After experiencing the death of a dear loved one, and the terrible challenges that followed, my life was forever changed. However, my loss has become an inspiration to help others, particularly through encouraging other financial professionals to adopt end-of-life planning as a standard and routine part of what we do.
The more I strive to educate families and train financial professionals on end-of-life planning, the more passionate I become about this unique and niche opportunity. In fact, in my entire 24-year career in this great industry, I can honestly say that nothing has been as satisfying, or as opportunistic, as specializing in end-of-life planning.
Think about it. What could be more rewarding than helping families minimize or eliminate some of the most difficult emotional and financial challenges during one of the worst days of their lives in a situation where they are uncomfortable, unfamiliar, and unprepared?
THE MISSING PIECE
Without question, end-of-life planning is the missing piece to the financial and retirement-planning puzzle. Clearly, nobody likes to talk about death or dying. In fact, the large majority of financial professionals tend to overlook and/or ignore having "the death conversation" as well.
However, take a look at the following facts:
- Someday, we will all die. Everyone knows a story about someone who died, whether it was expected or unexpected.
- Many people die much sooner than expected. Everyone knows a story about someone who died at a time that was "too soon", and/or someone who died in a way that was completely unpredictable and unexpected.
- Someday, we will all need to plan a funeral. At some point in our lives, whether directly or indirectly, we will all be faced with the difficult emotional and financial decisions of planning a funeral.
FINAL EXPENSE IS AN EXPONENTIAL OPPORTUNITY
The good news is that selling final expense insurance, whether on a part or full-time basis, is an excellent opportunity that I believe needs to be integrated into every financial professional's practice. The better news is that final expense sales will grow exponentially in the years and decades ahead.
In order to help explain why this opportunity mustbe considered, I have assembled a list of 100 reasons why this opportunity is too big to ignore.
OPEN TO ALL
1. To apply and be appointed to sell final expense insurance, you don't need a high school or college degree, and rarely will you need a resume.
2. You do not need a sales or marketing background.
3. The only licensing requirement is to have a currently active insurance license in every state you wish to do business.
4. Almost everyone who wishes to be appointed with a final expense insurance carrier is accepted and quickly licensed to sell.
5. There is fast and easy-to-understand training that allows you to start making money quickly, usually within one week.
6. This can be an excellent option for experienced agents to quickly add to their existing practice for additional value and revenue.
7. Final expense is a great opportunity for someone seeking a part-time job where they can make substantial income with flexible hours.
8. Selling final expense is a very popular alternative for struggling agents who are burnt-out on the many challenges involved with selling other types of insurance.
THE JOB
9. You are your own boss.
10. There are no weekly or monthly sales quotas you are forced to meet.
11. You usually don't have anybody to report to except yourself.
12. You have flexible hours.
13. Your working hours are usually from 10 a.m. to 5 p.m.
14. You can choose to work nights and weekends, or not.
15. A successful day is accomplished by visiting 10 to 15 homes in a day.
16. You don't have to dress up, but rather it is strongly encouraged to dress down.
17. There are very limited compliance and CE requirements.
18. You don't have to deal with office politics, sales meetings, training, manager meetings, etc.
19. There is very little client-servicing involved.
20. You are out of the office all day enjoying the great outdoors.
21. Your mornings and evenings are free for things such as other work, paperwork, exercise, family time, hobbies, or whatever you choose to do.
22. You get to see, learn, and enjoy many new areas in different cities and states.
23. You can take days off and/or vacations whenever you want to.
EXCELLENT COMPENSATION
24. Final expense is by far the quickest and easiest way to enter the insurance industry and start earning substantial income.
25. You determine how hard you want to work and how much you want to make.
26. The average policy is usually less than $50 a month, which is very affordable for most people.
27. Your compensation is based on the first year's annualized premium.
28. Most final expense carries advance 75 percent of the first year's annualized premium.
29. Commissions are usually directly deposited into your bank account on a daily basis, or usually within a week at the latest.
30. Many final expense policies pay trails in several ways.
31. Clients have many options for payment, including paying via credit card.
32. An average producer should sell at least one policy per day, and five to eight policies per week (remember many prospects are 2-policy sales with spouses).
33. The average full-time producer should realistically make $1,000 to $3,000 a week.
34. The average full-time producer should realistically earn well over $100,000 a year.
35. Asking for referrals is easy and comfortable, and obtaining referrals is very common.
36. Your first clients should be yourself, your family, loved ones, friends, and anyone you truly care about. (Practice what you preach).
SIMPLICITY IS GOOD
37. Sales are much quicker and easier because you are not selling a sophisticated product.
38. In more than 90 percent of your meetings, the entire sale is completed in one meeting.
39. The entire meeting (and sale) usually takes less than one hour.
40. These policies are unique because the application is signed, and the first policy premium is usually received at the first meeting.
41. Because this is such a simple sales process, your closing ratio is very high.
42. There is little to no follow-up needed if the sale is not made on the first visit.
43. The short and simple paperwork can be uploaded online, faxed, or sent overnight.
44. Most company marketing materials are very professional, brief, easy to explain, and easy to understand.
45. Almost everyone can qualify immediately for these policies. This is also known as "first-day coverage".
46. There are no medical exams or doctors' records required to apply or qualify.
47. There is little to no underwriting.
48. The paperwork is usually only a few quick and easy pages.
49. Since you are almost always dealing with one simple product, which is a small whole life policy, there is very little need for any ongoing training.
EXTREMELY LOW COMPETITION
