Final expense (FE) insurance is a small term life plan designed to cover burial and funeral expenses. This policy squarely targets the senior (over 50) demographic, and is very popular with agents because of its easy sell and cross-selling options. Final expense insurance is a selfless purchase that is not too expensive for the consumer and can be sold to virtually any senior. The commissions aren’t huge but a FE sale opens the door to a number of related senior lines.
FE leads are easier to generate than other senior lines because of the broad appeal and they can be acquired through various general and niche insurance lead services. Leads can be generated through most marketing channels with direct mail being the most popular. If you are targeting final expense leads don’t rule any option out and specifically look at the following options outside of a direct mail campaign:
- Newspaper advertising
- Internet leads
- Senior periodicals
- All traditional media outlets with senior demographic targeting
- Funeral home sponsorship/advertising
- Co-advertising efforts with other senior products (i.e.: mail drops)
In terms of final expense lead companies you are going to find services that generate the leads via direct mail as well as internet. Internet final expense leads can be found with many of the larger insurance lead services. Some will offer pre-defined filters for final expense while others will need to be filtered manually by narrowing down term leads by age and policy size. There are a few direct mail lead services as well that are quite popular among agents. We do not have firsthand experience with paid direct mail final expense leads, but they should be considered by any agents who are considering a self run direct mail campaign. Paid services run massive volume and have highly tested promotional material with bulk cost advantages. These efficiencies might make these services cheaper than running your own campaign so get some pricing and compare costs before you make a decision.