Skip to content
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.
Presented by Jim Linn
They may not be Rockefeller, Gates or Buffett, but they can still make a difference.
How many of your clients are living on a fixed income? How many are currently contributing to a charitable organization on a weekly, monthly or annual basis? Why do they contribute week after week, month after month, year after year?
The answer: They have a deep seeded care or compassion about the organization and want to continue to see it exist, now and into the future.
What if you had a machine you could give them that would multiply their giving by 5 or 10 times without contributing anything additional? You do – it’s called Life Insurance.
Example: Female Age 65 Non Tobacco
Standard Health Rating
Contributing $50/month to a charity
For the same monthly amount she could purchase a $10,000 simplified issue whole life policy with a level premium and guaranteed death benefit. It would take 16.6 years at their current contribution level to equal $10,000. Most policies offer a reduced paid up option should they not be able to afford the monthly amount, but would like to still leave something to their charity.
This is just one example of how your clients, on a fixed income, can make a big impact to their charity. More advanced charitable giving strategies to follow.