Learn why the best final expense sales training includes a detailed examination of carrier underwriting.
As a final expense trainer, l think that the best final expense sales training not only revolves around sales training and final expense lead generation, but also must go into great detail on learning how to underwriting final expense prospects effectively.
If you're brand new to the final expense business, it may seem simple and straightforward. Buy leads. Present. Close. Repeat. But there's a lot of difficulty and complexity in the final expense business. Chiefly, the main source of complexity is learning how to underwrite a final expense prospect and choosing the best carrier for their situation.
I cannot over-stress it enough. The best final expense sales training should include an intimate examination and study of each carrier's underwriting, so you sell the best plan the first time.
With each passing year, selling final expense is becoming increasingly competitive. I personally work with agents from all walks of life. Some are transitioning from Medicare sales. Others are transitioning from work-site type of sales. Even still, people get introduced to final expense outside of the insurance business.
The point is a large influx of new talent is coming into the final expense business. And what's happening now is that our sold clients will most certainly get a visit from another final expense agent. I tell all of my agents to sell in such a way that you anticipate another agent will attempt to dethrone the sale that you made. It could happen the day after your sale. It may happen in 6 months. But it WILL happen, which should impress upon you how to sell final expense effectively as well as ensuring you are getting the best final expense sales training possible.
Here are two reasons why getting the best final expense sales training is critical:
1) The best final expense sales training promotes the concept of being an independent agent with access to a multitude of carriers. If your current agency relationship ONLY offers three, four or five options, you can guarantee you'll only get your client the best deal maybe 60% to 70% of the time. And if an agent with 15+ carriers comes in behind you, I'm going to replace your policy if I can.
The best final expense sales training will make sure to include 10 to 15 of the best final expense carriers in its offering. This gives you the ability to write the best deal for your customer.
2) Many sales opportunities are passed up due to underwriting ignorance. When lacking carrier options, you will miss out on final expense sales opportunities. The best final expense sales training will make the replacement of inferior coverage front-and-center.
With my agents, I am available via the phone to help them place business when they run across difficult cases. This gives my agents that extra sale or two to increase his closing ratio as well as his profit.
For example, I just got an email from who had a client that had a mini-stroke 8 months ago, was prescribed plavix, and has diabetes. There are two final expense carriers that will give his client preferred coverage, where the rest will only offer a high-priced, two-year waiting period policy. Had that agent not leveraged my underwriting knowledge and instead wrote a two-year waiting period policy, if he happened to be in my selling territory, I would have made the easiest sale in the world by replacing the inferior, high-priced coverage, with my improved, lower-priced coverage.
This is the most important aspect of the best final expense sales training. Having access to underwriting knowledge and the best final expense carriers help you place all the opportunities you come across. This ensures you're making the most money possible. You can do such a better job as an independent agent placing more business and selling more insurance, versus having both a limited carrier selection and limited selling ability.