September 1st marked the beginning of Life Insurance Awareness Month, making it the perfect time to have conversations with your Medicare clients and prospects to see if they have adequate life insurance coverage, and to see if they have appropriately planned for their end-of-life needs.
It is no false tagline, oftentimes a customer can secure final expense coverage for at little as a dollar a day. Most can have ample coverage for roughly the cost of their monthly phone bill.
Here’s a quick checklist to make sure that you’re ready for a great LIAM:
1. Prepare your portfolio. You’ll need to have one carrier that you use primarily for healthier clients that can answer no to all of the health questions, and another carrier for clients that need guarantee issue. This way, no matter your client’s health, you’ll be able to take care of their insurable need
– FACT: roughly 90% of final expense cases were sold with limited underwriting
JSA has relationships with numerous final expense carriers. Reach out to the Marketing Team so we can ensure you’re portfolio is up-to-date and competitive.
2. Gather your supplies. If you do not routinely sell final expense, the last thing you want to do is kick off LIAM with outdated applications, so reach out to JSA and let us refresh your stock. Also, most carriers have easy-to-use electronic application systems, some with immediate underwriting approval. Like doing your business over the phone? We also have carriers with a 100% telephonic application process.
3. Create a game plan. Decide how you want to contact existing clients for review, reach out to new prospects, and how and when you will do it.
– Your Medicare clients want to hear from you quarterly. Outside of the normal policy reviews and birthday calls, contacting your customer to talk to them about life insurance will be welcomed if it is appropriately positioned.
– FACT: 95% of new final expense business is sold by an agent. Furthermore, 78% of clients stated they would purchase a life insurance policy from their existing insurance agent if they brought it up. Clients do not want to make a call or click on a link to buy final expense, they prefer to speak to someone that they have already established a relationship with.
We can help you fine tune a plan of action that is right for your business.
4. Follow through with your plan!
Did you know? In 2015, the portion of the population that was over the age of 50 was 111 million people! It’s predicted, come 2035, there will be roughly 138 million people over the age of 50; these are your future prospects.
Medicare clients are final expense clients, let’s look at the numbers:
-Average age of final expense customer: 63
-Average final expense death benefit: $12,400
-Average final expense premium: $67
-60% of new final expense sales are female
Incorporating a successful final expense program, during Life Insurance Awareness Month and beyond, is a great way to protect your client’s peace of mind and generate more income for you.
Reach out to the JSA Marketing Team to learn more about building the perfect final expense portfolio and further protecting your Medicare clients. Also, check out our Selling Final Expense to Your Medicare Customers webinar on the Agent Resource Center.
