- 17,015
You are correct for healthy 40 & 50 year olds. But that is not usually the final expense client. I'll sell them term or fully underwritten whole-life all day long. But that is not usually the final expense prospect.
Help! Why Can't I Close Final Expense
- Thread starter missingbigbad
- Start date
You are correct for healthy 40 & 50 year olds. But that is not usually the final expense client. I'll sell them term or fully underwritten whole-life all day long. But that is not usually the final expense prospect.
^from the OP. People in their 40's and 50's have no need for final expense unless they're uninsurable elsewhere and they can somehow get the coverage with simplified-issue. You're jamming a square peg in a round hole trying to sell it to them when they can get better products elsewhere. Expand your product portfolio so that you have the right tools to suit each client's needs.
- 17,015
The problem comes because it often fails. When people die, their kids don't want to be told...well your mother ALMOST had $50,000 in force but she lived too long and made a few mistakes.
They would rather be told here is a check for $25,000
I agree that agents should offer both. But guaranteed UL should never be presented as straight whole-life or as problem-free as straight whole-life.
- 7,790
Yeah, I have the same question. I thought maybe he had put the District of Columbia on the list, but I don't see it there. Maybe one state is on there twice. What is his source? I was under the impression that the state of Pennsylvania has more 65 year olds than any state except Florida. Of course, maybe the income criteria places PA at number 27 in the rankings.
- Thread starter
- #35
missingbigbad
Expert
- 25
i can't imagine trying to sell a ul product or any fully underwritten product to the people that i've been talking to. most of them don't seem to have enough self-efficacy to follow through on filling out a simplified whole life app, much less to follow several steps to purchase a fully underwritten product. if i were to sell those products, i think i would have to target a different population.
also, most of these people are either in their 60's/70's or on disability.
after rooting around on the forums, i think i may need to focus more on selling the product on the initial call, before sending the app. i had been thinking that, once they agree to have me send an application, i could do more "selling," so to speak, on the backside.
as far as leads are concerned, the system for gathering leads would make it impossible to purshase used leads. i do wonder, however, if mailer leads would require a greater demonstration of desire on the customer's part, i.e. filling out the cards, going to the mailbox, etc.
thanks to everyone for the discussion/feedback. it helps to get everyone's thoughts.
also, most of these people are either in their 60's/70's or on disability.
after rooting around on the forums, i think i may need to focus more on selling the product on the initial call, before sending the app. i had been thinking that, once they agree to have me send an application, i could do more "selling," so to speak, on the backside.
as far as leads are concerned, the system for gathering leads would make it impossible to purshase used leads. i do wonder, however, if mailer leads would require a greater demonstration of desire on the customer's part, i.e. filling out the cards, going to the mailbox, etc.
thanks to everyone for the discussion/feedback. it helps to get everyone's thoughts.
- 344
One thing I've found helpful: explaining the difference between term and whole life to final expense prospects. You're fighting Globe and AARP and their low cost term products. As a salesman you must explain how your product beats the socks off Globe and AARP.
Also, be prepared to explain, to those who qualify, how your first day coverage works as compared to those mail order limited benefit plans.
If you don't kill the competition on the initial call, you're gone. Seniors are bombarded with mail offers. You'll not hurt the prospect by telling them your product is not the lowest costing plan on the market, but it's not the highest plan either, but the company is solid.
I don't sell over the phone, but I think you should fill out the app in full, before you mail it. Close with a story, hopefully a family story of being with out final expense. You do want to motivate them.
Also, be prepared to explain, to those who qualify, how your first day coverage works as compared to those mail order limited benefit plans.
If you don't kill the competition on the initial call, you're gone. Seniors are bombarded with mail offers. You'll not hurt the prospect by telling them your product is not the lowest costing plan on the market, but it's not the highest plan either, but the company is solid.
I don't sell over the phone, but I think you should fill out the app in full, before you mail it. Close with a story, hopefully a family story of being with out final expense. You do want to motivate them.
- 313
Perhaps you could fill out the application with them over the phone. Then they would only need to sign it and send it back. Ask for their cell phone number too.
- Thread starter
- #38
missingbigbad
Expert
- 25
looks like montana is listed twice.
i didn't make the list, just copied and pasted it.
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i have been doing that. i was just referring to the few things they have to do themselves, banking info, signatures, etc. if i am able to get them on the phone once they get the app, i usually have to encourage them to open the package. then i walk them through the areas they need to complete, which i have flagged and highlighted for them.
i was just saying, i'm concerned that anything other than these basics, over the phone, with these prospects, seems nearly insurmountable. if they can't open an envelope, fill out a few highlighted lines, and put it in the mail without someone standing over them, so to speak, how could i expect them to work through a detailed app that requires them to gather medical info, be there for a medical exam, etc? if they had the ability to follow through with those things, they wouldn't be uninsured in the first place. i might be wrong, but that's how it seems...like we are making it so easy to purchase insurance that they don't have to leave the couch. i'm new at this, so these are just assumptions.
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- 5,988
- Thread starter
- #40
missingbigbad
Expert
- 25
i have been sending these docs with the apps. one is a letter addressed to the applicant; the other is a basic set of instructions. i am open to critique.
Thank you for allowing me to assist you with your insurance policy.
I wish to congratulate you on taking immediate action in purchasing final expense insurance. This step provides you peace of mind and will reduce the burden on your loved ones at the time of your passing.[/font]
As I stated before, you have the security of knowing that the “amount of insurance” you choose will never decrease and your premium will never go up. Also, you can never be cancelled due to age or health conditions.
As an additional benefit, your policy will build guaranteed cash value. As this cash value builds, you can use the funds to pay your premiums or to cover emergency expenses, should you fall short on cash.
Those are just a few of the great features of your new life insurance policy.
For your benefit, I have paid for priority shipping and included a self-addressed stamped envelope. Please return the courtesy by completing the paperwork and placing it in the mail within 24 hours.
Please refer to the instructions on the following page so we may issue your policy number. If you ever have any questions, I can be reached by calling my office at xxx.xxx.xxxx or toll free at xxx.xxx.xxxx.[/font]
Respectfully Yours,
Please complete the following within 24 hours:
1. Review the enclosed documents.
2. Fill in date highlighted areas of application.
3. Sign page two of the application in two places where indicated.
4. Sign page 1 and initial page 2 of both copies of the “Replacement Notice.” You will keep 1 copy of the “Replacement notice and return 1 copy with your application.
5. Include a voided check from the account your premium will be drafted.
6. Place the signed application, 1 copy of the signed and initialed replacement notice, and voided check in the return mailer.
7. Call me at xxx.xxx.xxxx with any questions.
8. I will call you the day you receive this packet to connect you with the underwriter and get your policy activated.
Thank you for allowing me to assist you with your insurance policy.
I wish to congratulate you on taking immediate action in purchasing final expense insurance. This step provides you peace of mind and will reduce the burden on your loved ones at the time of your passing.[/font]
As I stated before, you have the security of knowing that the “amount of insurance” you choose will never decrease and your premium will never go up. Also, you can never be cancelled due to age or health conditions.
As an additional benefit, your policy will build guaranteed cash value. As this cash value builds, you can use the funds to pay your premiums or to cover emergency expenses, should you fall short on cash.
Those are just a few of the great features of your new life insurance policy.
For your benefit, I have paid for priority shipping and included a self-addressed stamped envelope. Please return the courtesy by completing the paperwork and placing it in the mail within 24 hours.
Please refer to the instructions on the following page so we may issue your policy number. If you ever have any questions, I can be reached by calling my office at xxx.xxx.xxxx or toll free at xxx.xxx.xxxx.[/font]
Respectfully Yours,
Please complete the following within 24 hours:
1. Review the enclosed documents.
2. Fill in date highlighted areas of application.
3. Sign page two of the application in two places where indicated.
4. Sign page 1 and initial page 2 of both copies of the “Replacement Notice.” You will keep 1 copy of the “Replacement notice and return 1 copy with your application.
5. Include a voided check from the account your premium will be drafted.
6. Place the signed application, 1 copy of the signed and initialed replacement notice, and voided check in the return mailer.
7. Call me at xxx.xxx.xxxx with any questions.
8. I will call you the day you receive this packet to connect you with the underwriter and get your policy activated.
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