There’s so much buzz about how lucrative a final expense insurance agent career can be. Now, you’re probably wondering – How much can an insurance agent earn while selling funeral insurance?
The first thing to consider is the market: Baby Boomers are the target for a final expense policy.
Around 10,000 people turn 65 EVERY SINGLE DAY and that trend will continue for at least another decade, giving you plenty of leads.
The next consideration is the need for an insurance policy providing coverage for burial and funeral costs.
The average cost for a funeral is $7,000-10,000. For a burial it is $5,000-7,000. Most families do not have $12,000 in liquid assets to cover these final expenses and a policy that covers that would not only relieve stress now, but even more so when the need to pay for them arises. Just about everyone has been to a funeral so they know how tough those times can be so it’s easy to relate to the person how important funeral insurance is. Some have probably even had to assist in paying for a funeral before and remember how financially taxing it was on everyone. So, offering burial insurance to assist in paying for everything is peace of mind. Not to mention that the money loved ones will receive from the policy is tax free. Along with the market being great, the need is for final expense insurance is greater.
Now, back to the initial question – How much can an insurance agent earn selling funeral insurance?
On average, a final expense insurance coverage plan results in $600 per sale in first-year commission to the insurance agent. Every year the policy is renewed brings in another $50-60 per year in commission. The national average salary of an agent is $103,000. Beyond the continuing need for the position and the awesome salary though, selling final expense is a rewarding career in which you provide a service to a person in great need. Without a burial insurance policy, the funeral and burial expenses are left to the surviving family members. So, agents have the rare combination of lucrative and fulfilling work in selling burial insurance.
One thing to consider with selling final expense insurance or any other insurance is that you will need enough prospects to hit your sales goals.
An option to consider is buying leads to supplement your flow of potential clients. For more information on purchasing leads for final expense click here.
