Smart Strategizing to Source Final Expense Leads is Highly Effective

Very few people want to sit down with an insurance agent, or anyone else for that matter, and talk about death. However, one of the greatest concerns people have is having enough money for final expenses.

Funerals are far more expensive than many people realize, and many also do not understand that their total costs for a funeral are not payable to just one entity, the funeral home. The funeral home bill alone is apt to run about $6,000. Included in that cost is a casket ($2,300) embalming and preparation of the body ($600), funeral viewing and ceremony ($1,000), funeral director’s basic fee ($1,500) and there are also miscellaneous expenses such as an obituary, obtaining a death certificate and the hearse journey to the graveyard ($600). All funeral home expenses would be subject to change.

Many individuals wish to be buried in a cemetery. Costs associated with this service may range up to or over approximately $2,000. Those costs include buying the grave space ($1,000) and digging the grave ($600). The cost of digging is not included in the purchase of grave space. Other costs most often associated with a funeral include a headstone or grave marker. The average price of a headstone is $2,000 and the average price of a marker is $1,000.

If the funeral director acts as the coordinator between his business, the cemetery and headstone maker, costs may be even higher, as the headstone maker and cemetery may be paying the funeral director a commission for the business.

To market final expense insurance, you need to target your clientele. You may want to market to seniors, term life insurance holders, short-term insurance holders and those who are not eligible for traditional insurance. Seniors often do not purchase insurance after retiring, but they do want to cover their burial expenses. Premiums for this type of insurance are quite low.

Short-term insurance typically covers a defined period in the insurance holder’s life, like a mortgage loan term or college for the children. They often realize the benefit of having final expense insurance, just in case. And in the case of term life insurance holders, they appreciate having basic funeral cover if they happen to live longer than the term of their policy.

Working out an effective marketing strategy to reach those interested in final expenses takes planning, implementation and dedication. You are selling insurance. You likely have those traits in spades.

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Getting your message seen online: Part 6

What do you need to do to keep your end of the customer/insurance agent relationship going?
If your message doesn’t contain a call to action like, “Click here for further information on term life insurance,” potential customers have nothing to do. So of course they leave.

If you want to keep the relationship alive and fresh, get to your point right away. If you are doing a survey for a product, say so up front. If you are fishing for information to find an opening to talk about Medicare supplements, ask an indirect question. Ask the customer how they feel about recent changes in Medicare. If they do not understand it or know they lack coverage, you have found a concrete way to help them.

This isn’t hard work. It’s smart work.

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You Can Generate Your Own Final Expense Leads, but Why Bother?

While it’s true that you can generate your own final expense leads, you can buy them from a reputable lead generation company with far greater efficiency and ease. For instance, Benepath.net offers insurance agents many different options for the delivery of qualified leads sent in real time.

The business of death is expensive, and potential clients would be well-advised to carry final expense life insurance to protect their families from the final bill.

These days, funeral costs can run as high as $10,000, paid out in three parts to a funeral home, a cemetery and a headstone manufacturer. It can be a significant financial burden for a person to pay such bills all at once, especially while grieving. It only makes sense for families to have a final expense insurance policy in place to cover those expenses. As an agent, you have an opportunity to work the leads you receive and to help educate people on the reality of the costs for end-of-life services and burial.

Not sure how to find final expense leads? There are number of ways, and one of them is to generate your own, but in general, your best source will be a lead generation company. Before you buy any leads, determine which demographics you wish to approach and make a list. That list may include seniors, short-term insurance policyholders, term life insurance holders and perhaps those who are not eligible for traditional insurance.

Most seniors do not buy life insurance once they have retired, but they do see the value in insuring their funeral and burial expenses. Since policy coverage is relatively inexpensive, you have a good selling point to make conversions. Short-term holders usually have insurance in place for particular life events, such as the duration of a mortgage.

Many of these potential clients are interested in insuring their final expenses as well When term life insureds outlive their policy terms, they like to have burial coverage in place. And those who cannot get traditional insurance tend to depend on their savings. Final expense insurance is a good option for them to avoid spending their inheritance and estate savings on their own burial costs.

 

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Whole or term-life insurance – which is best for your clients?

Choosing life insurance is very personal. Clients only want the kind of policy which works for them.

The problem is – how to determine which type of life insurance is the best for them? What are the options? The prices? How does the coverage differ? All are good questions, but before you lay it all out on the line for potential customers, encourage them to get started on a search for whole or term life insurance. Have them explore the options of each type of policy. This allows them the chance to put together a list of questions to ask you.

Just for the record, a “term” life insurance policy is for a set number of years, which is any number of your choosing, based on what works the best for your clients. The word “term” means it expires at the end of the term chosen, not at the end of the person’s life. That being said, the term may be extended after it matures. Just remember, that if the customer chooses to renew, or extend the policy, chances are that the premiums will be higher. If the policyholder passes away during the term of the policy, those named as beneficiaries receive the benefits of the policy.

Term-life premiums are relatively low to begin with, largely because the policies only offer death benefits, which means premiums are dependent on how long a policy runs. Thus, for a short term, there are lower premiums.

On the other side is a whole-life policy, one that extends to the end of an individual’s life. As expected, there are higher premiums for this kind of coverage, because there is cash value on the premiums paid. If the customers want to ensure that premiums stay the same for the run of the policy, they should consider buying a fixed term-life policy.

A bit confusing to say the least, but if you take the time to explain the various options you have available for your clients for both types of policies, they get a feeling of what would suit their lifestyle and point-of-view. Term coverage can be a good choice for the younger crowd, due to lower premiums and the ability to get involved in investments, which would grow their portfolio. Also the death benefit is tax-free.

Whole life does not offer the benefit of being able to save on premiums and invest the savings, and there are taxes to be paid on the cash value, as that money is considered to be income. However, what your customers choose is solely dependent on what they want to accomplish, the type of coverage they are comfortable with and what each policy provides when they pass on.

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Term Life Insurance Leads

Do you want term life insurance leads that give results? Benepath is the right company for you. For several years, Benepath has delivered unparalleled results to agents looking for term life insurance leads. And their clients were all satisfied with the service they deliver. Most of all, Benepath is known for their term life insurance leads that leave both agent and client satisfied. So if you want to get your hands full with really productive and sure hit term life insurance leads, don’t hesitate to call Benepath at 866-368-0377 today. Remember, the key to success lies in being with good company and with Benepath, you could never go wrong with your term life insurance leads. With Benepath, you are assured of a bright future in term life insurance leads.

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