Final Expense Telesales Guide to Top Agencies and Carriers

In the world of final expense telesales, navigating the top agencies and carriers can be a daunting task.

AmeriLife is one of the largest final expense agencies in the country, with over 3,000 agents across the US.

Working with a large agency like AmeriLife can provide agents with access to a wide range of products and support.

AIG is a well-established carrier in the final expense industry, offering a range of products including life insurance and annuities.

AIG's products are designed to help seniors and their families plan for funeral expenses and other end-of-life costs.

Mutual of Omaha is another reputable carrier in the final expense market, offering a range of life insurance products and services.

Mutual of Omaha's products are known for their flexibility and affordability, making them a popular choice among agents and clients alike.

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Internally generated leads are the highest quality because they give you full control over the marketing methods and allow you to deliver leads in real time at a cost.

Take a look at this: Aged Final Expense Leads

You can stand out on phone calls by referencing the lead source, such as the website they visited, which can give you a powerful statement.

Third-party leads are often sold at a marked-up price, cutting into your ROI, and are rarely high quality.

Live transfer leads can be high quality if you use a reputable vendor, but controlling when transfers can take place can be a challenge.

It's essential to vet live transfer opportunities by checking if they're qualified, how the data is generated, and if there's a 60-second buffer to protect you from being transferred someone not interested.

For more insights, see: Final Expense Leads

As you start generating leads and working towards sales, you can expect a significant amount of time and effort to be dedicated to nurturing relationships with potential customers.

Lead generation is a numbers game, and it's estimated that only 1-2% of leads will convert into sales, so be prepared to deal with a high volume of unqualified leads.

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You'll need to develop a strong understanding of your target audience, including their pain points and interests, which can help you tailor your messaging and sales approach to resonate with them.

The average sales cycle can take anywhere from 30 to 90 days, so be patient and don't get discouraged if it takes time to close a deal.

You'll also need to be prepared to handle rejection and objections from potential customers, but with the right mindset and training, you can turn these into opportunities to learn and improve.

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Leads are your only chance to earn money, and without quality leads, your business is dead before it even begins. Without quality leads, you'll spend more time burning through contact attempts than making sales or filling your pipeline with quality prospects.

Internally generated leads are the highest quality, and in-house leads give you an idea of the lead source, which can be a powerful statement on initial calls. This is a huge advantage in a crowded market where consumers are hammered with calls and other communications.

Internally generated leads mean your agency has full control over marketing methods, can deliver leads in real time, and you get the leads at cost, with no markup. 3rd party leads are never going to carry this quality, and if they were so good, they'd be snapped up by other players in the industry.

Telemarketed leads are a bad option and should be used sparingly, as they often come from overseas countries and the quality is terrible. You pay for what you get with leads, so it's essential to find a balance between saving money and creating quality interested conversations with prospects.

To succeed in telesales, you'll need to call over 100 dials a day and average over four hours of talking to people, with a goal of 10 to 15 presentations per day.

Live transfer leads can be high quality, but it's essential to choose a reputable vendor. They can cost anywhere from $25 to $50 per lead.

The problem with live transfer leads is controlling when transfers can take place, which can result in waiting a long time for a transfer. This can be frustrating, especially if you're eager to start selling.

To vet live transfer opportunities, consider the following tips: are the leads qualified, how is the data generated, and is there a 60-second buffer to protect against transferring uninterested prospects?

NorthStar and Premier Producers Group are two companies that offer high-quality live transfer leads, which are qualified for bank account and health. This ensures you're getting great prospects.

DataLot is another option, but their quality has been mixed in recent reviews. They use a bidding system, which can result in paying $25-$40+ per lead, depending on your bid.

Technology can be a game-changer in final expense telesales, allowing you to automate and improve efficiency.

Streamlined systems can help you work at max capacity and drive profits by automating emails and SMS text messages, giving prospects multiple communication options and increasing the chances of making contact.

With automated systems handling tasks instantly, you can focus on talking to interested prospects and making sales, which is key in the final expense market where consumers may prefer different communication platforms.

A robust CRM can take the guesswork out of determining the next best action, feeding you prioritized names and ensuring you're never missing an opportunity.

High-end CRMs can even prioritize names for you, making sure you're calling the most likely prospects to purchase.

Technology can automate and improve efficiency, allowing you to work at max capacity and drive more sales into your pipeline.

With streamlined systems, you can automate emails and SMS text messages to prospects, giving them the option to choose their preferred communication method.

In the final expense market, consumers may prefer different communication platforms, so it's essential to offer multiple options.

Time is money with leads, and the faster you make contact, the better chance you have of making a sale.

Automated systems can handle tasks instantly, freeing up your time to speak to interested prospects and increase your income.

Talking to prospects who are interested in your product is key to success in the final expense market.

A robust CRM and automated technology can take the guesswork out of knowing the next best action, feeding you the next prioritized name into your "click to call queue".

This ensures you're never missing an opportunity and always calling the most likely to purchase prospects.

When you first start exploring technology and tools for your final expense telesales business, everything may look the same.

It's hard to understand the differences between the various platforms and systems. Everyone seems to offer similar features and promises.

The key is understanding what's truly important to look for in a technology and tool. If an Agency is not offering leads, contracts, and training right out of the gates, there is no reason to consider them at all.

Things may seem overwhelming, but it does get better, and there is light at the end of the tunnel. Things settle down, and you can begin to get in your groove.

As a telesales professional, it's essential to work with insurance carriers and agencies that understand the unique needs of the final expense industry. Digital Senior Benefits has a conservation team in place to help manage lapsed policies and remove busy work from your schedule.

This allows you to stay focused on new sales and growth opportunities. Their team handles the administrative tasks, giving you more time to concentrate on closing deals and building relationships with clients.

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The best agencies in the insurance industry are those that provide top-notch training and systems to their agents. These agencies are the top 3 opportunities on the market to check out.

If you're considering working with one of these agencies, be aware that the only reason you'd fail is if you didn't follow the training and systems or just didn't do the work.

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Mutual of Omaha is a top carrier in the final expense market with the Living Promise Whole Life Plan offering competitive pricing and a streamlined application process.

This plan can be completed in 10-15 minutes, including collecting signatures and entering payment information.

Mutual of Omaha offers high commissions with 75% advances, which is huge for cash flow when starting in the industry.

Commissions with Mutual of Omaha are 110% for most plans and policies sold, unless the client is between 81-85 years old, in which case commissions are 70%.

Mutual of Omaha is known for approving cases quickly, often within a short phone interview.

You can even skip the random phone interview and dial in with your client to complete the interview and get a decision instantly.

Mutual of Omaha is a name that consumers know and trust, which is crucial when selling final expense insurance over the phone.

The company helps build trust for you right out of the gates, making the sale easier if it lines up with the client's health status and budget.

Mutual of Omaha is a carrier you want in your bag of options in the final expense telesales industry.

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Prosperity Life Group offers social security billing, a unique feature that allows clients' premiums to be withdrawn on the same day their social security funds arrive.

This reduces lapses and makes clients more comfortable with the process, knowing everything will be taken care of on the same day.

Seniors like simplicity, and this makes things simple.

Prosperity Life Group is a strong option in the final expense telesales industry, offering competitive premiums and one of the lowest prices available.

They have a few big positives to consider, including their social security billing perk.

NorthStar Insurance Advisors have been around the final expense telesales industry for quite some time.

The company drives all its sales opportunities using high-quality inbound live transfer leads, which come at a cost.

These leads are expensive, with a 40-60% compensation level that can be a higher break into your bank account than you may need to pay.

Especially for newer agents, this can be a significant challenge, especially when you need training and need to learn how to close a sale effectively.

NorthStar currently only offers one product for its final expense agents, American Amicable.

Having only one option may force you to become an expert on the product, but it's always better to have more carriers at your disposal, especially when it comes to niche underwriting.

The company's special relationship with American Amicable does offer a 10-minute decision process, which can be a big advantage if you successfully sell the policy and get paid promptly.

However, this may create a difficult sale if you're dealing with a client who knows how to price shop or has explored other policies.

NorthStar's platform is good, but it's worth exploring what other agencies have to offer before making any final decisions.

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Digital Senior Benefits has a conservation team in place to help manage lapsed policies and free up your schedule for new sales. This team handles the busy work, keeping you engaged in selling.

Having a dedicated team like this can make a big difference in your productivity and success. It's a great example of how some carriers are willing to go the extra mile to support their agents.

Another carrier that's worth mentioning is one that has a strong focus on helping agents manage their time and energy. By removing busy work, they allow agents to focus on what they do best: selling.

There are four main types of final expense insurance: guaranteed issue, graded, modified, and level (preferred or standard rating). These types of policies cater to different needs and health conditions.

Guaranteed issue policies are typically for clients with severe or multiple health issues that prevent them from securing insurance at a standard or graded rating. They often have reduced face values and modified death benefits, with premiums being the highest.

Graded, modified, and level policies, on the other hand, offer more flexibility in terms of issue age and face value. Level policies, in particular, have the cheapest premiums and largest availability of additional riders.

Here's a breakdown of the different types of final expense policies:

Traditional whole life insurance, also known as level-benefit final expense or simplified issue traditional whole life, often has the cheapest premiums and largest availability of additional riders. It can be written for clients of all age groups, including those as young as 0 days old.

Guaranteed Issue plans are straightforward with no health-related questions, but often come with higher premiums and limited face values.

These plans are typically issued to clients with severe or multiple health issues that prevent them from securing insurance at a standard or graded rating.

Clients who qualify for Guaranteed Issue plans often have health conditions such as renal disease, HIV/AIDS, or active cancer treatments.

Guaranteed Issue plans can be issued to clients as young as 40 or as old as 80, depending on the carrier.

Higher face values, up to $40,000, may be available on some plans, and some carriers offer better death benefit conditions by improving the interest rate with the return of premium.

Some carriers also offer built-in riders, such as chronic illness and accidental death riders, which can provide additional benefits to clients.

Traditional whole life insurance policies can have the cheapest premiums and the largest availability of additional riders that clients can add to policies.

These policies typically have the most flexibility in terms of issue age and face value, and in some cases, participating dividends.

Policyholders can expect to pay higher premiums if they smoke, use other forms of tobacco or nicotine, have pre-existing health conditions, or are male.

The older the policyholder is, the higher their rate for a plan will be, since insurance companies believe they're taking on more risk when they offer to insure older clients.

Single-pay policies require policyholders to pay the entire cost of the policy upfront, while limited-pay policies allow the policyholder to pay for the policy over a set number of years (usually 20 or less).

With lifetime-pay policies, policyholders pay a monthly or annual premium for the policy until they pass away or decide they no longer want to continue the policy.

Final expense insurance premiums are level, meaning they will never increase once the policy is purchased, and the policy will remain in force as long as the policyholder pays their premium(s).

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There are four main types of final expense insurance, each with its own unique characteristics.

Guaranteed issue policies offer guaranteed approval with no waiting period and full death benefit for accidental death, but a waiting period and reduced death benefit for non-accidental death.

Graded policies provide no waiting period and full death benefit for accidental death, but a waiting period and a death benefit that's a percentage of the full benefit for non-accidental death.

Modified policies also offer no waiting period and full death benefit for accidental death, but a waiting period and a death benefit that's the return of premium plus an interest percentage declared at policy issue for non-accidental death.

Level policies, also known as preferred or standard rating, offer no waiting period and full death benefit for both accidental and non-accidental death.

Here's a quick comparison of the different final expense plans:

Final expense insurance premiums depend on the carrier, plan, and state, as well as the client's health, gender, and age.

If your clients smoke, use other forms of tobacco or nicotine, have pre-existing health conditions, or are male, they'll likely have to pay a higher rate for a final expense policy.

There are three main types of premiums for final expense plans: single, limited, and lifetime. Single-pay policies require policyholders to pay the entire cost of the policy upfront, while limited-pay policies allow the policyholder to pay for the policy over a set number of years (usually 20 or less). With lifetime-pay policies, policyholders pay a monthly or annual premium for the policy until they pass away or decide they no longer want to continue the policy.

One nice thing about final expense insurance premiums is that, once your clients have purchased a policy, their rates will never increase. That's because final expense plans have level (or "fixed") premiums.

Final expense insurance plans have little to no underwriting required, with applicants only having to answer health and prescription drug questions and/or complete a telephone interview.

There are two main types of underwriting for final expense plans: simplified issue and guaranteed issue. With simplified issue plans, clients generally only have to answer a few medical-related questions and may be denied coverage by the carrier based on those answers.

Graded and modified final expense plans can be a good option for clients with less-than-perfect health. These plans usually have a two-year waiting period before the carrier pays the entire death benefit to a beneficiary.

Graded policies typically have a two-year waiting period, and if non-accidental death occurs before two years, the policy will only pay a percentage of the death benefit. For example, if non-accidental death happens in year one, the carrier might only pay 30 percent of the death benefit.

Modified policies also have a two-year waiting period, and if non-accidental death occurs before two years, the carrier will return the paid premiums, plus a declared percentage interest. For example, if non-accidental death happens in year one or two, the carrier will return the paid premiums, plus 10 percent interest (general average) on those premiums.

Some carriers offer graded policies with issue ages as low as 20 years old and up to 89 years old, with face values as high as $50,000.

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Underwriting for final expense insurance plans is relatively straightforward. At most, applicants have to answer health and prescription drug questions and/or complete a telephone interview.

There are two main types of underwriting for final expense plans: simplified issue and guaranteed issue. Simplified issue plans may deny coverage based on the applicant's answers to medical-related questions.

Guaranteed issue plans, on the other hand, don't require the applicant to answer any medical-related questions and guarantee approval as long as they qualify.

Traditional whole life plans with simplified issue underwriting have more extensive underwriting than standard, graded, or modified final expense plans.

To succeed in final expense telesales, you need to follow the training and systems provided by the agency.

Failing to do so is the only reason you'd fail with one of the top agencies on the market.

The key to success is to put in the work and consistently make calls to potential clients.

With the right mindset and effort, you can achieve success in final expense telesales.

Digital Resources are crucial for final expense telesales professionals. They help streamline operations, improve customer interactions, and enhance overall productivity.

Many telesales teams rely on cloud-based software to manage leads, track interactions, and analyze sales performance. This allows them to make data-driven decisions and optimize their sales strategies.

A popular digital resource for telesales is a Customer Relationship Management (CRM) system, which helps teams organize and manage customer interactions in one place.

Some telesales teams also use auto-dialing software to automate the dialing process, freeing up time for more productive tasks like sales conversations.

Effective use of digital resources can lead to significant improvements in sales performance, with some teams reporting up to a 25% increase in sales conversions.

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