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Optimizing your opportunity with existing clients is the easiest thing an agent can do to increase their sales. Most agents that specialize in selling Final Expense life insurance fail to cross sell other products that may be of interest to their clients.
Why do they fail to cross sell?
The perfect time to introduce your clients to other products in your portfolio is right after you’ve completed the final expense sale and the easiest cross selling opportunity in the final expense market place is a life insurance policy that will cover their grandchildren. Since your clients have already purchased life insurance from you, we know they understand the importance of this product. The opportunity to provide this same value for their grandchildren will appeal to many final expense clients. The prices for this product are very affordable and even your lowest income clients will not be intimidated by the cost of children’s whole life insurance. In fact, the prices are so affordable that most will cover multiple grandchildren. The death benefit is of course at the core of a life insurance policy, but the cash value, which can be used for any reason such as college tuition is also a great selling point. Grandparents want to leave legacies to help secure the futures of their kids and grandkids, and when you introduce the policies that are part of our “HeadStart” plan you provide the perfect vehicle to help make that possible.
- They have never been trained to simply ask their existing clients about other needs.
- They are unaware of products, for which they are licensed to sell, that may benefit their existing clients.
The financial result of your typical final expense appointment will be greatly affected by the sale of a children’s whole life policy. The average children’s sale will contain 4 grandchildren on a single application and have a monthly premium of $20. That is an annual premium of $240, which is 40% of the average annual premium of $600 for a final expense policy. Expect 40% or more of your final expense clients to buy these plans when you present it immediately after they purchased policy for themselves.
HOW TO DO IT AS A STAND ALONE SALE
At FLIG Marketing we have many agents whose lead strategy for final expense sales start by having conversations about grandchildren. An easy way to start a conversation with a senior is to ask them what activities their grandchildren are involved with. What grandparent isn’t giddy about telling you all about them. As this conversation progresses you introduce our HeadStartflyer which tells them all about the plan and the carriers we use. Afterwards you can easily parlay this into a conversation about their own coverage needs. Lead cost? Zero dollars. Call all of your existing clients that you didn’t mention this plan to and let them know about this opportunity to help their grandchildren financially. You’ll both be happy with the results.
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Cross Selling Your Final Expense Clients
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