How to Sell Burial Insurance From Home
Burial insurance addresses an issue that many people will have to face. The cost of final expenses, which includes funeral and burial services, continues to increase exponentially every year. According to a 2009 price survey conducted by the Funeral Consumers Alliance of Greater Kansas City, "the average area funeral cost went up 19.6% between 2004 and 2007, more than double the increase in consumer prices." Accompanying the rising price tag is the decreasing acreage available for cemeteries and burial plots. A properly structured burial insurance policy will provide a benefit large enough to cover the cost of funeral services and burial. Sales of this type of policy are relatively easy, when compared with the effort required to sell other types of insurance. It is possible to earn commissions from the sale of burial insurance policies while working from the comfort of your own home.
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Instructions
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Get properly licensed. It is illegal to solicit any insurance product without the proper industry license. Prior to any attempts at selling a burial insurance policy, you must attend an insurance education class at a state-approved facility. Upon completion of the class, you must then pass your resident state's insurance producer examination, which is designed to test your comprehension of insurance regulations, ethics and general product knowledge. After successfully passing this exam, you will be issued an insurance license.
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Buy errors and omissions insurance. Commonly referred to as E&O insurance, these policies provide protection against lawsuits by consumers who may claim you made a mistake or misrepresented the features or coverage of a product.
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Get appointed with a carrier. You cannot sell a company's burial insurance products without their permission. Contact the insurance carrier and request the agent appointment paperwork. Complete the forms and return them to the company along with a copy of your current insurance producer license and your E&O policy declaration page.
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Buy a list of senior consumers. Locate a list vendor and purchase a list of senior citizens who are most likely to be interested in, and able to afford, your burial insurance product. You should refine and tailor the list to include only those consumers who meet your criteria for age, geographic region, home ownership status, and income levels.
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Cold-call your list. The most efficient way to sell burial insurance from home is to cold-call senior citizens. Using the list you purchased, continue to call consumers in an attempt to successfully interest them in your product. Do not attempt to close sales over the telephone, but instead get the consumers to agree to receive additional information in the mail.
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Mail a product brochure to consumers. Keep track of those consumers who responded positively to your telemarketing efforts. Send appropriate information about your burial insurance product, including a policy application, to those people. Timing is extremely important with this type of sales process, so do not wait too long before mailing the marketing material.
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Follow up with another phone call. After sufficient time has passed, typically five to seven days after you mail the product materials, place another telephone call to the consumer. Discuss the product in more detail and make references to the material you sent. It is during this phone call that you should attempt to finalize the sale by asking the prospect to complete and return the burial insurance application.
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Tips & Warnings
Use a calling script when phoning your list. A script will ensure that you do not get sidetracked or confused during the call.
