How should I use this glossary?
Use this glossary to check a term quickly, then follow the link to the main guide on that topic. Jump to a term: billable call, buffer time, inbound lead, live transfer, aged lead, call routing, final expense insurance, guaranteed issue, simplified issue, graded benefit and level benefit.
The first group of terms describes leads and billing. The second group describes final expense products, which you will explain to callers. Product details always come from each carrier's own documents.
What is a billable call?
A billable call is a call that counts as a lead and is paid for. With Inbound Final Expense Leads, a call is billable only when it lasts 90 seconds or longer. Calls shorter than that, such as wrong numbers, hang-ups and dropped connections, are never billed and do not count toward your order.
Every pay per call offer has some rule for what is billable, so it is one of the first things to ask any vendor. The full rule for our calls is on what counts as a billable call.
What is buffer time?
Buffer time, or a buffer, is the minimum length a call must reach before it becomes billable. It filters out calls that end in the first moments and are not real conversations. Our buffer is 90 seconds.
Buffers are stated in seconds and vary between vendors, so compare them in writing. The term is explained in more depth on what is a 90 second buffer, and what happens to short calls is on what happens if a final expense call is under 90 seconds.
What is an inbound lead?
An inbound lead is a prospect who contacts the agent or business first, rather than being contacted. In final expense, an inbound lead is often a phone call from a senior who chose to call about coverage. The person starts the conversation, which is the opposite of outbound, where the agent or a call center makes the first call.
Our inbound leads are live calls from seniors who called in about final expense coverage. See inbound final expense calls and inbound vs outbound final expense leads.
What is a live transfer?
A live transfer is a call passed to an agent while the prospect is still on the line. In the usual industry sense, a call center reaches a person, asks a few questions, then transfers them to an agent. The term is also used more broadly for any live call handed to an agent.
Our calls are live and start inbound from seniors who call about final expense coverage, which is different from a transfer that started with an outbound dial. See final expense live transfers and inbound final expense calls vs live transfers.
What is an aged lead?
An aged lead is a lead record that was created some time ago, often weeks or months, and is sold again later, usually for less than a fresh lead. The person showed interest at some point, but not recently, so contact rates tend to be lower and the agent does the dialing.
Compare aged leads with live calls on Inbound leads vs aged final expense leads.
What is call routing?
Call routing is the process of sending an incoming call to the right person or phone number based on rules. For final expense calls, the usual rules are the caller's state and the time of day: a call reaches an agent licensed in that state whose hours are open.
With Inbound Final Expense Leads, you set the routing rules by choosing your states, your hours and the number calls ring. Agencies can route calls across a team. See final expense leads by state and final expense leads for agencies.
What is final expense insurance?
Final expense insurance is a small whole life insurance policy designed to help pay for funeral costs, burial or cremation, and final bills such as medical expenses. Coverage amounts are smaller than most life insurance, and it is usually sold to seniors. Premiums on many policies are fixed, and the coverage does not expire as long as premiums are paid.
It is also called burial insurance or funeral insurance in everyday use. See final expense vs burial insurance for how agents use the terms.
What is guaranteed issue?
Guaranteed issue is a type of final expense policy that asks no health questions, so applicants within the carrier's age range cannot be declined for health reasons. Because the carrier takes on more risk, these policies usually have a waiting period, often around the first two years, during which a death from natural causes returns premiums, sometimes with interest, instead of paying the full benefit. They also usually cost more than other types.
The name describes how the policy is issued, not any promise about sales or results. Details vary by carrier. See final expense underwriting basics for phone sales.
What is simplified issue?
Simplified issue is a type of life insurance that asks health questions but requires no medical exam. Most final expense policies are simplified issue. The carrier decides based on the application answers and, where it uses them, database checks such as prescription history. Depending on the answers, the applicant may qualify for a level benefit or a graded benefit product.
Ask the questions exactly as written on the application. See how to ask final expense health questions on the phone.
What is a graded benefit?
A graded benefit, sometimes called a modified benefit, means the policy pays a reduced death benefit for deaths from natural causes during the first years, then the full benefit after that. Accidental death is often covered in full from the start. The percentages and the length of the period vary by carrier.
Graded benefit plans often fit applicants with some health conditions who do not qualify for a level benefit. Explain the early-years reduction clearly when you present one.
What is a level benefit?
A level benefit means the policy pays the full death benefit from the start, once the policy is in force, with no reduced period. It is usually offered to applicants who answer the health questions without significant issues, and premiums are often lower than graded or guaranteed issue plans for the same age and amount.
Whether a caller qualifies depends on their health answers. See how to quote final expense over the phone.
Where can I learn how the service works?
For the steps from order to first call, see how inbound final expense leads work. To see pricing, visit the pricing page. For the full set of phone sales guides, start at how to sell final expense over the phone.