The price of funerals and the cost of other end-of-life services like cremation are rising rapidly across the US, and so is the demand for insurance policies that can help save families from a potentially crushing financial burden.
But without the right approach to telesales conversations, sales teams and agents risk lagging behind an expanding competitive field.
To help you step up your sales strategy, we’ve compiled these tips and best practices for selling final expense insurance over the phone.
Selling Final Expense Insurance Over the Phone with the Right Scripts
Though many final expense agents do much of their selling face-to-face, outbound dialing done right offers agents and their teams a way of reaching more leads with even more efficiency.
Thanks to advances in dialer software and outbound sales technology, final expense insurance sales teams no longer need to spend all their time in the field. Outbound dialing tools like workflow automation, caller ID reputation management, and accurate answering machine detection can help dialing teams overcome challenges to contact rates and spend more time on the phone with interested prospects. So instead of crisscrossing their area in a car, they can place a high volume of calls, qualify leads, set appointments, and even close deals without leaving the office (or home office).
A Changing Insurance Segment Remains Challenging
With the growing cost of funerals and final expenses as well as the expanding demographic for this market, senior life insurance has become one of the fastest-growing insurance segments in recent years. Yet, despite the growing market and the improved outreach technologies, the high demand for final expense coverage doesn’t necessarily mean that sales agents have it any easier.
In addition to overcoming the stiff competition and securing the right policy offerings, agents need to navigate each sales conversation skillfully and subtly—something easier said than done when it comes to burial insurance sales, a notoriously difficult subject matter even for the seasoned salesperson.
Final Expense Insurance Telesales Best Practices
So how do agents maintain consistency in their conversations and continue to improve the way they sell final expense insurance over the phone? With well-crafted telesales scripts that keep them informed and on message. Keep these best practices and tips in mind as you start penning (or updating) your own sales scripts.
Use Personalization to Build Trust
As in any line of insurance (or any kind of sales for that matter), building trust and rapport with prospects is essential to a final expense insurance sale. Personalizing your scripts offers an opportunity to do so from the outset of any conversation. In fact, 80% of customers are more likely to make a purchase when businesses offer a personalized experience. To do so, identify areas of your script that can be customized and improved with the inclusion of customer data from your CRM.
React in Real Time with Dynamic Scripting
The latest technology can actually help fuel these personalized experiences while supporting better agent conversations. Dynamic scripting software can pull in sales scripts that are not only personalized for each lead but that can respond in real time based on a customer’s responses.
With the ability to incorporate tried-and-true rebuttals, key qualifying questions, and compliant messaging, final expense sales teams simply can’t afford to miss out on dynamic scripting’s ability to boost conversations. Plus, when combined with AI-powered call center QA tools, teams can discover patterns in conversations that are driving conversions and use this info to improve their scripts.
The Call Is Crucial, but the In-Person Appointment Still Can Be Too
When possible, orient your scripts toward securing an in-person appointment to close a sale, particularly with high-intent leads. Many prospects are answering the phone in a defensive posture. Waste no time in reminding them that they requested more information from you in the opening of your script, and quickly follow up by proposing a time to meet and go over plans. Even if a lead is against holding an in-person presentation, this aggressive opening helps agents stay on the front foot and puts them in a position to offer alternatives such as a follow-up call or email, or even a virtual presentation.
Don’t Avoid the Emotional
Burial and final expense insurance can be a difficult subject to broach with prospects. However, that doesn’t mean you need to shy away from tough topics—in fact, you can’t. Ultimately, the decision to enroll in a final expenses policy is likely to be, at least in part, an emotional decision for the customer. So, there’s nothing improper about respectfully appealing to their emotions within your script.
For instance, the growing burden of final expenses and funeral costs has the potential to adversely affect the family members the deceased leaves behind. This reality provides sales agents with an effective frame to discuss sales. Rather than focusing solely on plan benefits, then, shift attention to the ultimate impact of the plan: security and peace of mind.
Stay Flexible and Follow Open Questions Where They Lead
Speaking on a podcast from Lead Heroes, Mike Shure of Senior Solutions Insurance discussed the reality that every prospect has a different budget. “Some people can afford more, a lot of people we talked to can’t afford that much, and so with a lot of work and a lot of getting hung up on, it started clicking,” he says. “Now we’re building the presentation and the pitch and the product around their needs by figuring out what their budget allows for.”
Shure’s experiences show the value of asking open questions within sales conversations and responding based on an individual’s needs. Rather than take a one-size-fits-all approach, agents can react over the course of a conversation and build a better-tailored offering in the end. Shure recommends using this line of questioning when the right situation arises:
“Not everyone can afford a $10,000 Final Expense plan, but as parents we want to make sure we cover as much of the expenses as we can afford. Now based on your budget you might qualify for more than the price of your funeral, but it could also be less. Keeping your budget in mind, what can you allocate on a monthly basis?”
3 Final Expense Insurance Sales Script Samples That Work
Ready to start creating your own sales scripts and expanding your book of business? Explore the three senior life insurance script samples below to devise a strategy that sells.
1. Final Expense Insurance Appointment Setting Script
For organizations with robust insurance lead generation programs, a large number of the leads you’re dialing are going to have raised their hands and expressed interest in your offerings. Your final expense sales scripts for these conversations should open by referencing this interest. And if they can include the exact lead source, even better. For example:
Agent: Hi, [Customer Name]. This is [Agent Name] with [Company Name]. I’m getting back to you about the final expense insurance information you requested [lead source, e.g., “on our website”]. Do you have a few seconds to hear about our options? Based on the information you provided, I think we can save you some money without sacrificing coverage.
This script opener reminds them of the fact they wanted to be called in the first place. Importantly, though, it doesn’t take the prospect’s time for granted. If the customer does not have time to talk when you reach them, give them options to discuss plan information at a different time, whether in person or over the phone:
Agent: I’m sure you have a busy schedule. I’d love to go over the information you requested at a time that works for you. I’ll be in your area on [Date and Time], are you available to meet for 15 minutes then?
Agent: I’m sure you have a busy schedule. How about I call back tomorrow? Is there a time between 3:00 and 5:00 pm that works for you?
Prospect: Yes, 4:00 would work well for me.
Agent: Great. I can email you some information for you to review ahead of time, in case you have any initial questions you would like me to answer. Can you confirm your email address is [Customer Email]?
Alternatively, you can lean on a script that leads with the appointment from the get-go:
Agent: Hi, [Customer Name]. This is [Agent Name] with [Company Name]. I’m getting back to you about the final expense policy information you requested [lead source, e.g., “on our website”].
I’ll be attending an [event/meeting] in your area and would love to stop by and discuss your options further. Do you happen to have time available on [Date] at [Time] or [Alternative Time]?
Engaging with Aged Final Expense Leads
With warm leads that you reach with high speed to lead, you’ll be talking to them while their interest is high. Perhaps they still have a value proposition from your website or marketing materials in their head. But with aged leads, it’s often a different story. For leads that have failed to answer and have remained in your CRM for longer periods, reigniting their interest in your offerings may require quickly offering them something of value. This might include making them aware of promotional rates or offering them a free quote.
2. The Promotional Offer Script
Promoting newly released rates or plan options provides agents with a great opportunity to quickly raise interest among both existing and prospective customers. To get out in front of various potential objections, lead with promotional details straight away. For example:
Agent: Hello, [Prospect Name]. This is [Agent Name] at [Business Name]. I’m calling to let you know that we’ve just released new rates. Based on the information I have here, I think we might be able to help you protect your family from the burden of rising costs. Do you have time to discuss our new offer right now?
3. The Free Quote Offer Script
In all areas of insurance, the quote is an indispensable tool for sales teams. When gathered online it can be a great way to generate leads and customer data that informs sales. However, it can also be a great thing to generate customer interest over the phone. Consider the following final expense insurance script sample:
Agent: Hello, my name is [Name] with [Company Name]. Am I speaking with [Customer Name]?
Prospect: Yes, speaking. May I ask what you’re calling about?
Agent: I’m calling to discuss your final expenses insurance coverage. I’m offering free quotes this week to people who have expressed interest. There’s no obligation to buy and it only takes a few minutes to see if we can save your family a significant amount of money down the road with just a small monthly payment. Do you have time on [Date] to run through your needs and options?
Alternatively, many agents will be able to follow up with a free quote via email, eliminating any need for an in-person meeting. In this case, after an agent has received the necessary preferences and data to inform the free quote, ending the call with a confirmation of next steps can establish a firm timeline and keep a customer moving down the sales funnel toward purchase.
Agent: So, now that I have this information about the kind of plan you’re looking for, I’ll be able to generate a personalized quote for you and your family. I will have that in your email inbox by the end of today. To confirm, your email is [Customer Email], correct?
Agent: Great, thanks. Once you receive the quote, you can review it and let me know if you have any questions at all. I’ll plan to check in with you again on [Date and Time] after we’ve finished our review process. Is that okay for you?
Agent: Perfect! I’ll get started on your quote right away. Thanks so much for your time. Looking forward to talking with you later this week. Have a good rest of your day.
These script samples can help you get started building your own new and improved final expense insurance sales scripts.