- Final Expense: In the traumatic event of an early death of a child, a life insurance policy can provide proceeds to cover funeral and burial expenses. For many families, the cost of paying the burial expenses out of pocket could be problematic. The final expense costs can easily exceed $8,000. Not all clients have access to that kind of money to pay for a funeral.
- Medical Expenses: The death benefit can be used to cover medical costs that may exist prior to the child’s death. The top causes of death of children under the age of 18 are accidents and certain specific illnesses – both would incur medical costs.
- Insuring Coverage: Purchasing a life insurance policy for a healthy child is relatively inexpensive. If for some reason the child would develop a serious health condition later in life they may be unable to obtain coverage. Many carriers offer guaranteed insurability riders that allows for buying additional coverage with no underwriting.
Even if they don’t voice it, some prospects have this nagging concern, “How am I going to pay my life insurance premium if I lose my job?” It may be more common recently due to the economic environment. If your clients have to choose to pay their life insurance premiums or the cable bill, many will pick the cable bill. Then they lose the valuable coverage that protects their family and their own insurability. But what if there was an option that would help pay life insurance premiums in the event of unemployment? We have the answer – carriers that offer waiver of premium for unemployment. Let your clients know about it and take this worry and objection away.