In this video, we create a final expense sales script. Final expense is an insurance product that pays and provides benefits when the policyholder passes away. If you do not sell that product, you still might find this video helpful as you can go through the same process with the product or service that you do sell.
Step 1: Product
The first step in our process to create a final expense sales script is to outline some of the main details about the product being sold. Here are some details that we brainstormed for this product:
- Whole life insurance policy
- Lasts the rest of your life
- Designed to primarily help take care of funeral costs (burials, caskets, headstones, funeral service, cremation, etc.)
- Can borrow money from the policy’s cash value
- Builds cash value
- Rates never go up and benefits never go down
Step 2: Benefits
Once you outline details for the product you are selling, then stop to think about how does that product help the prospect you will be selling to and what benefits it has to offer.
- Prevent family members from having to pay their funeral costs
- Minimize funeral expenses
- Lock in the costs for the main funeral supplies
- Have more money available to be left to their loved ones (or used for travel)
Step 3: Pain Points
The next step to create a final expense sales script is to outline challenges that the product can help the prospect to resolve.
- Family members can often have to pay a lot for funeral expenses
- Funeral expenses can easily be a lot of money
- Funeral costs continue to rise with or without inflation
- Funeral expenses can often consume money for loved ones
Step 4: Pain Questions
In order to create good questions to ask when you create a final expense sales script, you can use the pain points that you just came up with to think of ideas. Here are questions that are derived from the pain points:
- How concerned are you about passing funeral expenses to family members?
- How do you feel about the amount you have set aside for funeral expenses?
- How concerned are you about costs rising for funeral-related items?
- How important is it for you to leave money for your loved ones?
Step 5: Current State Questions
In addition to asking pain questions, you also need current state questions when you create a final expense sales script.
- Do you have a final expense policy or life insurance policy?
- What type of life insurance do you currently have?
- When was the last time you considered other options in this area?
- When does your current agreement expire?
- Have you been hospitalized two or more times for anything significant in the past 10 years?
- Any history of stroke or cancer?
- Are you the person responsible for _____ (area where your product fits)?
- Any form of tobacco nicotine use?
- What is your height and weight?
- What type of prescription medicine do you take?
Once you go through those steps, you can mix and match those blocks of talking points to create a final expense sales script.