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Welcome to today's webinar. We're glad to have you along. I need to get my video set up and stuff here
but we are recording we thank you so very much. And today we're going to be I'm really excited
we're going to be talking about the final expense A to Z kind of just going over a lot
of the topics, let me somebody said my microphone volume was going up and down. Somebody also said that in the prior 15 minutes
that I had the mic on, and I was running around the office and they could hear me clamoring
around so I had to turn that thing off so I wasn't clamoring, but it is amazing how
many folks show up 15 minutes beforehand to watch some of the videos. We show a we show an example of the basic agent, we
would invite all agents to jump in and subscribe to the basic agent channel. And then also we show some little commercials
or social media plugs and where it shows agent name down at the bottom down over here somewhere
then your email address over in this corner. That's for folks when we launch our Apex for
you product that will use these social media advertisings and provide them to you you can
send them out to friends, family and anybody else promoting your social media Apex for
you channel the business in a box. Without any further ado, I really am excited about today's webinar,
the final expense A to Z. This is something that we've wanted to do
for a long time and we've got several people online that are new to us. And I thank you for attending. If you're not selling final expense, or at
least consider The opportunity at least components of it, you're really missing the boat. So here what in what is final expense? This is what it is, is a small face amount
life insurance generally typically most likely a whole life policy designed for burial. Now it's also in the past has been called
burial coverage and similar names. But really what it's designed to do is take up those last few expenses associated
with cleaning up one's life after they are deceased. Okay, plain and simple. That's what it's about. And it helping you to understand why we have
it. Let's take a look at why we have it. First off, it's to pain any last minute medical
bills now, not every single a client is going to have a full up You know, $2 million life
insurance policy that they've had for a while, under special circumstances. Maybe some folks are just clamoring to get
together just a little bit of money that will take care of some of the end of life needs
like medical bills. Additionally, transfer of the remains from
the funeral home or the cemetery, just really, literally some of these, you know, what otherwise
might be considered just minor expenses? caskets and urns, you know, it's caskets,
I guess can run anywhere from you know, 10s of thousand Well, almost endless on the high
side and urns. I know that. As for myself and my wife, we own preneed
policies, and I just said, Hey, give me a mason jar. What you guys that when I'm out of here, literally,
I'm out of here. And Betty, it was You know, just has a mason
jar set up for me. And that setup for me think takes might have
had iced tea in it the day before from a restaurant down the street called the mason jar. But anyway, or even burial plots, it could
also cover some of the expenses associated with either the funeral home or Memorial print
packages and any other end of life expenses. So why have a final expense policy for a value
of let's say, like 5000 bucks. I mean, it's just to kind of cover whoops, cover those expenses over there. Okay. It's kind of weird on that camera. Maybe over here. I could point oops, I could point over there. Yeah, there you go. But in any case, it's to kind of cover some
of those expenses. final expense comes in a number of different
shapes and a number of different qualification standards. So there things called guaranteed issue. Okay, and that's what you might see on that
television ad that runs monotonously on, you know, some of those channels that senior citizens
watch all the time like me TV, memorable entertainment antenna television, where all those shows
from the 70s are located because and they also have that name of. They also have the name that is like this
item right here. As I reach and grab it to make that you could
tell my this thing it starts off with it's a colonial and it's one of these things. Yeah, very expensive life insurance guaranteed
issue because they'll take somebody and regardless of their condition, but it too
is a graded benefit. So there's also a graded benefit of modified
and a level benefit. And what you can see here is If there's an
accidental death or if there's underwriting involved, the bottom line is that they come
in different flavors. And so as as a full up guaranteed issue death
benefit policy comes into effect for an 80 year old, the cost per thousand dollars of
coverage is going to be very high. Because honest to Gosh, what ends up happening
is statistical end of life is going to be about maybe at four years old for a person
so the life insurance company does not have much time to recoup the potential premiums
to pay for the death benefit. And maybe in part, I'm sure insurance carriers
will not openly say it but they also consider lapses before death so they don't have to
pay Literally they and legally they don't have to pay the death claim because the policy
will lapse as a way of offsetting some of the premium cost. So how does it work to have a final expense policies simple
enough, an individual will buy a policy. In the old days an agent would go to someone's
home, they would probably run 810 appointments a day. Nowadays, with the distance selling and and
different things and granny having a Facebook page and a cell phone that can easily be used
for facetiming or a zoom meeting. They buy a policy typically they can buy it
online, I know that our business in a box product will have final expense for online
purchasing. And in some cases an agent is not even involved
in the purchase but they'll purchase the policy they will receive the policy They will have
coverage. And then what ends up happening at the point
of death. What ends up happening is there's a follow
up, this is a great opportunity for you the agent,
if you're notified of the death of an individual to follow up with the family. Now many carriers will not allow you to take
the death benefit the death claim in the form of a check and give it to the beneficiary
or to the heirs, but it is a great time to follow up because at that given point, maybe
there's an estate that needs to be cleaned out. And maybe there is a potential for I hate
to say it in cold hard facts here. But the reality is, is maybe there is just
plain and simple and opportunity to write more business. Then you go now in order for the death claim
to be paid, you would have to follow up with a certificate. pit of death. Further it would go then the death claim would
be paid. But you know, you have to wait. There's also a possibility that if your client
has an state of any size, or if they need to do some sort of death planning to account
for maybe a house or any other last wishes for an individual, we also offer a product called legacy armor. Now, legacy armor is a product and you can
give us a call, but it's an add on sale for you the agent, it costs you nothing as an
agent to offer it. But if a client were to enroll in the legacy
armor program, at the point of death, or at a specific time, documents would come out
of a electronic vault and be provided to those people who were designated to receive them. And it's it could be Trust, it could be a
will it could be, you know, the last testament and will and all this other stuff but it would
pop out of the armor account and provided to the people as required. It's really a unique product, it's ultimately
secure. And it's something that I would probably say
that meant much of your competition does not have it but if you're not offering it if you're
not even aware of it, it's like you know, it's like not having an additional bullet
in your, you know, are different, another screwdriver in your toolbox. It's nothing more than a tool. It's not going to work all the time. But at the time that it could work if you
don't have it and you miss the sale. Shame on you for not having it. Why do people buy final expense well, plain and simple. It's final expense coverage is lower face amount
coverage, and I don't know how you as an Agent sells life insurance but personally for john
and those around me that I know that sell life insurance as one gets older, the need
for coverage diminishes. Okay, it doesn't diminish always down to absolutely
anything or nothing. But it diminishes to the point to where some
of those last minute things sometimes I know that when my father died, he was actually a banker and when my dad died, the bank turned around and
shut down all the accounts from my mom waiting for for everything to kind of get cleared
up death benefit locked down, the safe deposit boxes and stuff like that. So it does offer the capability of having
some cash available for liquidity purposes. To handle some of those last minute unknown
expenses. It's easier to qualify you know, because it
is a lower face. amount there's probably a greater risk and
you will pay for that risk. But it is easier to qualify because the premiums
are higher than to account for that risk. Additionally, premiums are guaranteed to remain
level which you want to as an individual goes into the elder years, it's just a level premium
product and also death benefit will never be reduced. That is an important selling point. That is something that that company that had
the pen attached to it, you know, this, the colonial whatever, you know, they say and the premium will never reduce, okay, that
seems to be a selling point. But it is very important because you don't
want any money to come into jeopardy. You know, when you're not even in for your
client is not there to adjust something. You know, you don't want anything to happen
when someone's sitting in hospice. Okay, the policy will remain in force as long
as the premiums are being paid. That's a, that is a basic tenant of a unilateral
contract of which life insurance policy is. As long as you're paying premium. The policy is in effect. And policyholders in some cases can actually
take a loan against the cash value. Not all policies offer that. But that is some of the reasons why someone
would buy it. Peace of Mind seems to be very important. And just stopping thinking, you know about
end of life, people are looking not only to come be comfortable themselves, but they're
looking to comfort their loved ones around them. And, and it does provide additional safety
measure also, the way for policyholders to ease any financial burden. The last policy that I sold that was of the
final expense type was simply that the industry Digital wanted to provide the policy for not
even necessary it was all it was in reality was a nice and there you know and although
I advised against a death benefit to provide for the nice the policyholder wanted to actually
leave something for the the nice. So you know I was willing to to lose a sale
but but they wanted to provide something and I ended up gaining one. So in essence why sell it? Well, you have to understand that because
the product costs a little more. It's easy to sell, and many people at as they
get older they begin thinking more about life insurance so it becomes easier to sell. There's very little compliance. And in many cases I know that here at Apex
Insurance Group, we have the x lactation that agents are professional insurance agents and
that they will have no and those kinds of things but there's no C, continuing education
required for the selling of final expense coverage. And in short, everyone's a potential client
for final expense. You know, it doesn't really matter if you're
30 years old, or if you're 80. Everyone is a potential client. And there's a lot of sales incentives available
for producers selling the final expense product. Additionally, there's things like Commission's
are higher, because the premiums are higher. As a matter of fact, we get a lot of agents
that are coming over from the final expense side and they tell us that they're accustomed
to commissions of 100% you know, for final expense, and then when we offer them, I ul
contracts and ul contracts and just typical insurance contracts. Some of those are considerably lower, depending
upon a term product, a whole life product or a ul product, or even a single premium
product a paid up whole life. So, you know, they're gonna like, wow, that's
low commissions in comparison to a final expense policy. Yes, there's also less underwriting required
because they've enhanced the risk they've rated or they've enhanced the premium increase
the premium to account for the additional risk. So there's lower underwriting also, it's easy
to ask for referrals. Really, take a look at your friendship. I know that we've got some young folks and
on here and and then we've got Ron and I You know, Ron probably hangs out with other old
people. Ron's our partner here at a Pax he probably
hangs out with other old people, such as himself as he lives in his senior community. And so he's got a wealth of a wealth of of
neighbors. You know that he can use his referrals? Because he lives, I'm sure, yep. I got a hand up from Ron. But anyway, so don't be afraid to ask people
that, you know, do not be afraid to ask people for referrals. There's a couple of things within the toolbox
that we need to consider when we do sell either carriers or implants. And one thing that's really good about Apex
Insurance Group is we have got an immense amount of tools and product and things that
will make it easy to delve deep into the final expense realm. And the first thing is There are different
kinds of plans available. There's low premium plans. There are high premium plans. And then there's single premium plans. There's also multi year premium plans. So depending upon the financial needs, the
financial aspirations and the financial requirements of the clients that you're dealing with are
prospects. There is a plan available for virtually for
virtually every single client out there. Now, I have a personal friend that we probably
Betty and I have known for well over 30 years, 30 plus years, Betty was actually five years
old and she was just knee high to a grasshopper with this person, a friend of ours and she
just wanted an ungodly amount of money, death benefit for the premium and it just wasn't
available. But aside from that, with all these different
kind of premium plans, we would have been able to provide her insurance product to either match her premium amount. Or if she wanted a certain death benefit,
she would have had to come up on the amount of premium that she was paying, but everybody
is client. Additionally, there's something to look at. We have big name carriers, carriers that I'll
show you the list here in a moment, you're going to recognize them. Also, we have carriers that you go, who the
heck are they? We have carriers that are from coast to coast
and every state in between. And then we also have carriers that may only
be up and running in a few states. So that is for our product grid for you as
the agent to kind of look and review depending upon two things. One, the state in which that you're going
to operate in if you do face to face selling, and I know that we have some folks that you
know, have some walk in business, and so that would be important there but then folks who
want to delve into the art line or the act of calling final expense routine, then we
have the big national brands. Also things to note about coverage limits,
we have coverage amounts of below 25,000. We've got between 25 and 50,000 plans. And then we've got those coverage plans that
are over 50. So what we've seen here is we've got, you
know, company names that you've heard of company names that you may have not, we've got easy
to qualify plans, we've got plans that are a little bit more temperamental, and then
we've got death benefits that range the gambit. As a matter of fact, we have a online option
with up to a half a million dollars. Now I can tell you, it's not going to be cheap. But it's an online option and it's no intervention
and you can buy anywhere between a half a million and down. Finally, what we have His plans with no underwriting,
easy, you know, the less underwriting you go through, I can guarantee you that the higher
the cost will be then we've got plans with simplified underwriting, maybe just do you
have diabeetus? Do you have anything that you've been hospitalized
in the last 12 months, two plans that really ensure no underwriting at all, or all underwriting
fully underwritten plans. Now, as I mentioned earlier, let's take a
look at some of the carriers that we have available here at Apex Insurance Group. This is very important that you know, take
a look at some of these names. We there are names here that prior to coming
into the final expense market. I remember Mutual of Omaha from those little
animals that Sunday nights on television now that's got to be 50 years ago because I'm
60 years old and I can remember watching Mutual of Omaha With Merlyn, Perkins or something
like that, but Mutual of Omaha is a company that has been around a long, long time Transamerica,
national national name. We've got companies like Aetna. And I've heard of an honestly, you know Luma
Ko, who are they, but they may have a policy that fulfills and fits your specific need as an agent to help out that client for which that client will be very thankful that you've been able to help. So in short, who is your client, everybody
that you see here in this little, you know, clipart it could be young kids, it could literally
be parents, it could be grandparents, it could be great grandparents. I know. In my particular case, I have a sister in
law who is on hospice care and so much for the HIPAA thing but you know, I've got a sister
In law who is on hospice, and and she's also in a nursing facility, and we ended up taking
care of some final expense on her because she's indigent. So we got a final expense with no underwriting
are all you know underwriting and guaranteed issue product and we're paying for it and
hoping to, if you will time the market. Okay. Here's our sweet spot. And we're not just talking about that Sunday. As a matter of fact, last week was Banana
Split day. And I think it was a week ago Wednesday, and
no, two weeks ago Wednesday, and I wore my Sunday shirt and I still didn't get a free
banana split. But anyway, our sweet spot is individuals
between 50 and 85 years of age. Most of the folks that we want to see they
still live at home because they're able to be seen at home. If you happen to have an in for a nursing
facility or some sort of a fixed facility, maybe an adult daycare camp. You know, I know some family members that
drop off their parents off at an adult daycare facility, that might be an option
as well. So it's very important that we tend to look
at some of these options if we are going to outwardly market this product. Also those living on a fixed income and those
who are empty nesters because typically those who are empty nesters they are not feeling
like they have to provide for somebody. And, you know, they're not concerned about burdening
someone. But what they are concerned with is making
sure that last minute items are taken care of. And they're also I hate to kind of go within
a preferred market but there also may be low to middle income people. folks on the high end on the upper income
area, they can afford to have a state planning in place and also trusts. And that's something to think about too. But we're going to want to work in the low
and middle income market. And they want to be prepared for end of life
and end of life planning. So those are some of the things that you want
to take a look at. And probably the final thing, and maybe this
is just a guy thing, they don't want to take a medical exam to, you know, to purchase life
insurance, they don't want to pee in a cup and give blood so they don't want to necessarily
go through the underwriting process. Let's take a moment and talk about leads through
Apex Insurance Group and one of the things reposition here. One of the things that we want to talk about
is we do have a variety of lead routes if you're looking to get into the smart And I
want to say that primarily to be successful in the final expense market. And in talking to some of our competitors
in this space, you've got to be able to have lead channels developed. So, Apex Insurance Group, we offer warm leads
developed through social media channels, we also have mailed in leads and and I say this
again social media, but warm leads can come from call centers, they can come from social
media drops, those that are coming from call centers can also be live transferred. Now, one of the things that is different for
us and let me We also have seminar leads and community and we have community involvement
leads. Now, one thing I do want to point out quickly,
the first three sections of leads are provided By Apex Insurance Group, you know, we can
handle through our lead outsourcing, you can have arrangements with your lead in with our
lead channels to secure leads, the online and the community involvement are going to
be somewhat limited during the COVID thing. However, we want to point out that you can
buy leads and what Apex Insurance Group does not do is we do not lower contracts and provide
leads for agents. We expect that if an agent wants to lead,
then they can buy a lead and we will not lower a contract with the false impression that
we're providing free leads to agents because unless you're six years old, there's no such
thing in this world as anything that's free. You're gonna pay for it one way or another. But if you develop a doesn't leave On your
own a week, then we're also you're also going to earn more money because you're not on a
lower contract. So that's kind of, you know, something to
think about when dealing business with Apex Insurance Group I talked to new onboard agent. Last week, it was on a different product and
American amicable product. And I asked where he came in as he was moving
his contracting over to us, I said, Well, you know, where were you at with your other
company? He goes, I'm at a 50%. And I said, they provide leads and he goes,
Yeah, I said, What about the leads that you self generate? He goes, 50%. And I said, Okay, that's fine. I said, we'll pay him. We'll pay you 70 starts at 70, maybe up to
80. After we know that you know what you're doing,
and that's whether you generate your own leads or, or buy your own or do whatever. But if he had his own lead generation, Resources
he was generating them from online seminars. So immediately, it was like we gave the guy
a 20 point Head Start, just for self generating leads very, very important. Folks, I do want to tell you, we do have a
final expense selling guide that is designed to help you as an agent get ahead and be successful
if that's what you want to be in this market. We want you to be successful. So all you have to do is email us here at
Apex Insurance Group. I would ask that you email me and coming up
in a couple of slides is my email address but we have value got to do is just say, hey,
I want that final expense selling guide. Hey, don't forget next week's webinar I'm
looking forward to it you can be a success by sitting on your ass and you know that that will let you all know a bit of my sarcasm and also a little bit Just the thought process
about what it takes to be successful. It is absolutely amazing that the average
insurance agent is earning less than $75,000 a year. It's also absolutely amazing that there is
a great need in comparison to the possible amount of supply there's there is a very short
supply of agents out there and also with the potential of income, but so many agents are
are really complacent. They're just happy. I don't know never been happy with the high
end of the five figures and low end of the six figures never. So you know, I don't know what how an individual
agent our needs for success what we define success change, but I can tell you, honest
to gosh, I love saying that. You can't Be a success by sitting on your
ass. And so let's talk about that next week, next
Wednesday. And we'll talk about that. Remember, the basic agent comes out every
Saturday, a new, a new episode comes out Saturdays on YouTube. And it deals with the basic interest items
of agents. And we deal with simple little things, things that should be glaringly obvious, that oftentimes aren't. It's either our level of experience places
us so that we forgot those things, or we've just never thought about it. And ladies and gentlemen, I stand here honest
to Gosh, Cross my heart, hope to die, all this other kind of stuff. I have missed some of the biggest glaring
things that were right in front of my face. And it's taken agents, it's taken other people
to point them out. And of course, it used to be my wife would
be the first one to point out any Kind of glaring error on me. But now that I got her trained, and I can
say that because she's not listening, okay? But in reality, if we're to be a success as an agent, then sometimes we just have to stay in contact
with the basics and remember those. Here's Ron and Ma, Ron and I, Ron and Me,
me and Ron, whatever the crop proper pronunciation is, but this is the contact information for
Ron and I my email address if you would desire a copy of that final expense selling guide,
and if you just happen to be an agent watching on our YouTube channel, and have not registered
to be a new agent here or an agent with Apex Insurance Group, here's the register link. And by the way, we have moved we have moved
our webinars off of the apex platform to YouTube. So you're going to notice some changes on
our website. And over the next couple of days, both the
front office or the front side as well as the back office that align ourselves which
where our business focus is going to be going. But we do have our webinars on YouTube. Hey, this is John Sanders. I thank you all for watching. If you have any questions, don't hesitate
to give us a call here at Apex Insurance Group. Also you have yourself a nice week and until
next Wednesday, if you need anything, give us a call. Transcribed by https://otter.ai
