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Why Sell Final Expense Life Insurance

Why Sell Final Expense Life Insurance

Why Sell Final Expense Life Insurance
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Final expense life insurance is a type of insurance policy that is intended to cover the costs of a person’s final expenses. Funeral costs, burial costs, medical bills, and other related costs are examples of these expenses. There are some critical reasons why an insurance agent should consider selling final expense life insurance to their clients:

  • Final expense life insurance is typically less expensive than traditional life insurance policies.
  • Final expense life insurance policies typically have simplified underwriting requirements, which means that clients can often be approved for coverage quickly and easily without having to undergo a medical exam.
  • Guaranteed acceptance: Final expense life insurance policies may provide clients with guaranteed acceptance regardless of their health status.
  • Peace of mind: Clients have peace of mind knowing that their final expenses will be covered and that their loved ones will not be burdened with the financial cost.
  • Selling final expense life insurance can be an additional revenue stream for insurance agents because it allows them to offer a product that is tailored to the specific needs of their clients.

Final Expense Life Insurance typically has a small death benefit ($1,000 – $25,000).

What types of final expense life insurance plans are available?

Depending on your client’s health and budget, the following are three types of common burial insurance plans:

  • Level – Immediate Death Benefit, 1st Day Coverage (for clients with excellent/good health) 
  • Graded – Limited Death Benefit for the first 2 policy years (for clients with fair health)
    • 1st Year: Return of Premiums plus 10% interest
    • 2nd Year: 50% of Death Benefit
    • 3rd Year: Full Death Benefit
  • Guaranteed Issue – Limited Death Benefit for the first 2 policy years (for clients with poor health).
    • 1st Year: Return of Premiums plus 10% interest
    • 2nd Year: Return of Premiums plus 10% interest
    • 3rd Year: Full Death Benefit

Final Expense Life Insurance Underwriting

Due to the simplicity of these products, practically all insurance carriers who offer burial insurance will have non-medical, simplified issue underwriting for these plans. This means that your client will not have to take any medical exams and will just have to answer a few yes/no health questions to determine the underwriting classification. Graded and guaranteed issue plans are available for clients who can’t qualify with the health questions. 

Additional Benefit Riders for Final Expense Life Insurance

Besides offering a guaranteed death benefit and guaranteed cash value accumulation, most burial policies will include an accelerated death benefit rider for no cost. This rider allows clients to accelerate a portion of the death benefit to use in the event of a chronic or terminal illness diagnosis.

Why Should Insurance agents sell final expenses?

Overall, insurance agents should consider offering final expense life insurance to their clients as it provides a cost-effective, simplified, and guaranteed option for covering end-of-life expenses. Additionally, it provides peace of mind to clients and can be an additional source of revenue for agents.

Why Pinnacle Financial Services

If you are an insurance agent looking to expand your product offerings and provide your clients with the best final expense life insurance options, I encourage you to contact Pinnacle Financial Services. Our team of experts can provide you with the resources and support you need to be successful in selling final expense life insurance. Don’t miss out on the opportunity to provide your clients with peace of mind and to grow your business. Contact Pinnacle Financial Services today to learn more.

Need access to final expense life insurance leads? Learn more about our lead programs and incentives

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Mark Bolger

Mark Bolger

Agent Care Specialist | Life, Annuity, and LTC

x7705 | mbolger@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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Why Sell Final Expense Life Insurance

Final Expense & Medicare Supplement Dual Applications

Final Expense & Medicare Supplement Dual Applications
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Many seniors who are eligible for Medicare often need some supplemental insurance to help cover costs that aren’t included with original Medicare. Medicare Supplements can help provide additional coverage to pay for copays and deductibles. Many times seniors often have a need to life insurance to cover burial expenses as their life insurance is expired now that they are no longer working.  Fortunately, more and more insurance carriers are simplifying the application process by combining the Medicare Supplement and final expense plans into a single application process.

Advantages of Selling Final Expense & Medicare Supplement Dual Applications

There are several advantages and incentives by enrolling clients into a dual final expense and Medicare supplement plan:

  1. Efficiency
    1. Dual applications save time for both the agent and the client. Applications will be received, processed, and issued by the carrier typically in 1-2 business days.
  1. Organization
    1. Clients who enroll in a dual final expense and Medicare supplement plan are less likely to cancel or change plans. This helps agents increase their persistency and keep clients on the books.
    2. Clients will only have to deal with one insurance carrier instead of multiple carriers.
  1. Evaluate Multiple Carriers using the Pinnacle Financial Final Expense & Supplement Quoting Software
    1. Pinnacle Financial Services is a national FMO with 150+ carriers specializing in Medicare, Life, Final Expense & Long-Term Care. Pinnacle’s intuitive quoting software will help agents find the best dual plans for their clients.
  1. Commissions
    1. Dual applications typically pay higher commissions than standalone Medicare supplements or final expense plans. Commission payouts are typically 100% or more.

What Carriers Offer Final Expense & Medicare Supplement Dual Applications?

Some of the top carriers that offer dual final expense and Medicare supplement applications include Mutual of Omaha, American Continental (AETNA), Accendo Insurance Company (CVS Health), CIGNA, American Home Life, and Lumico. All of these carriers offer direct contracts that can be obtained by signing up through Pinnacle Financial Services.

Click Here to start your contracting with Pinnacle Financial Services today!

Where Can I Find More Information on Pinnacle Financial Services?

Pinnacle Financial Services offers direct contracts with dozens of insurance carriers in the senior market. Whether you are selling Final Expense, Annuities, or even Medicare, our seasoned sales directors can help you get started and guide you through the contracting process. Call Pinnacle today at 800-772-6881 or visit us online at www.pfsinsurance.com to get started!

Selling Final Expense? Need Leads? CLICK HERE!

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Mark Bolger

Mark Bolger

Senior Sales Director | Life, Annuity, & LTC

x7705 | mbolger@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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Why Sell Final Expense Life Insurance

Pinnacle’s Final Expense Quoting Software

Pinnacle’s Final Expense Quoting Software
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One of the biggest challenges that agents face when selling final expense is finding the best product to fit their client’s needs. Most of the insurance carriers have different requirements to qualify clients, so whether it’s a specific lookback period on a health issue or a special type of medication that your client is taking, it is your job to find the best plan. Navigating through the various underwriting criteria can be time-consuming, exhausting, and frustrating. Fortunately, Pinnacle Financial Services has a software tool that will find the right plan for your client in a matter of seconds!

What is Pinnacle’s Expense Quoting Software?

It is an all-in-one final expense quoting software that contains everything you need to know about your carriers and helps you sell the right product for your client. Some of the key features include:

  1. Underwriting Assistant

    • Medication Handling – Find the right plan based on the client’s medication and prescription history.
    • Health Conditions – Find the right plan based on the client’s specific health conditions
  2. Intuitive Quoting

    • Best Plan Pro handles the difference between ongoing treatment and maintenance treatment automatically per carrier and understands implied conditions and medications.
  3. Evaluate Multiple Carriers

    • Our program will automatically process all of your carriers simultaneously, so there’s no need to be an expert on the underwriting questions with every carrier.
  4. Accessibility

    • Available on all platforms including Windows, Mac, iPad, Tablets, Android, and iPhones

How Can I Get Pinnacle’s Final Expense Quoting Software?

The  Final Expense Quoting Software typically costs $60 per month for agents. Right now, if you contract with Pinnacle Financial Services, then agents can get access for a discounted rate or no charge!

Click Here to start your contracting with Pinnacle Financial Services today!

Where Can I Find More Information on Pinnacle Financial Services?

Pinnacle Financial Services offers direct contracts with dozens of insurance carriers in the senior market. Whether you are selling Final Expense, Annuities, or even Medicare, our seasoned sales directors can help you get started and guide you through the contracting process. Call Pinnacle today at 800-772-6881 or visit us online at www.pfsinsurance.com to get started!

Selling Final Expense? Need Leads? CLICK HERE!

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Mark Bolger

Mark Bolger

Director of Sales | Life & Final Expense

x7705 | mbolger@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

CallEmail

Why Sell Final Expense Life Insurance

Final Expense Underwriting

Final Expense Underwriting
Comments

Selling final expense life insurance is a great way to offer your clients affordable protection without the hassle of medical exams.  Final expense underwriting typically consists of just completing a few simple health questions but final expense life insurance can also be a true guarantee issue.

Final Expense Underwriting – A True Non-Medical Life Policy

    Final Expense Life Insurance are whole life policies, with small death benefits ranging from as little as $1,000 to a maximum of around $50,000. These plans are designed for seniors and are typically available for ages 50-85. Insurance companies realize that seniors are going to have some major to minor health issues, so they’ve simplified the underwriting process to just a few yes/no health questions. Client’s will qualify based on their answers to the yes/no health questions. To verify the health answers, the insurance company then performs a MIB & Prescription Check before making an offer. Overall, this process is simple and quick. No medical examination needed, no blood drawn, no doctor’s visits. Underwriting decisions are typically made within 24-48 hours, not weeks like traditionally underwritten life policies.

    Final Expense Underwriting Classes

      Typically, there are 3 main final expense plans which are offered to individuals based on their health status:

      • Immediate Benefit Plan (Level)
        • 1st Day Coverage
        • Best Rates for Clients
        • Must answer ‘NO’ to all health questions
      • Graded/Modified Plan
        • Limited Death Benefit for first 2 policy years
        • Moderate Rates for Clients
        • Allows 1-2 ‘YES’ answers on health questions
      • Guaranteed Issue Plan
        • Limited Death Benefit for first 2 policy years
        • Most Expensive Rates for Clients
        • No Underwriting – Automatically Accepted

      Advantages of Final Expense Underwriting

        One of the leading advantages of final expense underwriting is the simplified process. Absolutely no medical exams are required and many of your clients will certainly be attracted to this feature. Not only are the policies issued within a few days, but your client will know almost immediately if they’ve been approved or not. This is a great selling point, especially for clients that may have some minor health issues that would typically be rated or declined on a fully underwritten life policy.

        Are You Selling Final Expense?

          Many agents who have added final expense to their portfolios have increased their sales and income by as much as 40%. Pinnacle Financial Services has all the tools and resources needed to get agents set up to sell final expenses from start to finish. Give us a call today to set up an appointment with one of our marketing specialists.

          Need Final Expense Leads?

          For more information, contact a Pinnacle Financial Services representative today

          1 (800) 772-6881 x7731 | sales@pfsinsurance.com

          Mark Bolger

          Mark Bolger

          Director of Sales | Life & Final Expense

          x7705 | mbolger@pfsinsurance.com

          Contact a Pinnacle Representative if you have any questions.

          1 (800) 772-6881
          support@pfsinsurance.com

          Contact Us

          Contact a Pinnacle Financial Service representative today for assistance.

          CallEmail

          Why Sell Final Expense Life Insurance

          Prosperity Life Final Expense

          Prosperity Life Final Expense
          Comments

          Prosperity Life offers a series of whole life products best suited for the senior market. These are simplified issue final expense plans that are offered in three rate classes: Level, Graded, and Modified. The plans are available for ages 50-80 with face amounts ranging from as little as $1,500 to a maximum of $35,000. This blog will discuss the key product and underwriting features. 

          New Vista Product Features

          Prosperity Life’s simplified issue final expense plan is called the ‘New Vista’ series and is available in most states except for Connecticut, Montana, North Dakota, New Hampshire, New York, and South Dakota. The New Vista plans offer immediate death benefit (Level), Graded Death Benefit (Year 1: 30% of Death Benefit, Year 2: 70% of Death Benefit), and lastly a Modified Death Benefit (Year 1: 110% Return of Premium, Year 2: 231% Return of Premium).

          The plan also offers an accelerated death benefit rider for no cost as well as an accidental death benefit rider for an extra cost. Premiums are level throughout the life of the policy with a guaranteed death benefit through age 121. 

          Application Options

          Prosperity Life offers multiple application options including paper applications, e-apps, and a new voice app that agents can use for clients to sign. This is a great option for those clients that have issues completing an e-app on a computer.

          Underwriting decisions will be based on answers to the application health questions, MIB, and prescription drug checks. Applicants must also fall between specific height and weight guidelines to qualify. The policy may be applied for at the point of sale by calling Apptical. This way the agent and client can complete the sale in one appointment. 

          Product Advantages

          Prosperity Life’s New Vista final expense plan has a few great advantages compared to other carriers/products.

          The first advantage is that this product allows telephone sales and phone signatures. Very few carriers allow this type of signature option so it’s a great feature to have for clients that have difficulty using computers.

          The second advantage is that this product allows multiple payment forms. Clients can pay using EFT from a checking/savings account or they can pay using a DirectExpress Mastercard. This payment method allows clients to pay using their social security.

          The third advantage is that this product pays the same commissions regardless of the plan that your client qualifies for. The Level, Graded and Modified plans all pay the same commissions.

          This is one of the only companies that have a unique commission structure like this, so certainly take advantage of getting contracted and appointed to sell this product. 

          Are you Selling Final Expense?

          Many agents who have added final expense to their portfolios have increased their sales and income by as much as 40%. Pinnacle Financial Services has all of the tools and resources needed to get agents setup to sell final expense from start to finish. Give us a call today to setup an appointment with one of our marketing specialists. 

          For more information, contact a Pinnacle Financial Services representative today

          1 (800) 772-6881 x6003 | lifesales@pfsinsurance.com

          Mark Bolger

          Mark Bolger

          Director of Sales - Life & Final Expense

          x7705 | mbolger@pfsinsurance.com

          Contact a Pinnacle Representative if you have any questions.

          1 (800) 772-6881
          support@pfsinsurance.com

          Contact Us

          Contact a Pinnacle Financial Service representative today for assistance.

          CallEmail