Acquiring a prospect’s bank account information when selling burial insurance can be rather tricky. I have found that if you wait until the end of the sale to get this information, they are likely to say they don’t have a bank account. In order to avoid this, I developed a tactic that gets me this information early in the Final Expense appointment.

Here is what you do (You can use this face to face or when selling final expense insurance over the phone):

During your rapport, ask the prospect if they are on a fixed income. If the prospect says yes, then ask them (casually) if their check is on direct deposit to their bank account. If they say yes, you can proceed with making the Final Expense sales presentation because without a bank account, you are wasting your time.

If the prospect says no, ask them if they cash their check at the grocery store or at their bank? If they say they have no bank account, politely let them know that they must have a bank account in order for you to sell them insurance (you might want to see if they want to use one of their relative’s bank accounts).

Be sure you thank them for their time and give them your business card – then leave (I never trust that they will send the check in each month unless I see that they have an insurance policy that they’ve paid on for years).

For those folks who have a bank account, you proceed with the presentation and once they have chosen the amount of coverage they want and you have gotten to the part of the application asking for their payment information, you can confidently ask them for the name of the bank their Social Security check is deposited into?

Next, ask them what date they want their payment to be made on and ask for some proof that they have a bank account. “Mrs. Jones, do you have some proof that the bank account is yours? Like a blank check or deposit slip. The company just needs to make sure the account is in your name and that all the information matches.”

Most of the time this works and they will give you a blank voided check. If they say they don’t have one, tell them that its not a problem and just proceed with filling out the application. Some companies either don’t need the void check or they have a form that the client can fill out in its replacement.

At this point, you are in control of the conversation and they will usually give you all the bank details necessary to proceed. Sometimes you have to explain what you are doing, but usually when its all said and done, all you have to say is that the payment will be drafted on the date they chose each month and that as soon as the first payment is made, they will be fully covered.

Once this step is completed, you can move on to a lighter topic of conversation, and close the deal with confidence.

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• Another Tip OnSelling Burial Insurance
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• Daily Activity For Selling Final Expense
• Final Expense Insurance Sales Presentation
• Final Expense Sales Script