Is It Hard To Sell Final Expense Insurance?
So you’re looking to expand your insurance offerings from auto and life. Sure, you can always go for renter’s insurance. Boating insurance is still important to those who own one, and you always have home insurance.
What about expanding to an insurance market that everyone needs?
Yes, final expense insurance is marketable to everyone because everyone dies. So, is final expense insurance hard to sell?
No, because the market is large.
No, because the premiums are low.
No, because we give you qualified leads.
The Final Expense Insurance Market Is Large
The final expense insurance market is large. Why? All of us will die. All of us will need to cover our funeral expenses. Not everyone will donate their bodies to the Body Farm or to Science. Funeral and burial costs are only rising – along with life expectancy rates. In 2021, the median cost of a funeral with a viewing and burial was $7,848 according to the National Funeral Directors Association. This cost is up from 2017’s median of $7,360.
Life expectancy projections increase year over year so little, that we forget how much our longevity has truly increased. In 1935 when Social Security began, the life expectancy of a man was 59.9 years. By 1945, that number was 63 only to increase to 66 in 1955. In 1995, just 60 years later, the life expectancy for an American man rose to 72.5 years old. That’s a 12-year increase.
Modern predictions of life expectancies show years we only thought we’d see in Science Fiction. By 2060, Americans are expected to live until 85, up almost 7 years from 2017. Though seven years doesn’t seem like a significant increase in life expectancy, remember this is an average.
People are focusing on their retirement and covering the gaps from their extended life expectancy. Many people don’t realize that life insurance, though a good policy to have, doesn’t pay out instantly to cover things like final expenses.
Final Expense Premiums Are Low
Not like home, auto, or life insurance, final expense premiums are low and, therefore, affordable. Affordable premiums make final expense insurance easy to sell. Once you differentiate term life and whole life from final expense insurance, the need is obvious.
“For a final expense life insurance policy, the average 60-year-old can expect to pay an average of $31 to $75 monthly for $10k in coverage.” MoneyGeek.com
For those who can’t qualify for whole life because of factors like advanced age or the medical exam requirement, Final Expense Insurance is the next best option. One of the great benefits of final expense insurance is that it doesn’t expire until age 101. Factoring in inflation, selling a $10,000 final expense plan is reasonable for a cremation and/or burial option with a funeral service or celebration of life.
Be prepared that your leads could have pre-purchased cremation or burial plans. Though, most people don’t even have a funeral planning guide, so it is unlikely. In fact, partnering with a local funeral service to create a free funeral planning guide is a great sales tool.
Good Final Expense Insurance Leads Make It Easy to Close Deals
As an insurance professional, you know that high-quality leads mean high conversion rates. You’ll be closing deals and drinking as much coffee as you like with up-to-date and relevant leads. But how do you find a partner for these leads? We know a guy. ;)
Imagine working with a data partner who integrates email and direct mail campaigns, leads posted in real-time, phone-verified leads, and more!
Andrews Wharton Lead Gen and Final Expense Insurance
Our Lead Gen services are the perfect match for your final expense insurance sales. We understand the dynamics of audience changes. We know you can sell – if you have the right lead. Let’s get to work – together.
Success. Delivered.
