Final expense by phone, also known as final expense telesales is a fast growing niche for final expense agents. There are a lot of advantages to selling final expense over the phone but most experienced agents have what is called “tunnel vision” which can hinder one being open minded to doing things a different way, maybe a better, more efficient way.
At least that is what the final expense telesales gurus will tell you. Is selling final expense insurance by phone really a better, more efficient way?
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Selling final expense over the phone is definitely attractive and I get many agents that are looking to get into this side of the business. I mean, you get to stay home, make a few calls and bring home six figures a year. Who wouldn’t want to sell final expense over the phone?
But there are many problems that arise and make it so most agents just can’t succeed selling over the phone. The biggest road block is getting enough quality final expense leads to work with and the then you have to deal with the impersonal aspect of the phone. I mean, it is a lot easier for someone to slam the phone down then it is to slam the door in your face.
Other road blocks that you face are the lack of trust seniors have in giving information over the phone (especially bank information). They don’t know who they are talking to and since senior scams are rampant, seniors naturally get nervous when it comes to their personal information. Most of them would rather see you face to face and know who they are talking to. Even then, you are faced with trust issues. You have to really present yourself in a way where they feel comfortable and willing to share their personal information with you.
None of these things disqualify final expense telesales from being a viable option. You just have to understand that these road blocks exist and can prevent you from being successful; however, if you are one of those agents who can overcome these hurdles, you will find yourself living a very comfortable life, making a few calls a day.
Successful telesales agents average 8-12 final expense presentations a day and close around 50-65% of those presentations. These agents claim that you don’t need to be face to face to gain their trust. You just need to be able to build their trust quickly over the phone and this is a skill that can’t really be taught. Some people just have a way with words, tone and presentation. You just immediately trust them. If you are one of these people, I’d say final expense by phone will work great for you.
The main thing you have to consider is your lead source. You can burn through a lot of leads, really fast by selling over the phone. Personally, I have found that in order to get enough leads, with out spending all your savings, you have to generate your own leads. Maybe you hire a telemarketing company to call for you and either do live transfers or maybe you use an auto dialer or just call your self using a speed dialing system? I mean, if you can get one sale a day by calling yourself, you will be making decent money, with little to no lead cost.
I’d say that if you are confident in your knowledge of final expense products and feel you are strong enough to handle callers over the phone and gain their confidence, then go for it. Come up with a lead generation plan and find your companies that will take voice signatures over the phone. The companies I know of are as follows:
1. Foresters Life Insurance
2. Madison Life Insurance
3. Assurity Life Insurance
4. Baltimore Life Insurance
5. Lincoln Heritage LIfe Insurance (You have to record the call)
6. Forethought Life Insurance (Depending on the IMO)
7. Americo Life Insurance (depending on the IMO)
8. Standard Life and Accident
However, I personally like the face to face approach. I like to just stay local and see the customer face to face. I’m good on the phone and I can sell over the phone but with something like Final Expense, I prefer to play it safe and go to their house. Its up to you.
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