Mike Scaturro is one of our favorite people. He’s been in insurance nearly 2 decades, all of it selling Final Expense. Check out our full guide to selling final expense by clicking here.
Mike started with Lincoln Heritage and quickly recognized the opportunity in Final Expense. He ventured out on his own years ago and remains bullish on the market for Final Expense insurance. One thing for sure: you ask Mike a question you get a straight answer. It’s refreshing!
Final Expense FMO Question and Answer Session
I spent some time with Mike at his lead shop over the weekend and asked him 7 critical questions that every final expense agent should hear.
What are the pros and cons of selling final expense?
Mike Scaturro: “Selling final expense truly offers an unlimited earning potential, and there’s really no service work. You go do your job and you’re done with it.
“It’s the quickest way to a paycheck.
“The biggest downside is competition; that’s where selling the right way to your prospect is so important. You have to make sure clients know you’re their agent. You need to be diligent about following up to make sure things were done properly so when the next agent comes along the client will say they have to talk to their agent first.”
If final expense is easy to sell, what’s the catch?
Mike Scaturro: “Most agents are not self-starters.
“More are worried about organizing their desk than going to work.
“You cannot make a living (in Final Expense) sitting at your desk. There’s only one rule: see the people.”
What characteristics do you look for when hiring a new final expense agent?
Mike Scaturro: “I’m looking for an interesting person.
“I want the guy that can interest me (in a discussion), even if he’s talking about ants… or whatever.
“Older people love interesting people.
“They sit by themselves hours and days on end. It’s not often somebody comes in the house and legitimately wants to get know them and learn about their family.”
What are the barriers to success when learning how to sell final expense?
Mike Scaturro: “I just flat tell them if they’re not self-motivated and don’t have $3,000 – $5,000 in the bank to live on until they figure it out then they’re not going to make it.
“I’m not in the business to babysit a 40-year-old man who doesn’t have $200 in the bank. You have to have a sense of how to run a business.”
How do your most successful final expense agents get the most out of their leads?
Mike Scaturro: “They use the phone and they door knock.
“Any successful person will tell you that you have to do both. Some people won’t answer the door if they don’t know you and some won’t answer the phone for the same reason. The only way to effectively use direct mail leads is to do both.
“It’s interesting to me that nine out of nine out of 10 agents will try door knocking because they are scared of the telephone.
“Can you believe that? They are less afraid of getting punched in the face than getting hung up on.”
What are the one or two things that will be the difference makers for an agent in Final Expense?
Mike Scaturro: “Biggest thing is work ethic. Have to go see people in their home. Some people are home at 8 in the morning and some at 8 at night. You’re really more effective if you work two days from 9-9 rather than five days from 8-5.
“Also, this is a sale of confidence. You’re selling a bag of air. You can’t see it, touch it, cuddle with it or put it in your safe. It has to be driven by emotion and confidence. If you can’t be empathetic about trying to improve someone’s situation then you don’t belong in this business. People know when an agent is not engaged.
“My number one agent works 1-2 days a week, sends out 2,000 mailers and brings in $5,000 per week (net). That means he’s writing $7-$10,000 each week. He’s got a huge heart and really cares about these people. He doesn’t have a script or a flip chart. The real driving force behind him is he likes to help. And, this guy was a steel worker for 25 years.
“He didn’t know anything about this business and look what he’s done now.”
What do you see around the corner for agents in the Final Expense business?
Mike Scaturro: “There are more people turning 65 than 21 today. Days of going to work and retiring from where you started are over.
“Many people now have to do their own financial planning.
“Some of them don’t know how and some don’t want to do it and that’s a huge opportunity for us.
“This business is good for the next 45 years or until some state legislator decides they want to get involved. Look what just happened to healthcare.
“But, this is a good business to be in right now.”
Final Expense Training
Ultimate Guide to Selling Final Expense! This is a great resource if you’re looking to learn more about a career in final expense. This 7,000 word guide is 100% FREE, so take advantage of it now!
