If you've decided to make international burial insurance sales your line of work, congratulations. You might have this market cornered. There's a plethora of international insurance niches including global medical, health, travel, expatriate, missionary, visitor, traveler, cruise and trip categories, but international burial coverage has yet to be tapped. If you're not familiar with exactly what's covered with type of coverage, see the list appearing at the end of this article. While basic funeral expenses in today's economy average $5,000, you should be willing to go higher to accommodate those who plan to add bells and whistles to their final earthly journey. The industry leader in burial insurance (as of this writing) underwrites coverage of up to $25,000. Another unique aspect of the burial insurance business is its unorthodox premium payment structure. Unlike quarterly, semi-annual and annual premium tabs, this style of insurance is typically paid weekly or monthly and all premiums are calculated using actuarial tables, so the younger the insured, the lower the premium. If you're already a licensed insurance agent, you may be in a position to skip number one of the following guidelines. If you're a newbie, we recommend following all nine.
Instructions
1. Enroll in life insurance sales classes in your home state to learn how life insurance works, what limits and legalities are required on burial policies, how financial escrow accounts must be structured, what rules of the industry apply and what it takes to acquire a license and (not mandated) associated certification.
2. Research international insurance organizations to learn the requirements for doing business outside the U.S. Nonprofits like the Insurance Institute of America's Institute for Global Insurance Education and nation-specific entities like the UK's Chartered Insurance Institute (launched in 1873) help show newcomers the ropes for getting licensed in non-domestic markets.
3. Conceive solid marketing and business plans to launch your enterprise. Figure into your equation the length of time it will take you to study for and take your state's license exam if you don't have one. You will be required to pay all of the fees associated with study courses, the exam itself and the issuance of your license.
4. Determine how you will find clients. Selling policies over the Internet--the most logical way of handling international sales unless you have brokers on retainer around the world-means you'll need a website that can be your silent salesperson. The nature of an international business in today's world rarely includes meeting with clients in person so if you aren't prepared to conduct your business from the keyboard, you might want to look elsewhere for an insurance career.
5. Hire a professional to draw up your policy template or adopt policy language from a vetted source. The nonprofits mentioned above can help but understand that language differences will mean contracts in the mother tongue of every country you plan to mine. While English, French and Spanish cover many bases, huge markets in the Mideast and Far East could prove difficult to tap. Research each nation's "proof of death" standard for policy payouts. Use contacts in nations in which you plan to do business to learn other rules and regulations for operating a burial insurance agency.
6. Set up a central financial hub for accepting policy payments and paying benefits. Research all options, from Pay Pal to electronic debits and from snail mail to wire transfers. Consult with bankers and other financial advisers to make sure the paper trail coming and going from this escrow account is above reproach. Lengthy, expensive lawsuits can result from mismanaged insurance funds, so protect yourself from day one.
7. The absence of face-to-face contact between you and your clients means you will negotiate contracts through multiple communications channels. You may send an application to a new client by email, but you should require the client to mail the signed application back via a mail service so you have on file their signature on an original document. Consider requiring notarization. Never pay benefits without an original, certified proof of death.
8. Stay abreast of everything your agency is responsible for monitoring: Balance sheets, profit and loss projections, funeral trends, costs and legalities associated with burial and the rituals that accompany it. Importantly, keep up with inflation rates. Today's $10,000 policy may not stand the test of time.
9. Set up a referral program to acquire new clients once you have established yourself as a bona fide international burial insurance broker. Marketing can make or break a business--even when that business is death--so offer incentives for doing business with you, like books on "plan your own funeral" or premiums with your contact information printed on them (e.g. mugs, magnets, mouse pads) to drive future sales.
