Having a loved one pass away is one of the most difficult days we experience as a family. The last thing we want to do is add to their grieving, and pass on an $8,000 to $12,000 funeral bill with no means to pay it off.
“Mrs. Jones, do you see planning for your final expenses your responsibility, or do you see it as your children’s responsibility?” The follow up question after Mrs. Jones answers it is her responsibility would be “Why? Why do you think it’s your responsibility and why wouldn’t you want to put this on your kids?” Sit back and listen to her tell you why she needs to buy your final expense product. These types of questions make the client take ownership and make the sale for you.
You’re in their home, or they’ve come to your office, and they’re expecting you to discuss and give them a quote for mortgage insurance, Medicare supplements, health insurance, senior care usa final expense insurance or whatever. How do you make a smooth transition to the fact-finding interview?
If you are concerned about paying for funeral expenses, consider a burial policy. Many funeral homes will even accept the policy instead of cash. But it would be better to negotiate the price of the funeral without having a fixed price to concentrate on.
Direct Mail Responder leads have been widely used in the final expense market for a very long time and the people who buy final expense market receive these mail cards on a regular basis. Every agent and his brother mail these cards to this market and saturate it every day. With the average direct mail response rate being about 1 1/2 percent it makes it difficult to get a good return on your money. Let’s do the math. Let’s say you spend $350 per 1,000 pieces of direct mail sent out, that means at a 1 1/2 percent response rate, you will get approximately 15 responder leads back. That means you are spending at a minimum of $23 per lead.
Some plans have a guaranteed approval which means that they do not even ask health questions. Others have a simplified application period, which means that most people in reasonable health can qualify for them. It is important for you to understand this so you can choose the one that is best for you. There are advanages and disadvantages to each type.
Ray Kroc found investors and we know the story. The gentleman sitting in the rocking chair in front of me that day had worked at the same place the majority of his life. Now he and his wife were living on Social Security with no investments. He looked into my eyes as his tears welled, he said the day that he told Ray Kroc he couldn’t invest was the day he lost hope for any success in life. Instead of following his gut feeling, he allowed the anger from his wife to steal his dream.
Don’t sell yourself short, make sure you invest in your business and have plenty of leads on hand. This will give you the best opportunity to succeed in the insurance industry. Doing otherwise will only set one up for failure.