Presented by Jim Linn
Have you noticed more and more commercials about Final Expense insurance?
In the last 2 months, I have seen more commercials about Final Expense insurance than the last 2-3 years combined. The reasoning is that currently 10,000 people are turning 65 each day and carriers are focusing on their life-changing event.
Financial Brokerage offers Final Expense products in addition to traditional plans. Final Expense products are underwritten on a simplified basis, which entails a pre-screen application to determine eligibility, RX check, MIB check, telephone interview (carrier specific), with no exam required. In most cases, policies are issued within 7-10 business days.
However, no two Final Expense products are the same. It is specific to the underlying medical conditions of your client. Your client may not be eligible for one carrier or offered a modified plan, whereas, another carrier may offer your client a first day benefit with no waiting period. For example, a client with COPD would be ineligible or offered a modified product by some carriers, but one carrier will offer them a first day product. It is important to ask your clients their medical history, specifically when they were first diagnosed, are they taking medications currently or have they had a reoccurrence of any previous medical conditions.
Financial Brokerage does have a Final Expense quoting tool on our website for your use, but the tool specifically provides premium amounts, with limited underwriting. I would encourage you to contact your life marketer regarding your Final Expense clients so they can identify the best carrier and plan for your client to provide them the best possible product. Just because a specific carrier shows a premium does not mean they would be eligible. Save your client and yourself time by giving us a call at 800-397-9999.