selling systems have in place.

Final Expense Telesales has a complete Insurance Selling System in place for those looking to sell final expense over the phone. Not only do agents have access to 1,000′s of quality final expense leads, these leads are delivered to them real time as they arrive through a contact management system. Everything is paperless. All you need is a phone and an internet connection.

Don’t Pay Too Much for Burial Insurance!

Burial policies, also known as final expense insurance, are small life insurance policies that are meant to pay for funeral costs and other final expenses. These types of policies are gaining popularity with seniors who find themselves without life insurance because their term insurance has ended, or because prior life insurance policies have lapsed. Many seniors think that there are no affordable options for them to leave money to their families to pay final expenses. A burial insurance policy is the best way for senior citizens to get affordable life insurance.

Some features of burial policies:

• Permanent insurance with level premiums that will never increase.
• Qualifying ages between 50 and 85
• No medical exam required and many health issues are ok
• Issued quickly and death benefits are paid quickly

What If I Have Major Health Issues?

Most burial policies are easy to qualify for, even if you have some minor health issues. The application usually consists of a health questionnaire and the life insurance company will typically check to make sure there is nothing in your health history that you did not disclose. But what if you have more serious health conditions? There are policies that are known as guaranteed issue final expense policies, and nobody is turned down. The premiums are higher, but for those who feel that they have no other option, these policies can provide peace of mind that their final expenses won’t be a burden on their families.

Which Company Has the Most Affordable Rates?

There are many companies that offer affordable burial policies for seniors and the elderly. Since each company has different underwriting requirements, the best company will differ from person to person. Your rates will depend on your age as well as your health history and smoking status.

We often worry about what would become of our loved ones should we pass away. We of course want them to be happy but there is also the concern of the high costs they might have to pay on our deaths. Funerals, along with everything else, have become much more expensive over time. If we pass on before those we love we want them to be taken care of. Final expense insurance plans, also called burial insurance, can save those we care about from this burden. These plans can cover the costs of expensive funerals and are often available with no medical check.

When you set someone up as the beneficiary of final expense insurance plans they are free to use the money however they need. However these policies are mainly designed to cover the exorbitant costs of funerals these days. These policies carry a cash value that can be borrowed against should the need arise. Often with these types of insurance the premiums will not increase while the benefits will not decrease. Unlike term life these policies do not expire after a set period. Since there is commonly no medical exam, you can apply for these kinds of insurance pretty easily. But even so it is a decision that you should take lightly.

Different state and local laws can affect the costs of funerals. Areas with limited land often have higher costs for cemetery plots. Even cremation can be fairly costly. Visiting a funeral home can give you rough idea of the costs your loved ones might be facing. They should have a written price list that you can examine to figure out the expenses of things life a casket and grave liners. While these prices are bound to change by the time they are needed it can give you a starting point. When you are looking for final expense insurance plans, these costs can give you an idea of where to start.

When considering final expense insurance plans it is important to carefully consider the coverage that will be needed. It is good to make sure that at least once a year you get a written statement detailing the status of your plan. As with any contract you should carefully examine the terms before signing. Some states have “free look” laws that allow you to examine a contract before having to decide whether or not to sign.

There is a thrilling new development for final expense insurance leads producers. It is a selling means that will help build client relationships, generate final expense leads, and could mean a substantial increase in FE leads production.

This remarkable tool is an increasingly popular end-of-life planning program, known as final arrangements planning. It is a practically effortless system that not only highlights to your customers the importance of pre-planning end-of-life arrangements and the need for final expense insurance, but also makes more efficient the process from start to finish.

An additional value is the convenience of online access, which gives clients the flexibility to adjust their plan at will, thus allotting producers the opportunity to up-sell the supplementary insurance needed to cover the costs of the modified plan.

Final arrangements planning not only assists in leads production, but the very structure and ease of the program itself increases policy persistence by allowing you to build a more solid connection with your customers as you get to know their personal preferences and needs. Starting a rock-hard customer relationship tends to instill loyalty in them. Loyal customers are inclined to be repeat clients and are more likely to provide referrals to someone they trust.

Final arrangements planning is a hard subject to tackle. After all, no one really wants to face the fact that one day, they are going to need the plan. However, prudent people also do not want to be caught empty at the time of need.

On the other hand, more to the point, they do not want their loved ones to be burdened with the emotional and monetary baggage that accompany a death when no plan is present.