This may really surprise you, but we shopped around for life insurance for a single client in our area. We found price differences of $300 a year for the same $100,000 life insurance policy! These were all large, highly rated life insurance companies too. What we learned, is that it pays to do some shopping.
These are simply small face value whole life insurance polices. They have been developed so that they are easy for older people to apply for. The cash value of these policies will rang from $2,500 – $25,000. Many people choose to purchase about $8,000 to $10,000 worth of coverage.
Second, you must know the best products to sell. There are probably over 100 insurance companies selling senior final expense program insurance. Most, in my opinion, being overpriced and just plain junk insurance. Your job as an agent is to know these companies and to have the best companies to offer to your customers. You want companies that are solid financially and have products that fit your needs. I always look at price first. You want companies that are cheap for smokers and non smokers. Then you want to take the application for each company and compare the underwriting guidelines.
The bills may be for more than just the actual funeral and burial plot too. Some mourners may have to take time away from their jobs, so they will lose pay. Others might have to travel and find food and housing in a strange city. Of course, friends and family who live in town will probably have to provide some sort of food and housing for visitors.
A burial policy from a top insurer should be well known by quality funeral homes, and they will often accept proof of insurance instead of cash payments.
Many senior citizens live on very small incomes. After they have to pay for essentials like food and medicine, there may not be anything left over. It is really impossible for most older people to put aside enough money to make sure that their family has cash to pay for these bills.
And then this phrase is neatly wrapped up with the wonderful final word bow. You show me a person who wants to think about or talk about their death and I’ll show you someone who is probably already too sick for you to help either mentally or physically.
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.