Final Expense Training

What is final expense?  Final Expense is life insurance targeted toward people between ages 50 to 85 that want to cover their final expenses, burial expenses, funeral cost, etc.  The insurance carriers we are contracted with have created specific life insurance products for final expense.  These products Whole Life products have a face amount typically $2,000 – $40,000, and they are Simplified Issue meaning the company does not send a Paramed examiner to conduct a full medical.  You as the agent/field underwriter will ask the prospect the necessary health care questions, and then the insurance company conducts a Medical Information Bureau (MIB) report and Perscription check.  In many cases, you will know if your client is approved or not while in the home.

The Final Expense training below is based on methods that have been proven to be successful by many six-figure producing agents.  The key is to be coachable, learn the process, follow it, and repeat it consistently each week.

Final Expense Script Intro:

Facebook lead:

Hello (Client Name), I’m (Your Name) the licensed underwriter that has been assigned to your request you sent us through Facebook regarding the Burial and Final Expense benefit insurance, remember it was the one that asked you about your favorite hobby/color and you said (Their Favorite Hobby/Color). This is the benefit designed to pay your burial / final expenses when you pass away.

Mailed in lead:

Hello __, my name is _________ and I’m calling you back from the Senior Benefit Center right here in (City). The reason I’m calling is because you had filled out a request and mailed it to us to get some information on the State Regulated Program to pay for your Final expense/Funeral Expense.

Tele-marketed lead:

Hi (Name) my name is __________, I am getting back in contact with you from regarding the low-cost State Regulated Life Insurance Program for burial and final expense.  You received a call the other day letting you know that I would be calling.  You said that your favorite color is ______. These state-regulated programs are designed to pay your final expenses when you pass away.

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-No Pause-

BOOKING AN IN-HOME APPOINTMENT

Verify

The purpose of the call was just to confirm some of the information you gave us, make sure I’m reading it right, so I can prepare some options for you and get you the information you requested.

You listed your date of birth as (Client’s DOB), is that correct? Great!

You listed that you’re at (Client’s Address), is that correct? Excellent!

You also list your email address as: _________ is that correct? Great.

I don’t see that you listed it, but maybe I missed it, are you a smoker or a non-smoker? Okay great.

Would this be for just yourself or a spouse or partner also?______________

Determining need and interest

Let me ask you this, when you took the time to fill out that form, what was your primary focus, was it just to make sure you didn’t burden your family with those expenses or burial and final expense, or were you looking to leave something extra to a spouse or adult children or someone? Okay perfect, that’s why 98% of our clients fill these out.

Well there’s about a dozen options you can qualify for (Client Name), and there all non-medical, no blood, no urine, no needles I promise. They just make me sit down with you for 15-20 min to make sure #1) that you are who you say you are, that nobody is trying to get insurance in your name, and #2) to make sure you’re not hospitalized or bedridden or something like that. Now they have me booked solid in your area the next couple days, but I can still squeeze you in between appointments since we’ll only be 15-20 min. I have a (time), and a (time) available, which works better for you? Great!

Do you have a pen and paper, I want you to write some info down… Write down my name, it’s (Your First Name), write down our appointment time, it’s (Appointment date and time), and this is regarding your request for life insurance for burial and final expense. Your confirmation # is _________ (make up simple confirmation # like MB2018)

(If married) Could you do me a favor and let your spouse know that I’ll be meeting with the two of you on _______________.

Optional tie downs:

• Will my GPS have any trouble finding your place?
• Is this a gated community? If so, what do I need to do when I arrive?

Close the call

Now, since I have a full schedule, and if you weren’t there, it would really throw a monkey wrench in my schedule. Now I understand serious emergencies happen, but barring an emergency, is there any reason you wouldn’t be there at (Appointment date and time). Okay great, see you then!

 

SELLING ON THE PHONE

Selling on the phone: (this is a basic version of a script to get you through the introduction.  Use the tele-sales script based on the training you received.)

I just need to verify some of the information you provided so I can get started on the request.

You listed your date of birth as (Client’s DOB), is that correct? Great!

You listed that you’re at (Client’s Address), is that correct? Excellent!

You have your email address as ___________ is that correct? Great.

Would this be for just yourself or a spouse or partner also?______________

Who would the beneficiary be of this benefit?  (Spouse, Son, Daughter, Etc.)

Are you considering a traditional burial or something else? Ok.

Have you looked into what the cost are for that burial or cremation in your area?

Visit: https://www.parting.com/ Help them determine the cost of their needs.  (the reason they need insurance)

Build rapport and trust

So, I can run some accurate options for you let me ask you a few questions.

Are you a smoker or non-smoker?

Any health issues like: cancer, heart attack, stroke, diabetes, etc.?

What medications do the doctors have you on?

(once you have all the health details you can run some quote options)

Use the tele-sales script training you were trained on from your company.  If you have not been trained there are several trainers.  One that we recommend is an agent favorite “From the Field to the Phone” by Patrick Howitt.

Tips to succeed on the phone

Phone tips

• Good headset
• Eliminate background noise
• Speak, slow, low, loud, and clear
• Be conversational
• Help them see the value
• Be assumptive – they called.

 Familiarize yourself with the quoting tools and application process.

Objections and Rebuttals

Anytime you hear an objection the first response should be “That’s Exactly Why I’m calling”.  This simple response creates an interrupt and allows you to simply and easily transition to overcome and maintain control of the conversation.

After you cover the rebuttal go back to the main script and continue verifying the information and booking the appointment.

These are tips from top producers.  Follow what they do and you will succeed.  Succeeding in this business is not a magical or mysterious.  It’s a proven process.  If you can follow a cake recipe to bake a cake, then you can follow the steps that other agents have followed that allowed them to make six-figures on their own pen.  

Goal:

• Full-time agents: 20-25 appointments per week will produce $5K-15K+ in app premium a week. Approximately 250 – 500 dials a week depending on lead type.
• Part-time agents: 10-12 appointments per week will produce $2K-$7K+ in app premium a week. Approximately 150 – 300 dials per week depending on lead type.

Keys to being successful on the phone

• Attitude – Keep a positive winning mindset. Don’t take the calls personal or get emotional. Have fun & smile. Let the negative roll off like water on a ducks back. Remember It’s a numbers game – the more dials you make the more appointments you’ll book which results in more opportunities.
• Be Consistent and Protect your dial time. – Regardless if you are full-time or part-time, Commit to consistent dial time each week and don’t let life’s chaos steal that time and opportunity from you.  Seriously, protect as if your life depended on it!
• Remember you can’t lose a deal you don’t have.  When making calls don’t be afraid to push it, you don’t have the deal yet so it is impossible to lose. You will lose the opportunity if you don’t pick up the phone or properly cover the objections.
• Buy leads every week to keep your inventory up.
• Dial about 48 hours before the appointment time
• If you can book 1 appointment you can book 25 by dialing more.
• Don’t stop dialing until you reach your appointment goal.  If you are just starting out and depending on the lead type you have you may have to make 500 dials.  Who cares! You are getting great practice and developing good habits.

Metrics based on lead type

You’ll make approximately 25 to 30 dials per hour.  Close ratio once you sit with the client is the same regardless of lead type.  The following are estimates to set realistic expectations for yourself.

• A leads: You’ll book 8 out of 10 contacts
• 90-day bonus leads:  For every 4 to 5 contacts book 1 appointment
• 120-day bonus leads:  For every 5 to 7 contacts book 1 appointment
• 12-month bonus leads: For every 7 -8 contacts book 1 appointment
• 18-month bonus leads: For every 10-12 contacts book 1 appointment

Phone Script

• Follow the mortgage protection or final expense script based on the lead type you are calling. Have the script in front of you to keep you on track.
• Speak slow and low. Don’t be enthusiastic or have a chipper voice. You don’t want to sound like a telemarketer – you are Field Underwriter helping to protect their family.
• Master the phone scripts, rebuttals and maintain control of the conversation.
  • Deflection – “That’s exactly why I’m calling”

 Dialing a lead

• We dial each phone number 3 times is to increase our contact ratio which increases the number of appointments booked. You’ll also make the most of your leads and won’t burn through them as fast.
• Dial each number 3 times. Dial let ring 3 times, then dial again let it ring 3 times then on the 3rd dial until they pick up or go it goes to voicemail. Each dial is a tally mark on your tracking worksheet.
• A Contact is defined as speaking with the person who is on the lead

When to Dial

• Dial Monday for appointments on Tuesday and Wednesday. Dial on Thursday for Friday and Saturday and Sunday if necessary.
• 48 hours before scheduled appointments.  We have a model that allows you to maximize the number of appointments you run each week which is why our agents make more.  The more opportunities you have the more you’ll close.

 Tracking your calls and objections

• Track your progress and results with the call tracker form. This will help you and allow your mentor/manager coach you to improve your results.
• If you are just starting out write down each objection that you get so you manager/mentor can provide feedback and coaching to help you improve.
• If you are getting a hold of people but are not booking appointments. Stop! And contact your manager/mentor to discuss with them what needs to be corrected to improve your appointment setting.