Cross-Selling, Life Insurance

Cross-Selling Final Expense

Episode Summary

This webinar turned podcast, hosted by Life Specialist, Joel Flores provides valuable insights for insurance agents on strategies for cross-selling final expense insurance policies to existing Medicare clients.

Joel recommended that agents select 5 of their current Medicare clients to target for cross-selling final expense insurance over the next few days. For each client selected, agents should complete an insurance needs assessment to gather key personal information that will allow the agent to determine the appropriate final expense policy and coverage amount to meet that client's needs and budget.

The next step is for agents to call each of the 5 clients to set up either a virtual or in-person appointment to discuss reviewing the client's current coverage and presenting options for supplemental final expense insurance. Joel provided tips for overcoming potential objections that clients may have for purchasing additional insurance coverage. For example, agents can explain how final expense insurance gives clients valuable peace of mind that final costs will be taken care of and not burden loved ones.

During the appointment, agents should walk clients through the process of determining the appropriate final expense product and coverage amount based on their individual situation. Joel emphasized the importance of agents understanding the key differences between simplified issue and guaranteed issue final expense policies so they can clearly explain the options to clients.

For homework after the appointments, Joel advised agents to practice running sample quotes for their selected clients and filling out hypothetical applications. This allows agents to get comfortable with the entire process before actual clients are ready to move forward with purchasing.

Joel reiterated that agents need to feel confident in having in-depth conversations about final expense insurance and being able to overcome sales objections. The more conversations agents have about this topic, the more comfortable they will become.

In conclusion, Joel encouraged agents to start contacting their selected Medicare clients right away to begin cross-selling final expense policies. Implementing this proactive cross-selling strategy can significantly increase an agent's book of business.


(0:00:05) - We're talking about cross-selling final expense with your existing listing clients
(0:01:03) - Adding final expense on top of your Medicare income can boost your income
(0:05:14) - The steps to cross-selling are pretty simple, right?
(0:06:28) - First, you should have your client's information at the very least
(0:12:11) - One common agent issue is our agents will say they don't have time
(0:15:03) - Homework assignment: Write down five Medicare Advantage clients you can call
(0:16:58) - First things first, ask your client how they're doing. That should be the first thing out of your mouth
(0:20:52) - Talk about the many benefits of having a final expense policy or having a plan
(0:26:07) - You should complete an insurance review for each of your five Medicare Advantage clients
(0:26:52) - You have to learn the difference between simplified issue and guaranteed issue
(0:31:25) - Would it be morbid to mention that with Covid-19 people are dying
(0:33:44) - Fourth, overcoming sales objections. This is where we address that. If you have a client who says, yes, sign me up right now
(0:36:35) - Your client may say, I don't think I'll qualify because of health
(0:38:57) - Even if you can't cover all of the funeral expenses, your family will appreciate it
(0:40:50) - Another sales objection for you. I already have a life insurance policy or prepaid funeral
(0:45:48) - One common objection is that they don't need insurance for their funeral
(0:50:02) - How long does mutual Omaha take to pay out a final expense policy after the beneficiary files the paperwork
(0:50:52) - Think about how you would respond to these sales objections

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