Life Annuities – How To Be An Independent Final Expense Life Insurance Agent

If you are looking to be an insurance agent or you are looking to be an independent insurance agent, rather than captive, then this article is for you. Final Expense Life insurance is the easiest insurance product to sell. It’s very simple to understand, explain and it is in great demand. Plus, the underwriting is generally just a few questions and if the client can truthfully say no to these questions, then they will be approved for the insurance.

First, you must understand what Final Expense Life Insurance is. Final Expense Life Insurance is a small whole life insurance policy that is designed to pay for the final expenses; mainly, the funeral and burial cost but also including other bills that come along with someone’s death. You may have hospital bills, credit debt, transportation costs, etc. However, the largest part of the final expense is the funeral and burial which generally cost around $10,000. Sometimes more and sometimes less.

Second, you must know the best products to sell. There are probably over 100 insurance companies selling final expense life insurance. Most, in my opinion, being overpriced and just plain junk insurance. Your job as an agent is to know these companies and to have the best companies to offer to your customers. You want companies that are solid financially and have products that fit your needs. I always look at price first. You want companies that are cheap for smokers and non smokers. Then you want to take the application for each company and compare the underwriting guidelines.

If you are in heavy debt when you pass on, especially if you have a large mortgage, taking out a good policy that will cover your debts completely is a must. Funeral costs can easily run into the thousands of dollars, your kids schooling has to be considered, and don’t forget about death taxes.

Many life insurance policies also build cash value. If for some reason you decide later on the you want to cancel the policy the value will be sent to you. Most companies offer two types of life insurance: term life and permanent life insurance. Term life simply covers a set period. If you are 50 years old and think that you will live another 20 years you can buy a 20 year plan. If you let the policy die without renewing though, and you pass on, your beneficiary will be left in the cold.

Fourth, you need a great sales presentation and since this is such a simplified product, it doesn’t need to be long and drawn out, it just needs to feed on their emotion, build value in your product and it needs to break down the wall of rejection. If you have the right sales presentation, you will eliminate almost all objections and you will have seniors signing on the dotted line before they even know what they are doing. It’s just all about how you present it.

Fifth, you need a follow up process. You will need to keep in contact with your clients on a regular basis. There are several programs designed to help you do this. They will remind you of birthdays, holidays and any other reason you may have to contact your client. These programs are essential and the best way for you to keep your book of business for the rest of your career (which many agents claim is the secret to success)

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