Today’s article is about how to sell final expense part time along with keeping a full-time job.
Today, I am specifically sharing why selling final expense insurance is a great “side hustle” opportunity for 2018 and beyond. I have noticed, over the past couple of years, that there is now more of an interest than ever in finding side or part-time work opportunities. People who currently have a 9AM-5PM job are interested in making extra money and possibly leaving their primary job to pursue whatever side hustle they began.
I think because of this, it’s a great opportunity to explain a little-known business called final expense insurance sales. Further, I want to explain why this is a really good opportunity for somebody who is looking to get out of the 9AM-5PM grind and do a job that’s meaningful, helps people, and has a very high economic opportunity to make a good living.
This article is specifically designed for those people who are on the fence. They are possibly looking at selling final expense, but maybe they don’t know how to get started. More specifically, it is for those people who randomly find this content and are looking for side income or side hustle ideas.
I have found many agents interested in selling final expense part time, but don’t necessarily want to jump in and let go of their full-time position. I get asked a lot by a lot of agents, “Can you do final expense part-time basis?” I’ll be the first person to tell you that you absolutely can! Many people will tell you that you need to “burn the bridge,” meaning you’ve got to quit whatever you’re doing and devote all your energy to final expense.
Now a couple of things about myself. I used to work at Aramark Uniform Services due to me initially failing at the final expense business. Basically, I had to get a corporate job with a guaranteed income. I wanted to sell final expense part time, but I had to give myself some breathing room to get back on my feet.
So I took this job, and decided to sell final expense part time but give final expense a 100% effort. Here’s how I made it work:
1. I would go work 3 days of final expense in the field.
2. I’d start around 2 or 3 o’clock – I was able to hit my prospecting goals at my corporate job early enough with plenty of time to sell final expense part time.
As I was out in the field, even though I would sell final expense part time, I worked my butt off, staying out until 10 or 11 working appointments. I was completely dedicated to getting back on my feet and being successful at final expense, despite my initial failure because I didn’t want to be stuck in the corporate world any longer than I already had been.
Even though I could see a potential career track working at my corporate job, it was clear that upward mobility is extremely limited in a corporate environment. There’s much more politics, and your effort and capabilities are going to be stymied in many circumstances when you work for “the Man.”
That’s where even an opportunity to sell final expense part time is fantastic. You don’t need anybody to tell you how hard or what your limitations are when you work, it’s totally up to you.
The point here is that if you get involved with final expense, the important thing to understand is that you give it 100% effort, despite your time limitations and what that means is that you’ve got to get out there, you’ve got to door knock every single lead you see. If you need somebody to set appointments, find an appointment-setter to work the leads for you so you can be more efficient than going out directly to see the people cold, through a door knock. Make sure you stay committed to buying final expense leads.
Really, all the same behavior traits apply when learning to sell final expense part-time as much as it is for full-time agents. I’ve got an agent up in Kentucky doing really great in this business. He’s got a full-time position in another industry, and he is giving it 100% despite selling final expense part time.
When he’s in the field, he’s doing all the right things. He’s consistent. He’s getting in front of the people. And over time as he develops his skill level and he develops confidence in return, when he’s ready to leave his position, he can jump in 100% full-time and make a heck of a lot of money.
In summary of the basics, as a new agent, if you’re looking at the final expense business from the outside in, and you can find a way to dedicate even 2 – 2 ½ days a week in the field, you can make a success out of selling final expense part-time IF:
1) You commit yourself to the final expense lead program,
2) You commit yourself to the process of learning this business over a 6-12 month period, and
3) You work with somebody who knows what they’re doing and how to instruct and mentor you on actually succeeding in the final expense business.
Now, I’m going to make the case for a couple of factors, including what exactly final expense is. I’ll break down the primary factors that make this business special and tell you why this is a great side hustle opportunity. Then, I’m going to share how to get started selling final expense life insurance.
By the end of this article, the goal is for you to have a good understanding of how this particular business works, why it would be beneficial as a side hustle, and why it would be a great opportunity to fully invest yourself as a full-time entrepreneurial sales effort.
Let’s first start off with defining what final expense sales is or what final expense insurance is. Final expense is a life insurance product, and the concept behind it is very simple. The product is designed to offer a death benefit to the insured when they pass away.
You have to understand that there is a huge demographic trend in America right now. 10,000 baby boomers are retiring daily (I should say, they are hitting 65 daily) and probably will be for the next 10-20 years. This time, 10-20 years from now, the overall population of baby boomers will increase by 50 percent. So, if we have approximately 50 million today, then we’ll have another 25 million 10 years from now. That is a total of 75 million baby boomers.
The reason I’m mentioning this is because the primary market, for final expense, are people who are in their late-50s, 60s, and older. You want to sell to people who are getting to the retirement age where they start to seriously consider the impacts of dying and what it financially takes in order to pay for the burial or cremation.
A lot of people in this particular segment, and there are millions, are retiring with less money than ever. Their pensions are gone, and the savings they thought they’d have were eaten away by the things that happened in life. Sometimes, they just didn’t save it all.
Now, there are millions upon millions of people, from coast to coast, who do not have enough money to retire, and they certainly don’t have enough money to pay for burial arrangments. So, why does this all matter? Because this is the economic and business opportunity selling final expense life insurance. You are in a position to help millions upon millions of people.
About 30-40 percent of people believe life insurance is important and don’t think they have enough. There’s a big chunk of those people that fall into that 50+ million and will continue to think so over the next 10-20 years.
Why should you consider selling final expense life insurance? Your first thought may be, “Well, this sounds really boring. The sounds uninteresting. I’m dealing with older people. I’m selling life insurance. Why would I even consider doing something like that?”
I’m going to tell you some reasons why and interweave my personal story because I actually started this business as a side hustle. I’m going to try to make the case as to why I believe final expense is one of the primary and primo ways to get involved on a side business without totally getting out of the corporate grind. This way, you can test your waters, get out there, and make some side income.
First of all, a little bit about myself. I got into final expense after being a personal trainer for five years back in 2010-2011. The business was down, and I needed to make a side income, but I didn’t want to give up my personal training business. That is when I stumbled across the final expense product, which I started to sell three days a week.
I was essentially selling part-time, where I would work in the evenings and all day Saturday, just because I wanted to work that much, and then I actually got to a point where I failed out of the business due to some problems I caused. I had to get a corporate job, but I still fit in final expense sales between a 45-50 hours a week sales job. I worked corporately and still sold final expense on the side.
What I’m going to tell you here is all based on personal experience and what I believe to be something that actually does work, if you apply yourself. Let’s talk about how this works. Selling final expense is relatively easy to get started.
Maybe you’ve just researched life insurance, annuities, or even Medicare sales, and you thought, “Man, this is a very technical type of product. I don’t want to take all this time to try to learn all this. I don’t have that much time.”
Final expense is the complete opposite of it. Final expense is a pretty simple product. All you need to do is understand why somebody would buy burial insurance. The concept is very simple because they don’t want to die and have financial aspects of their death to be passed onto a loved one.
Also, you need to know how the carriers work. Most people start off with one to three carriers when they begin. Along with somebody who will help mentor you, you can go out there right away and help a lot of people.
Again, you don’t need to technically study this stuff or wait for some sort of certification beyond getting a license to be ready to go sell final expense insurance. It takes more in the line of actually having the work ethic and the work effort to go out and see people. That’s what attracted me to this business in part.
I knew how to work, and if you know how to work, and you don’t mind working or seeing people, then it’s going to be a great opportunity for you. You’ll learn what you need to learn in about a week’s worth of studying and then you’re off to the races.
You can get started pretty quick. The only thing that you really need to do is to set time aside to study for your life insurance license in your particular state.
If you really focus on getting a life insurance license, it shouldn’t take more than a week or two weeks’ worth of focused study time. You can do it all online. In most states, you don’t have to go to a class. When you show up at the testing, it is pass or fail. Once you get your license, then you can appoint yourself with these carriers and start doing business.
The second point why final expense is a good part-time side hustle is that there as a low capital startup requirement. Agents that work with me, I require them to buy leads in a direct mail lead system because I believe it is the optimal way to do business. Now, I would suggest the same to you. However, you can start final expense with other lead development options.
You can buy telemarketing leads, you can buy leads generated on Facebook, and you can even develop own leads. One system that I employ, and I’ve had great success with, is teaching an agent how to deliver short, educational seminars. During these, seniors will give you their information, and some of them will buy. It doesn’t cost you much of anything, except buying food for them to eat while you talk.
It’s not like a restaurant and that’s kind of how we should think about this. A lot of businesses require a huge capital investment. We’re talking five-figure+ investments and a long multiyear time period before you cash flow and make money. Final expense is completely different. You don’t have to have a ton of money to get started.
You don’t have to have really any money if you know the appropriate system and setup that you can definitely learn. Then, you just get out there and start selling it, and you should see positive sales results, meaning commission in your pockets after expenses, within the first month. If you really apply yourself, get out there, and work.
Again, it’s not a long sales cycle. It is a one-call close. That’s another aspect of this business that is fantastic. You literally just get out there, you see people, you sit down with them, and you show them what you got. They are either interested in buying or they aren’t. You can repeat that process every single time.
There’s not a tremendous amount of uniqueness in the sales process. This is because we’re dealing with a specific group of people, and they have a specific need. Your job is just to show them what you got, prove to them that you’re a good person to buy from, and provide them with something that is better than the alternative. And, it is actually not hard to do, if you’re set up right from the beginning.
Again, one other thing that’s great about selling final expense as a side hustle is that it’s a great first-year commission opportunity. Now, if we look at this from a part-time standpoint, I’ve had agents who have owned other businesses or had other jobs and sold final expense part-time. If they work at least eight appointments in a week, I’ve seen them make anywhere between an extra $2,000-$5,000/month in income.
That’s a pretty wide range. It just depends on how many leads you’re buying or how many presentations you’re giving. There are some other variables there, as well. You have to understand that there are no guarantees here, and it’s straight commission, of course.
Again, I can’t help but to repeat myself, this is a job in which if you apply yourself, work hard, and apply the system you’re taught from the person that you learned from, then these kinds of results are definitely something that can be achieved. I’ve seen it time and time again, and I believe it’s something that works very well.
Personally, I’ve seen it in myself, too. Now, you know about the relative ease to get started, low capital startup requirement, a high commission opportunity, that it is a one-call close product, and the demographic trends. These are big reasons why selling final expense is a great side hustle opportunity.
The great thing is that, if you really like the profession, you’re dealing with people, you’re helping them out with something that they value, and you’re not treated like other salespersons. You actually add value. This stuff is amazing, especially when one of your clients dies, and you see this policy come to life and pay for a funeral where nobody else is giving money.
You do good work, and you help a lot of people. That significant to a lot of people who are looking for side hustle ideas. It’s not just about making money, but you’re actually making a meaningful difference in people’s lives. I promise you.
If you weren’t there to do it, they probably wouldn’t have gotten help. So, it’s good work. It’s honorable work, and you get paid very well for doing it. Plus, if you really like doing it, you can scale up and do this full-time.
When I got into this business full-time, I was doing eight appointments a week between the hours of my full-time job. All you have to do is what I did. I quit the other job and doubled my appointments to get 15-20 appointments a week.
If you do that, now, you’ve got a great income opportunity. Many agents who are very good at this business are making six figures. A lot of people are making $150,000-$175,000/year, and this is after expenses. They work very hard to see a lot of people, and they apply the system. It’s something that can be achieved if you apply yourself.
Now, the last thing I’ll mention here, before wrapping this up, is who is this particular side hustle idea of selling final expense not appropriate for. If you don’t like the idea of selling or seeing people and talking to them in their homes, then this job is not for you, and this side hustle is not for you.
Second, if you’re not going to enjoy having to persuade people to buy your product. Now, with that said, this is a low-pressure type of sale. At least the way I teach it is. Many of the people you sell to already know they want it. You just need to persuade them that your products better than the rest and that you’re a good person to buy from.
If you work the right way, that’s easy to do. Yes, there is an element of persuasion. You do have to go see people on their own turf. They’re not going to come to your office. You’re just going to have to go show up and talk to them. If you don’t like to drop by unannounced, knock on their door, set an appointment ahead of time, or use the phone, then this is a job that’s not for you.
However, I can tell you, one of the things I’ve learned as a very introverted person. I used to look at it like I was bothering people for an appointment. It seemed to be very strange to me. But, then I realized when I got out there that these people always field salespeople. They grew up with salespeople knocking on the door, and their grandparents all insurance where the insurance agent showed up and took money every month.
It’s not a foreign concept to people. It’s not something that you’re going to be shot at for by your prospect or anything crazy like that. It’s something you get over, and you realize that you can help people. To do that, it takes you just showing up to help them because otherwise, they wouldn’t have gotten the help.
You’ll find the power to go out there and see these people anyway because what you can do to help these people out is so great. The worst thing that comes out of it is that they tell you no and slam the door in your face. Hey, you’re the same person, they didn’t harm me anything and everything’s fine.
You won’t like this job if you don’t like dealing with people on the lower economic scale of life. The reason final expense is such a huge market is that there are a lot of people that are a low income, especially as they reach their 60s and beyond.
They retire, and they don’t have a big pension or multiple pensions. You’re going to be dealing with people who are not necessarily middle class. If you have a problem with that, then you won’t like this profession.
Again, if you have a heart for helping people, and you don’t care about that stuff, then a lot of people will absolutely appreciate what you do.
So, those are the things that I would suggest considering. Again, if you don’t like selling, showing up at people’s houses, and dealing with people on the lower economic scale of life, then this job won’t be attractive to you. That’s just a real talk here. If you don’t mind that stuff, you’ll find that there are a lot of opportunities in this business.
With all that said, let me wrap this down by telling you how to get started selling final expense. The first thing you need to do is to get licensed. You can Google search your state’s Department of Insurance. You’ll see how to get licensed as a life insurance agent. There will be specific directions, and you’ll get the coursework requirements.
Start studying and schedule a date to get licensed. Yes, it does cost you money. It’s usually not a tremendous amount of money though. Once you get started in that direction, it shouldn’t take more than a month and a half to get licensed, if you really focused on getting it done.
Once you get your license, even between getting your license and studying for the exam, you really need to find an organization to work with. In life insurance sales/final expense insurance sales, you want to deal with a final expense agency like mine.
The way the final expense business works is that there are insurance companies at the top, insurance agencies in the middle, and the agent is at the bottom. Meaning that many times you don’t work directly with the insurance company. The way this business works is that the insurance companies have the agencies find, recruit, and train agents to go sell.
You want to find an insurance agency that sells and specializes in final expense. One that knows what they’re doing and that can personally mentor you to be successful. A shameless plug here, for myself. I operate Final Expense Agent Mentor.
I primarily recruit final expense agents or people aspiring to be final expense agents that want to learn the system that I teach so they can apply it in their own career. They believe that mentorship is important and would rather leverage the experience and wisdom of somebody who’s been doing this since 2011 than try to figure out all this stuff on their own.
This is a simple business, but it is not easy though. You need to gain an edge wherever you can find it. A mentorship and connection with somebody you trust who can understand your circumstances to help you get started in the best way possible is the way to go about getting your edge.
After you get started working with an agency, the agency should suggest particular insurance carriers to work with. It’s all routed through the insurance agency to you. Then you become an agent for the company, but you’re associated through the agency. From there, you just began to learn the system that the insurance agency teaches, and you go out there and actually apply it.
If any of this interests you, there’s a couple of things I will suggest to you. There is a book you can purchase. It’s called The Official Guide To Selling Final Expense Insurance. It is my book; I published it. It’s a very popular book. It’s on Amazon and received a 4.5/5 rating. It is a very good overview of how the final expense business works. It also has all the sales training that you could ever need to apply to your own business. So, pick that up. It’s worth the investment.
Also, check out my David Duford YouTube channel. There’s a ton of final expense sales training. I’ve got hundreds of videos that I’ve put out over the last several years that I’ve been involved in the YouTube community. It provides very good training and great information to help you understand how the final expense business works. Peruse the videos. The playlists are especially good. That will really help you understand the business, even more so.
If all sounds good, and you like what I have to say on there and you want to consider working in the final expense business with me, my recommendation is to go to my website. Click the contact box and send me a message expressing your interest. I’ll give you more material to review how my mentorship program works. From there, we can set up a time to talk about the basics and discuss how to continue going forward together.