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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!

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.

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 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.

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.

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.

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.

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!

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.

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!!!!