An open letter to life insurance agents

Dear Insurance Agents,

At the heart of our profession lies the opportunity to provide valuable assistance to our clients when they need it most. Consider this scenario: What is your clients' level of confidence in their financial situation when they pass away? Do they have sufficient resources to cover the expenses associated with funerals and end-of-life arrangements? And, perhaps most importantly, will there be anything left to provide for their spouse, children, or grandchildren?
As we all know, baby boomers constitute a significant portion of our population and are the second-largest age group following millennials. By 2030, every baby boomer will have reached the age of 65. Unfortunately, for many of them, while the median retirement savings hovers just above $200,000, over half have no savings at all, leaving few with substantial nest eggs to fall back on. It is precisely this demographic that presents a substantial market for final expense insurance, and as agents, it's our responsibility to tap into it.

What Is Final Expense Life Insurance?
Final expense life insurance is a tailored solution designed for seniors. It offers a comforting financial safety net by paying out a death benefit to beneficiaries to cover funeral costs and other related expenses. It's about giving your clients the peace of mind that they won't burden their loved ones with the financial complexities of end-of-life arrangements.
When discussing final expense insurance with your clients, you can simplify the concept by describing it as a form of permanent life insurance with a modest benefit paid upon the policyholder's passing. Some may refer to it as burial insurance or funeral insurance.
To understand the significance of final expense insurance, consider the substantial cost of funerals. The median funeral expense in the United States stands at $7,360, but this amount can be significantly higher in some states. For instance:

• Hawaii: $14,975
• California: $11,777
• New York: $10,799
• Oregon: $10,418
• Massachusetts: $10,216

Moreover, many seniors who previously had life insurance coverage through their employers no longer enjoy that benefit post-retirement. In addition, they may not have accumulated enough savings to leave behind, further emphasizing the importance of final expense insurance. Beneficiaries can utilize the payout to cover various needs, such as burial services, special trips, medical bills, nursing home care, charitable donations, or as an inheritance for grandchildren or children. Ultimately, final expense life insurance offers the reassurance that families won't be burdened by the financial implications of death during an emotionally challenging time.

Who Needs Final Expense Insurance?
The ideal candidates for final expense insurance policies are typically advanced in age or dealing with health conditions that make it challenging to qualify for other types of life insurance. Individuals who previously had employer-provided life insurance but lost it upon retirement are also excellent candidates for final expense insurance.
One notable advantage of final expense insurance is its affordability. Unlike typical term life insurance policies, final expense insurance comes with lower premiums due to lower coverage amounts. Coverage usually ranges from $5,000 to $35,000, making it a practical choice for clients aged 50 to 85 who seek an affordable way to provide peace of mind to their loved ones.

How To Find Final Expense Leads
Now that we've explored the significance of final expense insurance let's delve into how you can tap into this potential revenue stream by acquiring leads.

1. Embrace Cold-Calling: While not as popular as it once was, cold-calling still has its place in insurance sales. It provides an opportunity to refine your sales pitch and potentially discover new clients who may lead to future sales.
2. Purchase Leads: Consider acquiring leads from reputable lead-generation providers. Look for providers that offer real-time, unique leads, allowing you to target specific demographics and geographic locations. While these leads come at a cost, they often result in higher success rates when working with the right partner.  Check out Final Expense Leads
3. Leverage Referrals and Word-of-Mouth Marketing: Your existing clients can be your most powerful marketing team. Encourage them to refer potential clients to you and build strong relationships to generate leads organically.

Tips for Closing the Sale
Securing leads is just the first step; the ultimate goal is to close the sale effectively. Here are some strategies:

• Highlight the Versatility: Emphasize that final expense insurance isn't limited to covering funeral expenses. Beneficiaries can use it for various purposes, including vacations or as an inheritance for future generations.
• Address Cost Concerns: Compare the relatively low monthly premiums of final expense insurance (typically $30–$100) to the significant expense of funerals, making it an easy decision for your clients.
• Simplify the Process: Assure older clients with health concerns that applying for final expense life insurance is straightforward, usually requiring minimal medical information and a premium payment.

Start Selling Final Expense Insurance Today
There's no better time to tap into the potential of the final expense insurance market. You have access to your existing clients' networks, and lead-generation providers like Nectar can offer valuable leads. To get started on your journey in selling life insurance, explore Nectar's real-time, unique lead generation software, enabling you to target life insurance customers in your area efficiently. You can customize the types of leads you receive and when you receive them.
Don't hesitate; begin selling final expense insurance today and make a meaningful difference in the lives of your clients and their families.