Final Expense insurance is ideal for individuals anticipating for end-of-life expenses and wanting to give a peace of mind for their loved ones when it comes to costs related to death, such as funeral & burial costs as well as medical bills that a person may leave behind. According to The National Funeral Directors Association, the average cost of a funeral or burial has increased more than 10 times since 1960. In 2022, the national median cost of a funeral that includes the viewing, burial, service fees, transport, casket, and embalming could add up to nearly $12,000 alone.
The Final Expense industry can be a highly profitable goldmine for insurance brokers however these financial products can be a hard sell. To be successful, it’s important to know the consumer market and to be tactical with your marketing program. In this article let’s take a closer look at the final expense market, advertisement, and a solution to increase sales.
Final Expense Market & Demographic
So who is the ideal consumers for Final Expense insurance? It can be anyone who possesses a practical and proactive approach to managing their funeral expenses instead of letting their family suffers with hardship in tough emotional circumstances. More specifically in the United States, a majority of Final Expense customers are typically the ages between 50 to 85 years old. However, the primary final expense insurance market is segmented on people closest to the full retirement age of 65, from about 62 to 68 years old. The huge Baby Boomer segment keeps on maturing into this zone at a flooding pace. On average, there are 10,000 seniors turning 65 each day.
The market size of final expense insurance in the United States of America was estimated at 26.45 billion in 2021, 29.71 billion USD in 2022, and the key indicators are forecasting this to be raised to USD 43.95 billion by 2027 with a Compound Annual Growth Rate (CAGR) of 8.82%.
Despite the large and growing market, Final Expense can be a hard sell for many insurance brokers and agents. Most brokers want to work on rewarding annuities and financial planning markets. While others think that they are better suited for the term and whole life markets. These are undoubtedly the extraordinary market choices, yet the outcome is an underserved final expense market — and an opportunity for those insurance agents who sell final expense.
Advertising Final Expense
It’s commonly difficult to pitch a final expense insurance plan to anyone, as nobody can comfortably discuss the end his/her own life. What makes this situation even worse is it can be hard for consumers to distinguish the good plans from the bad. One of the most common practice to pitch final expense insurance is through direct mail advertisement where the goal is to educate consumers by explaining its financial and other benefits. Moreover, insurance brokers should also help consumers wade through the noise of many different advertisements. This careful management of a sensitive issue can likewise increase brand value and loyalty, which could be useful with word of mouth among friends and family. Whether Baby Boomers with solid health or seniors with poor chronic health, promoting systems for final expense insurance should be tailored to the monetary and way of life needs of the consumer.
Approximately 60% of adults age 65 and older are online browsing search engines and social media (Comfortkeepers, 2022). Like any organization it’s important to have a digital prescence and it takes a lot of investment, both in time and money to manage online campaigns, set up landing pages, researching and meeting compliance, managing servers, CRM system, and the list goes on. Best believe that many insurance brokers are competiting with one another to grab a consumers attention for a phone call to learn more about final expense.
Although direct-mail and in-house digital marketing is no doubt great strategies to generate leads, insurance brokers are challenged and often overwhelmed with managing their own marketing. One underrated solution to remove the tedious work of marketing is to look into Final Expense Lead Generation services from an agency – it’s simple you get highly interest leads for Final Expense, forget about the marketing, and focus on closing sales.
Final Expense Lead Generation
Here’s a simple summary of how lead generation agency works – a client will provide their qualifiers and ideal pitch for a lead to an agency, an omni-channel marketing campaign will be launched to target highly-interested consumers who will opt-in to a product or service via an online form or phone as a lead. The lead will will be transferred to the client in real-time for them to close the sale.
The process of buying third party final expense leads can save enormous time and cost. Moreover, this way a business can buy compliant, quality leads that can be easily converted to sales with minimal effort. So, instead of making cold calls it is always beneficial and smart approach to buy quality final expense leads from a reputable third party business partner.
At Prizm Media, we have over 20 years of expertise in compliant lead generation for final expense and have proudly supported clients increase their sales with a minimum average of 200%. Our solutions are 100% TCPA and HIPAA compliant.
If you are an insurance broker who is selling final expense and is ready to scale their business to the next level, let’s get in touch and learn more about your business:
