Orlando Harmon
Becoming a burial insurance agent requires a license, which has varying requirements depending on your location. In the US, a high school diploma or GED is required to earn a license, and many states require pre-licensing education and a state exam. For example, in Texas, you must take a 5-hour training class and pass an exam through the funeral pre-arrangement life insurance company that you will work for. You must also complete a fingerprint background check and submit an application. Once licensed, you can work directly for an insurance agency or start your own business.
| Characteristics | Values |
|---|---|
| Job Role | Sell life insurance products that cover the legal, funeral, and immediate household expenses of the deceased |
| Help create a financial safety net for the families of the deceased | |
| Requirements | High school diploma or GED |
| Pre-licensing education or coursework | |
| Pass a state licensing exam | |
| Errors and omissions coverage (in most areas) | |
| Sales and marketing skills | |
| Salary | $75,210 (national average annual salary as of April 2024) |
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What You'll Learn
Education and licensing requirements
To become a burial insurance agent, also known as a final expense agent, you must obtain a life insurance license. This is a requirement in all states, and the process varies depending on your location. For example, in Texas, you must pass an exam provided by the funeral pre-arrangement life insurance company you will be working for. You must also complete a 5-hour training class and submit to a fingerprint background check.
In general, to obtain a life insurance license, you must complete pre-licensing education and pass a state licensing exam. The amount of pre-licensing education required varies by state, with some requiring a minimum number of hours of coursework and others requiring only that you pass the exam. You can enrol in an exam prep course to increase your chances of passing the exam on the first try.
To be eligible for a life insurance license, you must have a high school diploma or GED. Some insurance companies may also expect candidates to have a bachelor's degree in a related field, such as business or marketing. Taking classes in business concepts, marketing, communications, and math while in high school can also be helpful in preparing for a career as a burial insurance agent.
Once you have obtained your license, you must obtain errors and omissions coverage, which is mandatory in most areas. You can then begin working directly for an insurance agency or start your own business selling policies.
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The insurance agent exam
To become a burial insurance agent, you must obtain a life insurance license. This is a requirement for selling funeral and burial insurance. To get this license, you must pass a state licensing exam.
The exam is challenging and contains information that is not common knowledge, even for those in the funeral industry. It is recommended to enrol in an exam prep course to give yourself the best chance of passing first time. You can also research the licensing requirements for your specific state, as these vary widely. Some states require pre-licensing education, such as a minimum number of hours of coursework, before taking the exam, while others require only the exam.
In Texas, for example, you must take a 5-hour training class and pass an exam through the funeral pre-arrangement life insurance company you will work for (the "appointing company"). If you are applying for a resident agent license, you must pass the exam before applying. If you apply before passing, you will need to submit a new application and pay the fee again.
Once you have your license, you must obtain errors and omissions coverage, which is mandatory in most areas. You can then start working for an insurance agency or start your own business.
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Errors and omissions coverage
Errors and omissions (E&O) insurance, also known as professional liability insurance, is a type of insurance that safeguards businesses and their employees against claims arising from errors, omissions, or negligence in the provision of professional services. It covers the costs of legal fees, damages, and financial settlements related to such claims. E&O insurance is particularly relevant to businesses that offer professional services or advice, such as insurance agents, doctors, lawyers, wedding planners, and financial advisors.
For example, in the case of cemeteries and crematoriums, E&O insurance can protect against financial harm resulting from negligence, errors, or omissions in their services. This type of insurance is essential for businesses in this industry, as they face unique challenges and risks, including possible lawsuits, commercial property damage, fires, and more.
The cost of E&O insurance varies depending on the industry and factors such as the size of the business, claim history, and chosen limits. Small businesses can typically purchase an E&O policy for approximately $735 per year, but this can range up to thousands of dollars for larger businesses or those in specific industries.
It is important to note that E&O insurance does not cover all types of claims. It excludes claims related to property damage, bodily injury, workplace injuries, data breaches, intellectual property violations, or criminal acts such as fraud. Therefore, businesses should carefully review their policies to understand the specific coverages, exclusions, limits, deductibles, and other considerations.
Overall, E&O insurance is a valuable tool for businesses and their employees, providing protection against financial losses and legal repercussions arising from mistakes or oversights made in the course of providing professional services.
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Training and employment
To become a burial insurance agent, you must obtain a life insurance license, which involves passing a state licensing exam. The requirements for obtaining this license vary depending on your location, with some states mandating a certain number of hours of coursework or pre-licensing classes before taking the exam. It is important to research the specific requirements for the area in which you plan to work.
In Texas, for example, there are detailed procedures in place for obtaining a funeral pre-arrangement life license. Prospective agents must complete a 5-hour training class and pass an exam administered by the funeral pre-arrangement life insurance company they will be working for. Obtaining a temporary license is also an option, which requires sponsorship from the insurance company or agency that will employ you. This involves submitting an appointment certification form and undergoing at least 40 hours of training provided by the appointing company. To transition from a temporary to a permanent license, you must pass the exam within 180 days of obtaining the temporary license.
After obtaining your license, you may need to obtain errors and omissions coverage, which is mandatory in most areas. You can then start working directly for an insurance agency or venture out on your own by starting your own business. Successful final expense agents often possess self-motivation, sales and marketing skills, and the ability to handle fast-paced duties.
It is worth noting that some insurance companies may prefer candidates with a bachelor's degree in a related field, such as business or marketing. However, this is not a universal requirement, and many agents are independent contractors or small business owners.
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Sales and marketing
To become a successful burial insurance agent, you will need to develop strong sales and marketing skills. This will enable you to persuade customers to purchase burial insurance from you.
As a burial insurance agent, you will be selling insurance policies that cover the legal, funeral, and immediate household expenses of the deceased. These packages typically range from $5,000 to $25,000, and your employer will want to see high sales figures. To achieve these sales targets, you will need to pursue leads, contact new clients, calculate expected expenses in a given region, and coordinate with the agency's marketers.
You will also need to spend time researching the market, studying the available plans, and determining which plans are most likely to appeal to specific clients. Most buyers of burial insurance are 55 or older, so it is important to tailor your sales and marketing strategies to this demographic.
To increase sales of burial insurance policies, you may wish to become active in your community. This could involve networking and marketing your services to individuals in your community who may be interested in purchasing burial insurance. You can also reach out to leads through email or cold calls, or by purchasing leads through a service.
It is worth noting that, in addition to strong sales and marketing skills, becoming a burial insurance agent requires completing the necessary education and licensing requirements, which vary by state.
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Frequently asked questions
A high school diploma or GED is required to become a burial insurance agent. Classes relating to business concepts, marketing, communications, and math are also helpful. Some companies may expect candidates to have a bachelor's degree in a related field.
You need a life insurance license to sell burial insurance. This requires passing a state licensing exam. Some states require pre-licensing classes with a minimum number of hours before taking the exam.
Burial insurance agents sell insurance policies that cover the expenses associated with a person's funeral and burial. They work with clients to find a policy that suits their needs and helps create a financial safety net for their families.
