Final Expense Training Blog

Medicare Supplement Cold Call Script

Mon, 01 Mar 2010 05:04:20 GMT

I don't do much Medicare Supplement work at all but I have agents that do. This script is from one of my agents and, with his permission, I have posted it here for you to see how he does it. He has been in the business for 20 years and claims this script works best for him. Good luck and hope this helps.

Script:

"Hello, this is _____________, and I work with _______________, and they asked me to contact Medicare eligible retirees in _____________ to see if they qualify for reduced rates on Medicare supplement and a new RX drug benefit. Do you have a moment to see if you are eligible?

If No: Thank you very much.

If Yes: As you know, Medicare supplement insurers have dramatically increased their rates and as I said, if you are eligible and can qualify, we may be able to help. This will only take a few minutes and if you are eligible, our local representative can get this out to you in a the next few days. OK?

1. You do have Medicare parts A and B, correct? Yes____ No____

2. Do you currently pay for your Medicare Supplement, or is it provided by an employer?

Pays self___ Employer Provided___

If they pay for it: Do you mind if I ask who its with?___________________________

If you don't mind me asking, about how much do you pay each month?______________________

3. Within the past two years, have you been treated for any major conditions such as: heart surgery, Insulin dependent Diabetes, Stroke or Cancer? If no, continue.

Have you been in the hospital two or more time in the past two years? If no, continue.

4. Do you take any prescription drugs? Yes___ No____ About how many?_______

Do you know about how much you spend per month on the medicine? $____________

What would you say are your most expensive medicines?__________________

5. What is your date of birth?_____________

I'm just about finished.

6. Are you familiar with__________________ hospital? Would that be your hospital of choice or would you prefer a different one?

Great.

It appears you may be eligible. What I'd like to do now is confirm your address:

Do you still live at ________________.

Now, our local adviser has time available on _____________ or ___________. Which of those days is better for you? OK, let's see, would ________am or ________Pm be better for you?

Great. We'll look forward to seeing you on ________ at ___________am.

We appreciate your time and look forward to meeting you. You might want to put us on your calendar...

New Final Expense Forum

Sat, 06 Feb 2010 21:20:43 GMT

I just wanted to inform you that there is a final expense forum called: www.finalexpenseforum.com.

It's just been launched so it will take some time to build.

I ask that any questions you have be posted there and I will answer them and if anyone else wants to join to share your knowledge, please feel free.

Finishing Up Your Final Expense Sale

Sat, 06 Feb 2010 17:37:57 GMT

I keep forgetting to mention this but I found that it's really important to recap everything at the end of a sale.

I usually will do this when they are signing the applications.

I will say, "Mrs. Jones, I just need to verify that I got all your information correct (I will go over her DOB, SSN etc)... and Mrs. Jones, you are purchasing a $10,000 Whole Life insurance policy and I want to make sure that you understand that this policy will never go up in price, the face amount of $10,000 will never decrease and that this a Whole Life Insurance policy, not a Term Insurance Policy."

"Mrs. Jones, I want to make it clear to you, so you are confident in what you are purchasing, that this is a Whole Life Insurance policy, with immediate benefits so if you were to pass way the day this policy goes into effect, you are completely covered and your daughter will receive $10,000. Do you understand Mrs. Jones? You will pay $43 dollars a month for the life of the policy and you are covered immediately."

Then, I go through the legal mumbo jumbo on the application and make sure she understands that she is giving us permission to check her medical records and that all the answers she gave on the application are true and correct to the best of her knowledge.

Guys, you want to make these points clear because you will find insurance agents coming behind you and since their price is more expensive than yours, they will tell Mrs. Jones that she purchased a term policy from you or that it doesn't have immediate benefits or that the price will go up every 5 years.

I had a guy from American National do this to me back when I first started. He told hold her that the policy I sold her was a term policy, had a two year wait period and that it would go up in price every few years. My client called in furry, yelling at me and even though I was able to convince her that he was lying to her, I still lost the sale.

From that day forward, I drilled the point home and I encourage you to do the same.

Generate Your Own Final Expense Leads

Fri, 05 Feb 2010 16:54:56 GMT

I wrote a really long article for this blog but I decided to keep it short and simple:

Learn how to generate your own insurance leads.

You have to prospect and brand yourself in your local area. You have to use the phone by either cold calling yourself or hiring a telemarketer to do it for you. It's best to create your own mailer, using an IVR phone number and go out and knock until you talk to at least 10 people every day.

You can't sit at home and wait for some magic lead generation system to produce your leads for you. If you want a magic lead system, you have to create it yourself.

You have to market yourself and become known in your community as the Life Insurance Man (Lady) and make it be known that you have the best prices and the best products for their entire family.

The same holds true for using the internet. You have develop a presence on the internet and not depend a company to do this for you. The internet is a powerful tool and if you know how to generate leads from the web, you will become very successful. All the agents I know that do this, aren't worried about buying leads. They are only worried about having the right products and the best sales techniques to push those products.

Anyway, if you want to learn to generate your own leads on the net, then I recommend spending $50 bucks and buying this ebook. It's not perfect but it will get you going and help you develop enough knowledge to open more doors for you in the internet lead generation market.

Click Here! To learn more.

The Secret to Success in Selling Final Expense LIfe Insurance

Fri, 05 Feb 2010 15:27:05 GMT

I can remember when I was with Equita Final Expense and they asked me what the secret to my success was. They wanted me to tell other agents how to go out there and write $5000 a week in business.

This is what I told them:

"You have to work hard."

I mean, I said it in a lot more words but "Hard Work" was the essence of my message. I told them that I was not special. I just took a system and applied myself 120%.

I would work 12 hours days and I would not stop for any reason.

I had my appointments scheduled from 10am to 9pm. If one of my appointments got canceled, I would pull out my old lead cards and start knocking on doors.

I never sat idle.

I had a goal.

I had to sell at least 10 polices a week or I did not take the weekend off. If I wanted to be with my kids and go the beach on Saturday, I had to have submitted 10 policies (minimum).

How do you do this?

You work hard!

That is the secret.

True, you need a system and a plan in place (this is on the website) but these are like a bunch of zeros.

A plan = 0

A system = 0

Leads = 0

Great Products = 0

It's all a big fat ZERO without hard work.

Hard work = 1

If you put the hard work behind the everything else, you will have 10, 100, 1000, 10,000, 100,000, 1,000,000+....

Without the 1, you just have a bunch of nothing.

Remember this:

"Everyone needs life insurance."

So it's up to you to get out there and find them. If you have leads, work them to death. If you don't, go banging on doors or set up a table at a fair or put up posters or ads in the newspaper, etc. Use your head. Think outside the box.

Nothing is going to work out for you if you don't make the effort. You will be just like 90% of all Final Expense Insurance agents out there: out of business.

Final Expense Sales Training Videos

Thu, 14 Jan 2010 18:51:45 GMT

We now offer a premium membership that will give you access to our video training.

The following video is the first part of the Final Expense Sales training.

A Tip to Help Avoid Charge Backs

Wed, 06 Jan 2010 20:17:08 GMT

I was just talking to a very experienced Final Expense agent this week.

He told me that he rarely has charge backs and he told me that his secret is to set the payment date the day after they get their Social Security check.

He said if you set the draft date on the day they get their check, the draft may go through before the deposit of the Social Security check and this results in a bounced payment.

Anyway, I thought this was a really good idea to share with you and something you should consider doing yourself.

If they get their Social Security check on the 3rd, set the draft date for the 4th.

Jody

Door Knocking Script For Final Expense

Mon, 28 Dec 2009 19:27:55 GMT

When I can't get a hold of my leads on the telephone, I will I take those leads, knock on their door and when they answer, I say "Mrs. Jones, you or your husband sent this card in."

I hand her the card.

She looks at the card and while she is looking it over, I tell her:

"I'm here to give you that information you requested..." (I have the attitude of "you sent the card in and I'm here because you asked me to come...")

If she looks baffled, I ask, "You did send this card in, didn't you?"

She will normally say, "Well, I don't remember but this sure is my handwriting."

I say, "To be honest, most people don't remember sending those cards in -- that is normal. I'm just here to follow up with you and to see if today is a good time to meet with me or if sometime tomorrow would be better?"

Usually they will choose the following day. I take out my business card, write the day and time on the back and I hand it to them.

I hand them the card and repeat the day and time and i ask them to call me if they need to reschedule.

Sometimes they will just invite you right in, giving you the opportunity to make your sales presentation and possibly making a sale.

I suggest making most of your appointments by the phone to save time and gas, but if you find that you have some free time, go knocking on the doors of anyone you can't get on the phone.

I personally don't worry about people not being home or wasting my time.

I just go and knock.

Even if it's an hour drive.

I figure that I usually come out ahead so why worry about it. It's just all in a days work.

Several times, I have spent all day driving around to empty houses and I find myself at 8pm, at someone's dinner table, eating a nice meal and receiving a $150 dollar check for their first months premium.

I think a $1700 commission makes it a good days work?!

Don't you?

Final Expense Sales Cycle

Fri, 11 Dec 2009 16:13:27 GMT

Within the member section of this site, I have a presentation that has worked very well for me. However, I have had many times where the presentation in itself was not good enough to close the sale. This is when you have to work a little harder and use some strategy.

The following was introduced to me by a very successful insurance agent. It's called a "Sales Cycle," and it works very well in Final Expense Life Insurance sales.

1. To the client: “Do you have any questions over anything we have covered so far?” Answer any and all questions!

2. “It makes pretty good sense doesn’t it; being able to protect your family, and not having to worry about passing the burden of paying for your funeral on to your family”

3. Give the client 3 choices and ask: “Which one best fits your budget?”

4. ACPA (Assume Consent with a Physical Action) “Who do you want as your beneficiary?”

5. If you get any push back or objection you say: “I can understand that; many of my clients feel the same way when I first speak with them.”

6. Then you say: “”Let me tell you a story.” The story should consist of another individual that wanted to wait, and did. 3 months later they were diagnosed with cancer or some other terminal disease and died. It is best to tell your own story, but you could borrow someone’s until you have this happen to you.

7. “Is there any reason other than money; that you would not want the benefits of this policy to protect yourself and your loved ones against the cost of a funeral?” LET THEM ANSWER!

8. “So if it was free you would take it?” Wait for them to answer! This is called a smoke out because it gets down to the real reason why they do not want to buy. Typically you will hear something like; “I would take it, but it is too expensive.” Re-calculate a premium and then go back up to # 3 and repeat.

In most cases, they will pick one of the lower premiums and when this happens, I usually say:

"Mrs. Jones, I think that is best for you too. You know, many of my clients start off small and then, when they are used to the payment, they gradually increase it. However, Mrs. Jones, $5,000 is still a lot of money to leave your family and I can guarantee you that they will be very happy that you did this for them. Mrs. Jones, do you know your Social Security number by heart?...."

Put your head down and start filling out the application...

Setting Appointments for Final Expense: Helpful Hints

Tue, 24 Nov 2009 23:41:50 GMT

When an agent or appointment setter calls a lead to set an appointment, this is the first impression that your lead gets of meeting the agent. Many people in today's society, especially seniors, crave genuinely friendly conversation and interaction with others.

From the moment your lead picks up the phone, the friendlier the appointment setter the better they feel about letting someone come into their home. The kind tone in your voice while you speak will set you up for success at scheduling an appointment and the more comfortable an individual will be to invite a stranger to come in their home. This friendly approach is the most basic key to success.

Here are some more helpful hints for setting finale expense appointments:

Don’t answer the phone as if you already know them. This confuses people and makes them feel tricked.
Be humble. For example, start a conversation with, “I'm sorry that I have not gotten back with you sooner.” This helps them to feel they have the upper hand and are more in control.
Remind them that the appointment will only take 10-15 minutes of their time.
Also remind them the appointment is only to see what they qualify for and give them some information to take a look at. This will help them to not feel pressured.
Many people might already have life insurance and think that final expense is the same thing. Don’t get into it to much in detail and try to word it in a way that they think it's more than just a life insurance plan. Many final expense plans offer more than just life insurance.
If they want specific details, an appointment setter can explain that they only schedule appointments and the representative can tell them which programs they will qualify for and give
It's best to divert away from mentioning that the agent is selling something. Otherwise, they'll be on guard.

Here are helpful words to use:

"Program" instead of "plan". This helps people not to feel pressured.
"Qualify" and "benefits". People like to know what they are going to get out of something.
"Representative". Always say we have a representative who will stop by to see what you qualify for. Even though you may only be scheduling for one person this gives an impression that your company is well established.

Knowledge Is Power In Final Expense Sales

Tue, 24 Nov 2009 14:11:16 GMT

The key to being a good sales person is really quite simple. Besides being nice to people, caring about them and listening thing, there's one other thing you must do. You need to know your product.

How do you do this in Final Expense? Easy! Just need to pull out all your applications from all the different companies and study them.

This is how I do it:

1. First, I alphabetize all the health conditions mentioned on the applications and under each health condition. Then for each health condition, I write down which companies will give the client on immediate coverage for these conditions and which companies only offer modified or graded policies.

2. With some health conditions, such as terminal cancer, all companies are going to offer modified benefits. In this case, for that specific illness write down each company's time wait for full benefits.

3. Now print out your chart and put it your sales presentation folder. Now, when a client tells you they have a particular disease, you can quickly find that Lincoln Heritage is going to give them first day coverage whereas no other company will.

You see how it works? If you don't do this, you will stumble along and miss a lot of sales. There are many prospects out there that can not find immediate coverage so if you come along and offer them immediate coverage, they be very thankful and buy from you.

Try it out!

Should You Send Out Final Expense Mailers During The Holidays?

Tue, 24 Nov 2009 04:32:50 GMT

Well, the Christmas season is here and everyone is gearing up for the holidays. Here's a little heads up for Final Expense agents: the holiday season is not a good time to send out mailers. Many Final Expense agents have found that the response rate was very low this time of year and have stopped doing mailings during the holidays.

How To Get A Prospect's Bank Account Information

Mon, 23 Nov 2009 05:01:36 GMT

Getting a prospect's bank account when selling Final Expense can be a touchy subject. Of course, it's also crucial for making sales. I have a little trick I use in the beginning of an appointment to get them to at least admit they have a bank account. Once I know they have an account, it's a lot easier to get their information.

So here's what you do. While you're building rapport with a client, ask them if they are on a fixed income. Something like, "You're on a fixed income, right?"

If they say yes (which is most of the time), I will ask if their check is automatically deposited into their bank account? If they say yes, you know you can continue with the Final Expense sales presentation.

If they say no, ask if they cash it at the grocery store or if they deposit it their bank. They usually say, "I don't have no bank." At this point you can politely tell them that they need a bank account for you to sell them insurance and thank them for their time. Give them your card and go on your way.

Direct billing is a big waste of time since no one ever pays. It also hurts your persistency rate with the insurance companies.

Now, for those that pass this little test and you know they have a bank account, then when you get to the application you just ask, "What is the name of your bank again?" Nine times out of 10, they will tell you.

Then you ask them what the best date is for them to make the payment on and you explain that all insurance companies are now requiring that we set up payments on automatic draft.

Usually, they will agree. Once they have agreed, tell them the company needs some proof that this account is theirs. Explain that they can provide either a voided check or a deposit slip. If they don't have one, tell them it's fine. Most companies can process the application without a voided check and they may or may not need an extra form signed to allow the insurance company to set up the draft.

Closing A Final Expense Sales

Sun, 22 Nov 2009 17:46:41 GMT

"Closing the sale" is critical for any salesperson to succeed in Final Expense. So what's the secret? It's simple: you have to ask for the sale.

Here's how I do it. After you've made your presentation, you say, "Mrs. Jones, I've have written out 3 prices for you. Do you want the $8,000, $10,000 or $12,000? Which best fits in your budget?"

In most cases, she'll say, "I'll take that one..." You respond, "Great Mrs. Jones, I was thinking that would be best for you too, because...(give a plausible reason.) Now Mrs. Jones, what is your social security number? Okay, great. Can I see your state ID?" And so on.

It's that simple.

Can You Sell Final Expense Over the Phone?

Sun, 22 Nov 2009 15:01:30 GMT

Sometimes I'm asked this question from agents who are interested in working from home. My answer is that when you first getting started in the insurance business, it can be tough. Most people fail. That's why I put up this site about how to get succeed in Final Expense.

When I first got started I was really overwhelmed until I came across this article on Final Expense and it changed my life. I saw gold and I began digging for it.

I learned everything I could about Final Expense. I talked to different agencies, recruiters, etc. Finally I went with a company called Equita Final Expense. Well, within two weeks, I was number ten in the company. In two more weeks I was number three and by the end of the second month, I was number one. I stayed at the top the entire time I was there. I simply followed their system to a T.

After 6 months and 150K in sales, I did not see the money I was supposed to have been making. So, to make a long story short, I broke away and went independent. This was a really good move for me.

Now, I have many companies to choose from, which means more approvals and I have cheaper prices and I have better products and I have a lot more commission ... A lot more.

So how does this relate to selling Final Expense over the phone? Final Expense is a great place to get started in the insurance business and to give you a focus. From their you can gradually get into annuities and other lucrative life insurance products.

Once you have the basic knowledge and a good understanding of the sales process, this will help you jump in with the big dogs and give you a chance to succeed. With annuities and larger life insurance policies, you can effectively make sales over the phone and the internet.

However, Final Expense is best sold in person. If you take the formula I give you and apply it 3 days a week, such as Tuesday, Wednesday, Thursday, and work 12 hours days, you can still spend most of the week at home. This will help you make enough sales to stay motivated.

After a solid 6 months of experience, you can try Final Expense over the phone. One good option is Baltimore Life through United Life Agency in Indiana. They seem committed to helping people succeed in making Final Expense sales over the phone. But you really need to know what you're doing before you pick up the phone; you need to be an expert.

"Balls To The Wall"

Sat, 21 Nov 2009 07:11:59 GMT

Today I was talking to a very successful Life Insurance agent and he used this expression: "balls to the wall".

Have you heard of that?

He was referring to his work ethic and the fact that when you work with him, it's "balls to the wall." This holds true to real success in selling Final Expense insurance. You just have to work it; there's no way around it.

Balls to the wall = Success! That is the true secret in selling Final Expense Life Insurance.

Two Ears, One Mouth!

Fri, 20 Nov 2009 23:39:51 GMT

Listen, Listen, Listen. You must Listen to sell Final Expense Insurance. You have two ears for a reason.

I'm not your typical salesman. In fact, I hardly talk at all. I always get stuck listening to people. My wife hates it! I will sit and listen to someone for hours. Now, I'm not saying to do that because it's a real bummer. I don't know how to politely excuse myself. I need some training in this area.

However, when this is applied to sales, you will do very well. When I go into a client's home, I probe and ask questions and I listen to them. I get personal. If they say they are having trouble with their teenage grandson, I will ask "Why?" Then I will listen and offer sympathy and back them up on their views. I show that I care.

And actually, I do. I feel their pain and happiness. I'm right there with them. Sometimes it comes to a point where they ask , "Why are you here?" Even I forget. But then I go into the sales pitch. At that point, sometimes I skip the whole script and just get to the insurance.

"Well Mrs. Jones, I am here because you requested some information on life insurance. Is that something you are looking for? Are you concerned about your family paying for your funeral?" Something along those lines. If they say yes, then it's an easy sale.

If they say "No, I don't need no insurance" then I will ask, "Why?" If they say they can't afford it, I will say something like, "I think you've been talking to the wrong insurance man because I've got some really cheap prices."

Or if they say "I already have insurance!" I will ask for their policy and find something that is wrong with it. If there is nothing wrong with it and the price is better than mine, then I say, "Mrs. Jones, you have a great policy and I can't offer you anything better. You did a great job buying insurance."

She will thank me and if there is anyone else in the house that is breathing, I will then make the attempt to offer them insurance. Since Mrs. Jones likes me and feels I'm trustworthy, she will usually say, "Well, little Johnny needs a policy."

One time to an appointment with an 88 year old man that was too old for me to write. However, because I gave him all the time I would give a potential client, I ended up writing his whole family. They just happened to come over for his birthday 30 minutes after I arrived. I made $3500.

You see how it works? It doesn't work to force sales and it's also doesn't work to yap all the time. You have to listen, you have to care, you have to have their best interests at heart -- really! Not just faking it.

This is a Smart Agent!

Fri, 20 Nov 2009 15:18:49 GMT

I just read this on the insurance forum:

"I know an agent with a small office and two admin girls. He buys around 100 leads a day and closes around 5 deals a day.

His girls call all the leads in real time, qualify and transfer the interested ones to him. He takes it from there. They also handle all of his follow-ups.

He pays both of them $25,000 annually so here's the math:

$50K annual payroll
$24K annual office rent
$180,000K annual for leads

1,500 policies submitted X $600 commision = $900,000 for a profit of $646,000.

The irony is he doesn't work that hard since the only time he's on the phone is when his admin transfers someone with high interest. I believe he works in like 5 states. "

Something to think about ... if he can do it, so can you!

Final Expense Insurance Companies That Take Credit Cards

Fri, 20 Nov 2009 13:59:08 GMT

Being able to accept credit cards can really help make some sales.

Here are some companies that accept credit cards:

American Amicable (first choice)
United Heritage
Liberty National
GTL
Lincoln Heritage

Make sure you have at least one of these companies in your bag; otherwise you'll lose sales. I can often get a prospect's credit card info when I can't get their bank info. As a side note, I don't bother with direct billing. People so rarely send in their payments that it's really a waste of time.

Final Expense Commission Advance Advice

Thu, 19 Nov 2009 13:40:52 GMT

Should You Take "Advances" or Go "As Earned?"

Simply put, you should go "As Earned." No question about it.

But???? Can this be done. Not usually. Not unless you have $50,000 in the bank to get by on for the next 6 months.

So, it' safe to say, you are going to have to go "Advanced?"

And, what does this mean anyway?

1. As Earned

You get paid as your clients pays their premium. When they pay, the insurance company pays you. This is the safest method because if anyone cancels their insurance, you don't owe any huge amount of money.

2. Advance

Advance means that the insurance company advances (or loans) you a large part of the first years premium (whatever percent is yours) when the policy is issued? Usually it's about 75% of the first years premium. I'm not a math guy, so you will have to figure it out.

Well, the advantage of the advance is that it gives you the capital to keep buying leads and you have some money in the bank for other expenses. If you you were on "As earned" you would have to work a very long time before having enough monthly income to support your business. It would take 100 clients paying $50 a month just to get $5000 a month income (this would take about 3-6 months if you are really hustling).

The Downfall

The Downfall is when a super agent goes out there and sells $100,000 in business in six months and then has what's called: "Charge Back Hell!"

Chargeback Hell

This is what occurs when a handful of clients don't pay their premiums or cancel on you. The insurance company immediately takes it back from you. So here you are, loving the life of a high roller and then $5,000 in charge-backs hits you in the ass. Ouch!!!

Most agents do not prepare for this and they don't expect it so they end up faced with debt and no money for the next couple of weeks or so.

This can be really hard in the beginning.

However, it's not such a bad idea to plan ahead for this and save a little money and we would recommend a few companies that will not hit you hard with charge-backs. They will break it up over time. This is a huge plus because most companies want their money back right away!!!!