How To Sell Final Expense Policies

Do you have final expense policies in your book of business? Nearly every Medicare beneficiary can benefit from a final expense policy. You may be missing out on some great commission by not selling these plans.

Now is a great time of year to focus your energy on life insurance and final expense policies. You probably just saw most of your existing clients during AEP a few months ago about their Medicare, but have you talked to them about other types of plans? Your clients need to remember that Medicare does not cover final expenses like their debts and their burial expenses. They’ll need to have a life insurance policy and a final expense policy.

Qualify The Client

Before you do anything else, you have to qualify the client you’re speaking with. Ask questions to figure out what they already have, what they need, and what they can afford. Then, you can adjust your discussion according to what they are actually able to buy and want to buy from you. You shouldn’t go into the details of final expense benefits until you have these answers. This way, you’ll avoid discussing irrelevant plans.

Get The Sensitive Questions Out Of The Way

Just like selling a Medicare plan, there are sensitive questions that come with final expense policies. Chances are that the client in front of you is not going to feel completely comfortable discussing their death with a complete stranger. Be gentle about how you ask these questions, but make sure you ask them on the front end so you know what policies will work best:

  1. “Are you planning a traditional funeral?”
  2. “Do you have a beneficiary in mind?”
  3. “Who will need financial help when you pass away?”

Explain The Differences Between Life & Final

Once you’ve asked your questions and figured out your client’s needs, let them ask their questions. Then, explain what you can offer. It’s important to outline the differences between life insurance and final expense, because your clients may already have life insurance. They need to know that while their life insurance policy can help their loved ones pay their debt, it may not cover the costs of a funeral or final medical bills.

Discuss Additional Benefits

The last step before moving on to the decision-making process is to discuss the additional benefits that final expense policies can offer. For example, you may want to mention that final expense policies can build cash value that the policyholder can use in emergencies. Additionally, when a beneficiary is paid from a final expense policy, that payment is tax-free.

Close The Deal

Finally, outline the plans that are in your client’s best interest, and help them pick the plan that works best for them. Always remember to follow up and make sure they’re still happy with their plan in a few months.

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