Final Expense Coverage – Insurance That Every Client NeedsJulie Brooks
As insurance advisors, we are often looking to sell our client’s products that will satisfy an immediate need or help them to reach a long-term planning objective.
As a result, the discussion concerning the need for Final Expense Insurance frequently does not take place until the clients later years when the premiums can be significantly more expensive.
If one of your clients dies without having funds earmarked for final expenses their surviving family and friends can be put in a very difficult position that causes them to make lifestyle sacrifices to provide for a proper burial.
Losing a loved one is already a difficult thing to manage
You can help to alleviate some of the stress by making sure that they will not need to worry about generating the necessary funds for the funeral. While these may not be big ticket sales, collectively, they can create a great supplemental sale that compliments your existing offerings.
Even if you are an investment advisor who doesn’t typically write Life Insurance, if you are looking to preserve assets under management from one generation to the next, what better way to begin a professional relationship with a surviving family member than by handing them a check for the benefit proceeds.
More insurance carriers are introducing small face amount, final expense products that do not require a medical exam and can be issued with only a phone interview or by answering basic medical questions on an application. The process can be completed in a matter of days.
We can provide you with marketing materials and client approach letters to help make this simple sale part of your core product offerings.
For your younger clients who already have kids, they may not view Final Expense coverage as an immediate need. An alternative solution would be to add a child rider for $15-20K to a Term policy to provide affordable coverage on the parent and also any and all of their children.
Please contact us today if you would like to learn more about the final expense planning and the solutions available in your state(s) of operation.