Burial insurance leads can provide a great income when acquired and used correctly.
How and where to get them is the secret you need to know.
A steady flow of 12 - 15 quality prospects every week should allow you to make 10 presentations every week.
That agent should be able to add two presentations per week from referrals.
An average agent making 12 presentations to quality prospects per week should be making $100,000 per year within 2 or 3 years.
$100,000 commissions per year is very significant.
In fact, it's in the top 4% to 6% of all tax payers in the United States according to sources like the Internal Revenue Service.
More agents are working the marketplace using burial insurance leads than any niche market today.
The collapse of the mortgage protection marketplace has helped to fuel the increase in final expense agents.
Competition is fierce. Many who enter the marketplace will fail.
It's a simple market place to work and to excel in.
There are some nuances to working final expense leads you must come to grips with and embrace as part of the game.
Understand and embrace those nuances and you will earn a great living working funeral insurance leads and receive a substantial residual commissions from renewals many, many years after no longer writing business.
The demographics of the typical prospect for burial insurance leads include age and household income.
A typical final expense leads would be on people between the ages of 60 - 75 years of age and with $15,000 - $50,000 household income.
People younger than 60 are not as likely to recognize a need to cover their funeral costs and expenses.
Consumers older than 75 are more likely to have significant enough health challenges to prohibit them from getting any burial insurance.
People with annual household earnings below $15,000 may find it difficult to maintain the monthly premiums.
People with household earnings above $50,000 per year are more likely to have made their own burial arrangements.
Track the demographics of the leads they call on and you will discover the bulk of prospects who buy a policy will fall within the middle ranges of both the targeted age and income parameters.
Within the target group of people, ages 60 - 75 and $15,000 - $50,000 annual income, the real market place is found within four more narrowly defined people groups...
There are nuances to the market and you should be aware of them.
As a very general rule, the average persistency rate for burial policies is less than the average persistency rate for other types of insurance.
The persistency rate is the percentage of policies sold and issued where the client keeps the policy for at least the first year.
The persistency rate is very important.
Most agents get paid an advance commission on policy issue.
If the client does not make the monthly premium payments for at least the first year, the agent will have to repay some or all of their commission advances.
This can cause extreme problems for the agents who spend all they make on a weekly or monthly basis for leads.
There are two ways to eliminate this potential problem.
The simplest way is to get paid "as earned" which means the agent only gets paid when the client makes a premium payment.
Another method would be to set aside a percentage of commissions and not spend that reserve.
There are many considerations you should bear in mind when working burial insurance leads.
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