An Overview of the Final Expense Insurance Job Market

Written by Matthew King, time it takes to read this article is  minute(s).


If you are seeking a rewarding career that is lucrative, a final expense sales job is the way to go. As of February 2021, final expense insurance agents are earning an average of $106,428 a year. ZipRecruiter sees salaries as high as $142,500 and as low as $76,500, depending on location and experience.

Maybe you are already selling final expense insurance but are seeking a better position. You may have searched and found extensive job listings on employment agency websites.

We will provide you with the secret to turning a so-so job into a lucrative career. Once you learn our tips, you will have all the final expense sales training you need. We will put you on the path to a final expense sales job that fits your personal goals.

What is Final Expense Insurance?

Final expense insurance is whole life insurance that incorporates a small death benefit and is easier than traditional insurance to get approval for. This insurance also goes under the terms of burial insurance, funeral insurance, modified whole life insurance, and simplified issue whole life insurance. These are all terms for whole life insurance policies that have a face value, also known as a death benefit, between $2,000 to $50,000.

The only difference between this type of policy and standard whole life insurance is the smaller level of the policy, which makes it more affordable for clients. The beneficiaries can use the insurance for any purpose they desire, but the low coverage amount makes it a reasonable policy for coverage of a memorial or funeral service.

Achieving Success Selling Final Expense Insurance

When you take a job in the final expense insurance market, you are stepping into a career in sales. The difference is, you are not a sales clerk waiting for clients to come to you, you must put forth the effort to meet potential clients.

When you meet with a potential client you must show them why the product you are offering is better than anything your competition has, then close the sale. That means asking them to purchase the policy. These are the daily activities you will partake in.

The more insurance you sell, the more money you make. The process really isn’t difficult, you just need to bring to your potential client’s attention the fact that the cost of a funeral is between $7,000 to $9,000 and varies by state. Costs are around $6,684 in Mississippi and as high as $14,975 in Hawaii.

Because of the emotional impact, families have a tendency to overspend on funerals and memorials. This is a solid reason for purchasing this insurance. Final expense insurance is not locked into one particular use, and many loved ones use the coverage to pay for:

  • Transfer of remains to the funeral home
  • Preparation of the body and casket
  • Cremation and urns
  • Burial plot, headstone, and transportation to the cemetery
  • Memorial expenses
  • Medical expenses
  • Other end-of-life expenses

By pointing out the ease it can make on their loved ones after they are gone, the low premium makes selling final expense insurance easy. The logic and needs presented to your client in a low-pressure sales method compel them to purchase.  

The Final Expense Sales Job Market

When selling final expense insurance your target client is senior citizens. You are seeking those on a fixed income who are able to pay premiums of around $50 per month.

One of the key features to success in this market is utilizing the proper sales tools. This includes having a solid final expense sales script and selecting the best final expense agency to increase your chances of success. Don’t believe an agency that guarantees you will make money selling their product.

To be successful you need proper carrier selection, quality leads, ongoing coaching, and solid training to move you toward success. When you sell final expense insurance for a specific market, such as seniors, you are promoting a simplified product. This makes it easier to break into insurance without having to learn complex concepts.

Selling Insurance Over the Phone

In the modern world of safe distancing and zoom meetings, you may wonder about selling final expense insurance over the phone. Yes, you can be successful using the telephone as the main connection with your clients. If using telephone sales is your preference, you need to join an agency that matches your goals.

Ask the agency about their final expense insurance sales training, which is critical to your success. Questions you may want to ask include:

  • What do you offer beyond watching online videos to learn about your sales strategy?
  • Do you offer comprehensive final expense sales training?
  • Do you have ongoing sales training opportunities?
  • Can you provide me with contact information for two or three sales agents who are successful in selling final expense insurance for your agency?

If the agency is not doing in-person interviews, schedule a call to learn about Final Expense Insurance 101 and get all your questions answered. If the agency is unable to provide you with the above, you may want to consider moving on to another agency, depending on your needs.

Researching Final Expense Sales Job Opportunities

It isn’t hard to find a job selling final expense insurance, the difficult part is selecting an agency that is best for you. The first step is to talk to those who are successful producers of final expense insurance, not the agency recruiters.

Find out how many years of experience the recruiter has selling final expense insurance. You want an agency with experience over someone looking to hop onto the latest multi-level marketing sensation. The problem with multi-level marketing is that recruiters have a focus on producing agents, not a final expense business.

Talk with other agents who work with the firm and find out whether the focus is on building final expense insurance as their main business. Many want to push whatever the latest and greatest insurance product on the market is. It is important to make sure you do not get yourself locked into selling for only one carrier.

Unlike traditional life insurance, where it is preferable to sell all products a company offers and only offer their products, selling final expense insurance is different. To be successful in this exclusive line, you must have access to all the best final expense carrier options.

Offer Multiple Carrier Options

Final insurance sales are competitive because there are a large number of agents and there are a wide number of underwriting issues with clients. Each carrier has different underwriting standards, making it impossible to “one-stop-shop” your clients.

The last thing you want to do is try to fit every client into the same coverage and price policy. When you work as an agent for multiple carriers, you eliminate the obligation to sell one specific policy to everyone. You will be able to replace your client’s inferior, over-priced policies with something superior.

Part of your final expense sales script should be to offer 3 to 5 carrier options to your potential client. If they have health difficulties such as lung problems, diabetes, cancer, or a heart condition, you will be able to offer them the best final expense option at the lowest price possible. By having a wide selection and meeting your client’s needs, there is less chance your client will replace your policy.

Selling insurance over the phone or on social media is popular, and your client may respond to an offer for a second opinion. If they replace your policy with another, it is a chargeback and you will need to pay back the advanced commission. It is always a good idea to stay in contact with your clients and offer them any new options, keeping them up-to-date and loyal.

Final Expense Sales Training

To become a successful final expense agent, you want the best training from the ground up. You need to learn the basics of how final expense products work. Learning sales techniques and how to think critically in the field will put you on the fast track to a lucrative career.

Final Expense Insurance 101 Training Program helps you master the art of selling final expense insurance. We offer step-by-step support and agent training with a dedication to helping you learn everything you need about final expense insurance and solid business practices. As soon as you become a customer we will assist you with providing video and reading content you can access on your own schedule.

After joining, you will receive one-on-one support from the staff using phone, email, and live chat. You will also be able to schedule a coaching session.

Check out the website for more information, and sign up to receive updates.

Land Final Expense Sales Jobs

Now that you know how lucrative final expense sales jobs can be, it is time to secure training to move your career forward.

InsuranceSales101 wants to help you become successful through our training program. Sign up today for instant access!


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