Final Expense and Mortgage Protection Sales are great markets to be in. You can create substantial wealth simply by educating and serving 15-20 clients a week or building a team of agents. So what are the secrets of success in this business? From my experience, here are the 4 things you need to know in order to become a successful final expense or mortgage protection insurance agent:
1. Understand that you are a trust-builder, an educator, advisor, and a service provider
If you can help someone solve a problem, then you are in business. This process is all about people. Identify their real needs, their wishes and who/what is important to them. Pay close attention to the information you gather and help them meet these wishes.
This is an emotional sale. It’s rarely a logical one. Do not be a sales person…be a helper. Be someone who earns trust first by serving the people and families you are with. Help them with their life. Find ways to save them money on their bills. Discuss with them what insurance they have now, if any. Go the extra mile. Try to improve their situation.
If you cannot, then certainly don’t make it worse or do something that’s in your interest. Too many agents are tempted in situations like this to manipulate the situation to help themselves. DON’T DO THIS. People in this market need your integrity and help. Be that person. Remember this and things will generally go better for you.
If you are not a person with empathy, integrity, or you are truly not a connecter, this corner of the insurance market may not be for you.
2. Network or connect with an organization that has a system
Many groups, general agencies or so called IMOs out there tout to have a complete system when really, all they have are a few contracts to offer with carriers they do business with, a way for you to do your own mail or marketing, a weekly phone call they refer to as “training support”, and a recruiting machine that churns and churns.
This is not a complete success system. These groups may provide a brief stomping ground for some, but sustained long-term success is very limited and only the few strong survive.
For the highest probability for success, look to connect with a team that provides a great selection of industry best carriers and products, a high quality dependable lead program and great on-going sales training and support. Look for a relationship with a marketing group that provides lead options to their agents without the financial liability or time investment for the generation of those leads being on the agent.
Too many companies recruit life agents offering them the so-called best and highest contracts only to leave the agent with the full financial responsibility of marketing and lead returns.
If returns are bad…or the financial obligation of the marketing cannot be sustained, the high contract is meaningless and you are out of business before you even really had the opportunity to figure it out. Or conversely, other companies offer a mediocre “free” lead program on oftentimes suspect leads which are ultimately paid for by the agent with low compensation contracts. This limits earning potential for the agent dramatically on first year commissions, especially on referral and self generated business, as well as on renewals on your book of business in subsequent years.
Find a group that offers options to allow the strategic partnership you are looking for. But again, please know that a great partner company is well worth the relationship. Consistency of lead flow, great products, robust and effective training, ongoing field support, profitability of the agent and clearly defined advancement opportunities are what denotes a complete success system.
And one more thing, the main thing: look for an organization of servant leaders – team members that serve one another and understand that everyone wins when the team wins. There are some bad ones out there but there are also some really good ones. Make sure you find a good one.
3. Develop a plan to make sure you have maximum time in front of potential clients
Getting in front of the client and making your week efficient and productive is one of the biggest challenges in this business. Many people spend way too much time working on their marketing and generating leads at their own expense. Remember, you make money when you are in front of clients. Spend most of your time doing what makes you the most money.
So what is the best way to see the highest number of potential clients and how do you become effective at doing so? Always look to generate referrals based on your extra mile service. People are always eager to help people who have really helped them. Also, see number 2.
4. Understand what a lead is
Don’t assume that because someone inquired about final expense insurance and replied to a mailer or marketing initiative that they are going to buy. Leads are simply a good opportunity to have a conversation about final expense planning and insurance. That’s all they are!! There are no guarantees, just opportunities. You still have to get in front of the potential client, educate the consumer and make the sale.
Remember, you are and will always be the best lead generator. Provide great service and always ask your clients, “Who else can I help?”. You will be amazed at how people want to help those who are passionate about what they do. You simply have to ask. There are no shortcuts to hard work and continually improving your skill set with regular training and implementation.