Selling final expense insurance may not be at the top of your product list, since the total package isn’t as large as other types of insurance. That said, this is a popular life insurance product that you can become very successful at selling if you take the right approach. People are looking for help paying for final expenses, and your insurance products can help them do just that. Here are some top strategies for selling final expense insurance.
As a leading Insurance Marketing Organization (IMO), Good Life Insurance Associates (GLIA) provides a full range of insurance products, services, and tools to support your individual clients’ wants and needs. Learn More
Understand the Product
First, it’s important to understand what final expense insurance is. This product is an alternative to full-blown life insurance. Unlike full life insurance, final expense insurance is meant to pay for only end-of-life costs, such as the funeral and other potential expenses. These policies help surviving loved ones avoid being burdened with high costs for end-of-life services.
Policies will typically range between $5,000 and $50,000, depending on each client’s particular needs. There are multiple coverage options, each with different features and payout structures.
It’s important to understand all the options available so that you can present them to your potential clients. Being educated and offering options always endears clients to you and builds trust within them.
Keep It Simple
While it’s important to present options to your clients, you don’t want to overwhelm them with too many options and variables. This is where you want to keep it simple.
Listen to your clients as they discuss their needs, concerns and worries. Then, present them with a few options that would be best suited for these needs. Keeping it simple will make it easier for potential clients to absorb all the information you’re presenting so they can make a sound decision. It will also show them that you’re tailoring options to best fit their unique needs.
Get to Know Your Potential Clients
People may look at insurance as a generic product. In reality, insurance policies are highly-specific products with multiple options to fit a range of client needs.
The most effective way you can sell final expense insurance—or any insurance product, for that matter—is to take some time to get to know your clients. Selling insurance is all about relationship building. With so many insurance options available at so many different agencies, clients tend to purchase from people they trust. They want to know that you are there for them when they need it and that your insurance products will deliver what they promise.
It’s extremely important that you meet your potential clients face-to-face, if possible. That interaction is key in building a trusting relationship. If you can’t meet in-person, even a video conference would be better than emails or a phone call.
Publish Content & Market It
Just about everyone is online today, no matter what age they are. People are on social media connecting with friends, family, and colleagues, and they’re searching for information regarding any number of topics important to them.
A great way to add potential clients to your prospect funnel is to create and publish educational content that answers key questions many people would have about final expense insurance. Use storytelling to emphasize the key points about final expense insurance, which can often be a topic people don’t like to discuss.
Again, selling final expense insurance is all about building trust. By publishing quality content on the topic, you’ll establish yourself as an expert in the field. You can publish this content on your website or blog, and then link to the content on all your social media pages. To get even more eyes on your content, you might consider spending money to market and promote it. This could include search engine marketing ads, digital display advertisements, and social media ads.
Target the Right People
It’s very important to target the right people when you’re selling final expense insurance. The typical buyers of this type of insurance are either older couples and/or spouses, or their children. These are the people who are most likely to purchase these policies, because they would be the people who would be responsible for paying for end-of-life expenses.
As such, you want to carefully design your marketing campaigns to ensure you are reaching these people. Using targeted digital marketing campaigns is a great strategy for younger generations, as they are more likely to be online and connected via social media. Tried-and-true direct mail marketing is one of the best ways to reach older couples. Similarly, print marketing campaigns in local media outlets could be a solid strategy, too. Finally, you can establish trust in your local community by holding seminars at places where older couples tend to congregate—like senior centers, senior living facilities, and events around town.
By creating an all-encompassing marketing plan that targets the people most likely to purchase final expense insurance, you can yourself up for success.
Work with an Insurance Marketing Organization
As a leading Insurance Marketing Organization (IMO), Good Life Insurance Associates (GLIA) provides a full range of insurance products, back-office services and tools to support your individual clients’ wants and needs. We provide financial advisors and insurance agents in our network across the country with access to a full range of premium carriers, expert support services, and an industry-leading compensation plan.
Contact us today to learn how we can help you establish and grow your insurance business!