Final Expense Fallacies

facts2One of the most valuable life lessons you may have learned is “don’t believe everything you hear”.  Unfortunately, that is sometimes easier said than done when you have heard the same information from different sources- and also when they are widely held beliefs.

Final expense insurance- or life insurance- is no stranger to rumors that prohibit customers from purchasing these very important policies. Educating yourself and your clients about these myths can help you uncover the misconceptions and put your clients- and your sales- on the path to a more secure future.

  1. Life insurance policies are expensive. There are many different types of life insurance policies available for different budgets. Debts and death-related expenses can be extremely costly, and once you’re gone the responsibility falls to your loved ones. Purchasing a life insurance policy is a down payment on your family’s future well being. While it is important to remind your client that you get what you pay for, you should also ask them how NOT having a life insurance policy could effect their loved ones.

  2. I don’t need life insurance. None of us want to think about the end of our life; however, no human being has defied mortality. Death can occur at any age and stage of life- accidents and unexpected illnesses are not limited to the elderly. Purchasing life insurance in any phase of life is a wise decision. Ask your customer if they know of someone who had passed away recently, if they had a life insurance policy, and how it effected their family in a positive or negative way.

  3. Once I buy a life insurance policy, I’m covered. Any time you purchase a life insurance policy, it is important to remember to update it as you make new purchases and incur new debt. The policy you originally purchase may not be sufficient to cover your needs as you buy and sell assets throughout your lifetime.

  4. My employer-provided insurance is good enough. This may or may not be true depending on the type of coverage your employer offers. Some companies only offer 2-3 years of salary after death, which may not be enough to cover all of your expenses.

  5. I can get a better deal on the internet. While the internet is a good place to start researching your options, it just can’t offer the level of comfort an in-person meeting does. Discussing the option of purchasing a life insurance policy requires addressing some very personal information that can be met with understanding and clarification of what can sometimes be a confusing application process.

Once you understand why your clients may be hesitant to purchase a final expense policy, you can provide them with the information and reassurance they need to move forward. Check out our final expense carriers and get contracted today to start helping your customers start leaving their legacy.

Posted in Final Expense, Sales Tips