For decades, many agents have quietly made significant income by promoting end of life planning and funding those plans with final expense life insurance.
As the public has become more aware, probably because the baby boomers are soon to be seniors, agents have asked us if we could provide sales and product training targeted to this fast-growing marketplace. The answer is “Yes, we can!” This training is FREE to you and, when you completed, you will have more information and tools you need to successfully increase your income.
Why Offer Final Expense/Easy Issue Products?
One reason is that this concept addresses the needs of a large percentage of your clients. Their age and their financial status do not matter. There are an estimated 13 million households that are potential clients for end of life planning. This is often daytime activity. These sales easily lead to referrals. There is even true guaranteed issue for those cases not otherwise eligible for the simplified issue, non-medical final expense coverage.
Determine The Need: How Much Does A Funeral Cost???
There is no one simple answer to that question. However, in 2010, it was determined that the average funeral cost is $7,775 according to the National Funeral Directors Association. Certainly, it can cost more depending upon the addition of extras or the location of the cemetery.
The $7,775 does not include:
· Cemetery Costs
· Grave Space
· Grave Markers
· Opening/Closing the Grave
· A Vault When Required
Some particular items increase the cost dramatically. A high quality of the casket is very important to some families and can be very expensive…anywhere from $3,000 to $65,000. Another significant variable is the location of the cemetery. A cemetery plot could cost anywhere from $400 to $10,000…generally less in rural American and more in the larger cities. If the cemetery requires a vault, that can be anywhere from $7,000 to $10,000.
Simply stated, and while the cost range for the average funeral is likely $10,000 to $15,000, costs can be significantly more, especially in areas where grave site costs are high. Additionally, these costs are increasing much faster than the rate of inflation.
What other items add to the cost of a funeral?
In most cases, these are considered to be “elective items.” Here is a partial list:
· Viewing & Visitation
· Transport of a body (expensive if the person dies out of the state or out of the County and especially so if airfare is required)
· A funeral procession
· Limousine service
· Any gravesite service
Please understand that these are estimates based upon an average and will vary depending on where you live and what options you choose. Certainly, the amount of money you spend for the deceased is not an indication of the quality of the experience and the memories you have of your loved one. However, every funeral comes with its own price tag.
The question is, how difficult will it be to write a $10,000 - $15,000 check? For most families, the check they need to write is the check they can afford….a small premium check to an insurance carrier…a carrier that can guarantee a cash payment delivered to the survivors at exactly the right time to pay these final and necessary expenses.
New Final Expense Agent Training Program!!!!
The end of life training program lasts six weeks. It is short, clear and effective. It is understandable and provides a step-by-step sales track. It will give you fresh ideas that will, in turn, increase selling opportunities.
Surveys say the average agent selling Final Expense Insurance or other Easy Issue products, such as Guaranteed Issue, earn higher income than more traditional agents. First, this is a cross-selling opportunity that can open the door to Annuities, Medicare Supplement and LTC sales. Second, it cements the good relationships that the agent has with existing clients as well as attracting new clients.