Final expense insurance is an insurance policy used to pay for funeral services and a burial when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies. Final expense insurance allows the named insured to feel safe knowing that funeral-related expenses are covered regardless of the statutes of their estate at the time of death.
Tips for those considering Final Expense Insurance
- Why Final Expense Life insurance?
Nobody lives forever. This harsh reality that we all have to face reminds us of how important it is to have a life insurance policy, especially if there are others who depend on your income. The silver lining, though, is that taking the time now to plan for the future and investing in a life insurance policy will help to ensure that your dependents have adequate funds when you are no longer here to care for them.
- What things should I know or my family when it comes to paying for or help arrange someone’s funeral or burial?
- What is the average cost for a funeral today?
- When you pass away, who will be responsible for the cost and arrangements of your funeral? Do they have enough funds to pay for this funeral or do you plan on paying for your own burial expenses?
- Do you have any family member whom you would like to leave money to or maybe a charity or friend? Is there anyone you would like to leave an inheritance to?
- When you pass away, do you have any way to replace your income to help out your spouse? If not, what is your spouse going to do for extra money?
- How much do you think final expenses cost today? Including burial and memorial service etc? If you lived until you were 80 or 90, how much do you think it would cost? (You can use an inflation calculator to figure it out).
- Did you know that your assets and your bank account are not immediately available upon your death? Do your children or family have enough money set aside to pay for the immediate cost of final expenses while they wait for access to your assets?
- Are you aware that you can either pay for your insurance policy in one single payment, annual payment or small monthly payments? Which would work best for you?
- How is your health? Have you ever been turned down for life insurance? Do you take any medications? Can I see those medications? (write down the names of the medications and make sure they are not on the insurance company list that make it so they automatically declined for final expense coverage).
- Who would you like to be your beneficiary?
- If you don’t take out a policy for your final expense burial, what is your alternative plan?
By asking these questions, you will get a good idea whether or not final expense life insurance is a good fit for the client. You will also get a good feel whether or not its something they would like to have. Sometimes people just don’t think about it but with a little bit of probing and discovering, they will see that its something that they would like to have and if they trust you, they will just go ahead and buy it from you.
It’s a fact. Death is expensive and no one who cares about their loved ones wants to leave a large bill for them to pay for. Just about anyone is willing to pay $35 or more a month to avoid a $10,000 fee for their loved ones. It is such an easy sale (especially with the final expense presentation).
Contact Mr. Mark Gardner today at 214-762-2327 or email him at MarkGardner@RetireWellDallas.com to further discuss your personal issues and needs