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Final Expense

What is Final Expense Insurance?

final expense insurance careerFinal Expense insurance is a life insurance product used to cover expenses associated with the death of the insured. It helps with the financial burden placed on families by covering the costs of funeral services (burial or cremation), medical, legal, immediate household expenses, etc . These small, Permanent Whole Life insurance plans typically range from $5,000 to $25,000 of coverage. Final Expense insurance is normally an easy life insurance product to sell because the premiums are affordable and clients recognize the value.

Why Choose an Insurance Career in Final Expense Insurance?

Final Expense insurance is a very fast-growing insurance career due to the fact that 10,000 baby boomers turn 65 each day. This type of growth will continue until the year 2029. Final Expense insurance is typically sold to people 55 years and older who are retired, on Social Security and have low to middle household incomes. This large market provides endless opportunities for sales.

You can begin in this insurance career with a just little time, energy and training. If an agent understands a customer’s needs and knows the products, he or she will see immediate sales and success. The income potential with this insurance career is also very attractive. The average Final Expense plan results in $600 per sale first-year commission to the agent. It is not uncommon for a full time final expense agent to earn an income in the low six-figures. In addition, there is typically a renewal commission of approximately $50 to $60 per year for a specified period of time. Agents can easily be successful in this insurance career.

Who would excel at a Final Expense Insurance career?

Those interested in an insurance career in Final Expense insurance need to be self-motivated and thrive in a fast-paced and dynamic environment. To be successful in a Final Expense job, an agent needs to learn the ins and outs of the policies they are selling and work to understand and listen to the specific needs of their clients. A Final Expense insurance career requires strong sales and marketing skills to acquire clients and sell policies, but once the policy is sold there is little service that needs to be done. The extra effort and skill can result in a higher income compared to other insurance careers.

There is usually no requirement for a college degree when choosing an insurance career in Final Expense Insurance. However, an agent must prepare for and pass a state exam to obtain a life and health license to sell insurance before he or she can start writing business. In some states you may also need to register your fingerprints. The section below outlines how to get started in an insurance career selling Final Expense Insurance.

How to start an insurance career as a Final Expense Insurance Agent (varies by state)

  1. Complete Pre-Licensing Education: Learn the rules and regulations of your state’s insurance industry. You may be required to attend classes, but some states allow you to study at your own pace. You will be issued a certificate for completing these state certifications and at that point you are permitted to take the state exam to become licensed as a life insurance agent.
  2. Take the State Exam: Contact your state’s insurance department to find information on your state’s requirements and local testing centers. In addition to the self-study option, there are in-person and online schools/courses that you can attend. Once you have completed the course, bring the course completion certificate to the testing center on the day of your exam. This test covers life and health insurance basics and insurance laws in your state. After you pass and complete this exam, you can then apply for an insurance agent’s license.
  3. Buy Errors and Omissions Coverage: As a Final Expense insurance agent, you are required to have Errors & Omissions insurance. This liability policy protects you and your career against financial loss related to your involvement in the sale or service of a disability insurance policy.
  4. Get Established: To start your insurance career and begin selling Final Expense Insurance, you can decide to work for an established agent as a captive agent, or you can work as an independent agent. Independent insurance agents typically contract through an Independent Marketing Organization (IMO) or a National Marketing Alliance (NMA) in order to get appointed and sell carriers’ policies. These marketing organizations offer sales, marketing and compliance support.
  5. Get started: Your insurance career starts NOW! Contact us to launch your career as a Final Expense Insurance agent.

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