A ton of money is being left on the table. A ton.
That is what we are learning from our conversations with insurance agents around the country.
We get it. Owning property, casualty and health insurance, in most cases, is a requirement.
Sales come from marketing yourself as a trustworthy agent. Once you have established yourself, it is basically finding the most affordable option for a prospect and taking an order.
After a while, it is easy and comfortable. Life insurance sales are different. It is not required to own, and to be successful, it requires a sales process.
We know that many agents are not satisfied with simply taking orders.
Some want to grow and expand their agencies or maximize their book of business to increase revenue. Here is the good news…
There is a lot of opportunity in cross selling life products. Specifically, the niche opportunities.
A good example of this is final expense life insurance. Many carriers offer a simplified-issue whole life product that would be perfect for your senior clients.
Here are some reasons why you should be considering cross selling final expense life insurance to your book of business:
High Need
Retirement age for seniors means that they are facing a whole new set of challenges and planning for the end of their life. This can be very difficult for them and their adult children.
The average cost of a funeral today is somewhere between $10,000 to $12,500. However, final expenses often include more than just funeral and burial costs.
Depending upon their family’s situation this could include unconsidered additional expenses such as:
- Doctor’s visits and hospital costs
- Extended care
- Probate court
- Transportation of their remains
- Loss of household income for family members still living in their home
- Family travel
- Credit Card Debt
- Outstanding loans
Growing Market
This is a huge market with millions of homes identified as having the need for this type of insurance. Over 10,000 baby boomers and gen x-ers a day are entering this market and over 80% of them are not prepared for their final expenses.
Many are not even aware of what is at risk because nobody has advised them what is at stake and offered them a reasonable solution. Once they are aware, most seniors feel a sense of moral obligation to take care of their final expenses so that their family is not at risk of significant financial loss.
It’s Simple
Selling final expense insurance is not that difficult.
The sales process is straightforward and quite simple if you have a system. In most cases, it is not difficult for clients to qualify for a plan, and plans are usually affordable.
It’s Fast
Lastly, there is a quick turnaround time from writing and submitting the application to getting the policy issued for final expense insurance.
Most final expense applications are a “simplified issue” product, which means that the client doesn’t have to go through a fully underwritten process.
Application submissions are usually processed and turned around within 24 -48 hours after receipt at the insurance company. This means that once the policy is approved and issued, you are paid, unlike other types of insurance products which can take weeks and even months to get policies issued and for you to get paid.
"There are riches in the niches."
This has been proven over and over again.
There are a lot of opportunities in your book of business. It just takes a little vision, training and practice to be able to capitalize on it.
Please reach out if you would like to learn more about cross-selling opportunities. We have helped thousands of agents find success in life sales. One great first step is to check out our podcast. There is gold in those episodes. If you would like to connect and ask questions, simply use the chat pop-up on this page and someone from our team will connect with you.
In the meantime, give it a shot. Pick up the phone and call some existing seniors and see what you can do.
