Is selling final expense insurance a good career, or is it all a bunch of hype?
Today we're going to handle a question a lot of people ask about the final expense business: is selling final expense insurance a good career? I’m going to give you my perspective and different scenarios where it's good, where it's not so good, and let you decide if it's right for you.
There's a couple things you have to take into consideration here. First, selling final expense insurance as a career is truly a sales position. You have to be totally at ease selling the general public.
Second, you've got to determine if selling final expense insurance is right for you or not.
And third, you've got to determine if the agency recruiting you is the right choice.
All 3 of these points matter TREMENDOUSLY.
The Reality Of A Final Expense Insurance Sales Career
A great agent once said of final expense: Final expense is simple, but it's not easy!
Sales requires a skill set different than probably anything else that one has ever done. Sales looks somewhat easy on the outside, but it's truly an emotional job with you being your worst enemy. You have rejection to deal with. You have the hard work of seeing a lot of people and trying to persuade someone to buy from you. There's a lot of things that happen in sales that make it totally different than sitting in front of a desk shuffling paper all day. On top of that, sales is commission only, selling final expense insurance as a career is no different.
Before deciding if selling final expense insurance is a good career for you, get comfortable with the understanding that you wake up every morning unemployed. There's always uncertainty that the next morning you won't know what's going to happen. Truly you are 100% responsible for your success or failure. Some people cringe at that-- this isn't for you. Other people thrive on that, where they are in control of their own destiny.
With freedom comes responsibility, as the phrase goes, and that's certainly true in determining if selling final expense insurance is a good career.
You have the freedom to do as you please and make the money you want, but you'd better hustle and work to make that happen. This is DEFINITELY the case in sales and you've got to determine if that's OK with you. If you come off of a wage-earning job and you've never worked commission, that's going to be night and day change which takes some getting used to.
Is a Career In Selling Final Expense Insurance Right For YOU?
The second situation to determining if selling final expense is a good career for you is to question if the business model fits your personality. In final expense, you're dealing with, what I call, your Joe Six-Packs of the world-- 50 and older is a huge market of people, mostly on a fixed income.
These are masses of people who are retired on social security, retired due to disability on the job, or who are still working but most likely are working on the factory line or a manual job. You have to be good with people and you've got to accept that the final expense business is not a white-collar profession. You're going to be dealing with people who I would call the ‘salt of the earth’. Many times you're going to deal with people who live in senior high rises, with people who live in single wide trailers.
A lot of times they're hoarders that have got a lot of junk around, they've got dogs, they smoke incessantly and so you're going to smell like a smoke stack at the end of the day. They're going to be, in many respects, irresponsible type of people-- not always, but a lot of them will question your faith in humanity and so you've got to be prepared to accept that these people are going to be probably different from you.
You have to, in the same breath, appreciate their simplicity because of how they look at life and how they deal with things. You've got to be able to relate to a person who's on the level-- not to think that you're above that, but people are surprised when they come into this business that a lot of people think differently than what they're used to.
A lot of people who think selling final expense insurance is a good career have an appreciation for Joe Average. These final expense agents don't like working with people who are wealthy beyond belief or trust fund babies.
If you like basic people, final expense is a great field to be involved in and you're going to meet very simple people, but honest, genuine people and, mixed in with a little craziness, makes it an interesting profession. If you don't like that, if you want to deal with white-collar workers or people who are middle income, even, you're not going to find that here. You're going to deal with a whole different sub-set of people that most people don't talk to or even realize are out there.
Don't Get Bamboozled By A Final Expense Agency! Do Your Due Diligence First
Situation #3 that you need to account for in determining if selling final expense insurance is a good career is making sure that the opportunity presented to you is actually the best for the situation that you're in.
You can like the idea of selling and understand the selling process and be OK with the ups and the downs of the final expense business. You can like the idea of working with blue-collar types of people and the simplicity of the business.
But if you're set up in the worst/"scammy" final expense agency situation, you will fail. You will probably flunk out with an agency relationship that's not optimized for you. This is the most crucial step if you've got #1 and #2 situated and filed away and you like everything about final expense.
You need to make sure who you work with does a couple things:
1) The agency needs to know what they're talking about
2) The agency DESPERATELY needs to have experience in the field,
3) The agency needs a duplicable sales and marketing model that you can tap into.
Here's why many people think selling final expense life insurance as a career is NOT a good idea; very commonly, many new agents are sold a bill of goods. Within months, most flunk out, way in advance of being able to achieve success. This is because they just have the wrong manager, the wrong system, they're paying too much for their final expense leads, or they're getting too poor of a commission level.
For me, it's important to have in place all the tools and resource to make selling final expense a good career. Having access to final expense training, a lead generation model, and the perspective of a real producing agent training you makes all the difference.
You need to find a great final expense sales opportunity that you get along with, who you like, that you can connect with, and knows how to effectively communicate the training to you. Mentoring is the most critical part of finding out if this business is right for you.
That's why I do Final Expense Agent Mentor-- training is the most important aspect of this business to me and having somebody that will teach you the ropes, and show you the numbers behind how to sell final expense successfully, is so important and, just as important, show you how to duplicate the process so you can experience the same kind of success as well, as long as you'll pump it and work hard to make it happen.