More Final Expense Commercials

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.

MYTH: “I won’t need life insurance when I retire.”

Presented by Brian Leising

Four responses you can use with your clients.

4- Really? So, that means you love the government more than you love your family?

Did you know your money can go three places when you die? Your family, charity, or the government. Even if you will all your assets to your family, the government may still inherit part of it. All money in IRAs, 401(k)s or other Qualified Plans, plus growth in non-Qualified annuities is taxable to the person receiving it. The government is going to get their share, but will your family get theirs? Life insurance death benefits pass tax-free to beneficiaries. Why not purchase a life insurance policy to cover the taxes your family will pay the government upon your death? Better yet, you could omit the government completely with proper planning. You could name a charity as beneficiary of your Qualified money (charities pay no income tax) and replace the value of the asset with a life insurance policy. Your loved ones win, your favorite charity wins and the government gets nothing. As George Thorogood says, “Who do you love?”

More Than Cheap Term

Presented by Gary Peterson

Most agents want a term plan with the lowest price.  Stand out from the crowd.  Let your clients know that they can have more than “cheap term”.  Below are a few items that should be considered when offering your clients term insurance:

Living or Accelerated benefits

Disability Income rider

Return of Premium

Better conversion options

Income options

Laddered benefits

Let us help you design your next term case.

Emphasizing Disability Income Awareness is more than just One Month out of the Year

Presented by Leonard Berthelsen

May is designated as Disability Income Awareness month and much of the focus is given to presenting, selling and educating clients during the month.  Let’s take that sharp focus from May and extend it throughout the year.

Your client’s need for protection is there throughout the year, not just in a one month ad campaign.  Sickness and accidents aren’t just confined to one month but are present all year long.

Disability Income protection should be at the forefront of every discussion with our clients to talk about their exposure and how you can reduce the risk.  Why, because all the other “stuff” that we talk about, sell or convince a client to buy becomes secondary if they can’t afford to continue paying the premiums when they become disabled.

We write many times in these blogs about theory and process but rarely about how the personal side of things affects our loved ones.  Let me share a quick story with you about one of those personal issues.

A 37 year old man was having lunch with his 3 year old daughter at her daycare when he became flushed and dizzy.  Making it through the lunch he returned to his car with the air conditioner on to cool off.  A passer-by tapped on his car window to see if he was okay, he had passed out.

This 37 year old man had just suffered a stroke.  The quick and smart thinking of a passer-by probably saved his life.  In intensive care, he was informed that most likely he had a small clot that entered his brain.  With medication and some intense physical and occupational therapy, he will gain full control of his arm once again.  Who would be concerned of this happening at this age?  We never know when, where or why, but disabilities happen all the time to all kinds of people.

Having the right protection can and will make all the difference in the world.  Just make sure that your clients are protected.

Oh, by the way, this 37 year old man is my son.  Yes, he did have Disability Income Protection!

More Coverage without More Underwriting – A Three Part Series [Upsells, No-Exams, Conversions]

Presented by Brian Leising

Part 3

Conversions (renounce your old life)

Looking for ways to help your clients obtain more life insurance coverage without the hassle of additional underwriting?  Converting a term policy to a permanent plan avoids underwriting and typically pays you a new commission on the permanent plan.  Look through your client files for clients with older term life policies.  If they have no permanent coverage, discuss their conversion options.  For a traditional conversion, a client may convert all or part of their term plan to any permanent plan offered by the company at the time of conversion.  If they have a return of premium term policy, they may be able to obtain a reduced paid-up plan in lieu of receiving their premiums back.  If you don’t like the options the carrier presents, MetLife offers a cross-company conversion plan.  You can convert another carrier’s term to one of their permanent plans.  Also, don’t forget about child riders.  Companies usually allow children covered by riders to convert the rider to a permanent plan, all without additional underwriting.