The best burial life insurance policies & final expense insurance sales ideas

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Burial life insurance provides money for the heirs to pay for your final expenses. As a senior, you should seriously consider how your funeral and burial costs will be paid for. Of course, you can use some of your savings, but you’re going to pay for your funeral on a dollar-for-dollar basis. With life insurance, you pay a small premium over the death benefit you receive if you only use a fraction of your savings to pay for your funeral and burial.

Simple-Pay life insurance

  • A single salary life insurance policy is a policy requiring a single premium payment. The premium payment funds all of the policy’s future death benefit coverage. The policy’s death benefit pays off when you die. This policy requires a large lump sum, so you should be prepared to commit a large portion of your savings up front, instead of over time. The advantage of this policy is that it is often issued on a simplified issue basis. This means that the policy does not require a health examination and limited health issues.

Guaranteed life insurance

  • Guaranteed life insurance is insurance that you cannot be refused for except in the circumstances when you have a terminal illness. The insurance company accepts your claim with limited health issues. You don’t need a health exam. The policy is paid off over a number of years. Instead of receiving the full value of the death benefit, you receive a death benefit equal to the premiums you pay plus an interest factor set by the insurance company. After the first years of the policy, the death benefit equals the benefit of the contract policy. If you die before the policy’s current death benefit is equal to the amount you purchased under the contract,

Advantage

  • Both types of death benefits are considered “permanent” because the policy matures at age 100 or 120, depending on the type of policy. Both death benefits are tax free upon your death. Policies also build cash value, which is a savings element of the policy. The cash value of the guaranteed life insurance policy is income tax free if the policy remains in effect. The cash value of the single pay life policy is if it is not used tax free. If you withdraw or borrow against the policy, you will have to pay income tax. If you use the money before the age of 59 1/2, you also pay a 10 percent IRS penalty on the money withdrawn.

Consideration

  • Both types of policies are good for burial insurance. But, your best policy depends on your financial goals. If you have a large amount of money that you can spend on a single salary policy, and you don’t expect to use your cash value savings, then this policy may be the best for you. If you need to pay for the insurance over time, the policy will be better guaranteed.

 

Ideas for final expense insurance sales

Final expense insurance can be used to pay off your funeral expenses, which can quickly add up to several thousand dollars, as well as any debts you can leave behind. Having this type of insurance can help consumers keep their loved ones free from the cost of death. However, because people often don’t like to think about their own death, you will have to market the insurance ultimately creatively to get consumers to see its value and buy a policy.

Cost of Death

  • People often forget how much dying can cost. To sell final expense leads insurance, you must be able to illustrate why it is necessary. Have data on the common costs that people incur in and after their death, such as the purchase of a casket, a funeral service and a burial lot in the cemetery. Tally the costs so that potential buyers can quickly see how much money their loved ones will have to come up with upon their passing.

Law of Love

  • No one wants their deaths to be a financial burden on their loved ones. Final Expense Insurance Marketing as a final act of love can help reframe the way people view final expense insurance from something nasty to something warm and heartwarming. Because beneficiaries will be able to keep any proceeds from a final expense insurance that is not used to pay for final expenses, this type of policy can be seen as a freebie, especially when those covered by this type of policy do not own any assets that. can be passed on to survivors.

Time Sensitivity

  • It is in the best financial interest of consumers to purchase final expense insurance as early as possible, even if they may not always be realized. Make them understand why they need to act now by explaining in your marketing materials how many policies do not pay full face value if the policy holder dies within the first few years of obtaining the policy. If you buy the policy while you are younger and healthier, the likelihood of dying before you kicks in full coverage from the policy is decreased.

Stand-Alone

  • Often people do not understand the benefit of getting final expense insurance over other types of insurance, like term and whole life. Explaining that these policies are not usually offered in small amounts, such as $ 5,000, as the final expense policies come in, is the main difference. Because the pay-out amount is so low, final cost insurance premiums are also much more affordable than other types of insurance policies.

 

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