Top Final Expense Insurance Companies for Agents

Top Final Expense Insurance Companies for Agents

Top Final Expense Insurance Companies for Agents
Comments

In today’s competitive market, it can be a challenge to find the right insurance carrier that provides the best rates, coverage, and benefits for your prospects and clients in the final expense market. Here at Pinnacle Financial Services, we make sure we have the top final expense insurance companies for agents available. For any independent agent that is selling final expense, it would be beneficial to have at least a few of these top carriers in your portfolio.

Who Are the Top Final Expense Companies for Agents?

While this can be ever-changing and debatable, the following list of final expense carriers is among the best in the industry. Not only are they A+ Rated carriers, but they have been in business for well over 70+ years. Here are a few of the top final expense companies and products for agents to work with:

What Do the Top Final Expense Companies for Agents Offer?

With these final expense carriers, you can expect not only the best rates for your clients but also the experience of quality agent/customer service as well as some of the top-paying commissions. All the final expense plans require no medical exam and have simplified issue underwriting (yes/no health questions) and guaranteed issue underwriting (no health questions, limited death benefit for 2 years). On top of the easy underwriting process, all these plans will include a no-cost accelerated death benefit rider for chronic and terminal illnesses. This means that if your client is diagnosed with a chronic or terminal illness, they can accelerate a portion of the death benefit to use for living expenses.

How Can I Contract with the Top Final Expense Companies?

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?

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

Guaranteed Issue Life Insurance

Guaranteed Issue Life Insurance

Guaranteed Issue Life Insurance
Comments

What is Guaranteed Issue Life Insurance?

Guaranteed Issue, refers to the no health underwriting portion of the life insurance policy. Traditional life insurance policies require clients to complete a full medical exam and provide the medical history to ensure that they’re in good health for the insurance company to take on their policy. This can be a lengthy and unpleasant process, especially when the client is rated or turned down completely. Guaranteed issue life insurance plans have no health questions, no underwriting, and clients are automatically accepted regardless of their health. Due to the limited underwriting, most guaranteed issue policies will have an automatic 2 year graded death benefit.

Who needs Guaranteed Issue Life Insurance?

Guaranteed Issue plans can be more expensive due to the limited underwriting, so it’s important that all other life insurance options have been explored before choosing a guaranteed issue plan. These plans are typically the only option for someone who…

  1. has been declined previously for life insurance,
  2. has serious health issues (cancer, AIDS/HIV, chronic or critical illnesses), or
  3. wants to avoid medical underwriting completely.

Who are the BEST Guaranteed Issue Life Insurance providers?

When it comes to evaluating the top guaranteed issue life insurance products, there are a few things to keep in mind. Besides the cost of premiums, we want to make sure that the graded death benefits are at least 2 years. Some guaranteed issue plans have a 3 or even 4 years graded death benefit that is just way too long and way too expensive for someone to purchase. Here are the top 4 guaranteed issue life insurance providers with their face amounts and graded death benefit periods:

AIG

Guaranteed Issue Whole Life

  • Face Amounts: $5,000 – $25,000
  • Death Benefit: 2 Year Limited Death Benefit with Return of Premium + 10%
  • Available for Ages 50-80
  • No Health Questions, No Underwriting
  • Only Guaranteed Issue plan on the market that includes no-cost accelerated death benefit rider for chronic and critical illnesses.

Sons of Norway

Guaranteed Issue Whole Life

  • Face Amounts: $5,000 – $25,000
  • Death Benefit: 2 Year Limited Death Benefit with Return of Premium + 5%
  • Available for Ages 0-85
  • No Health Questions, No Underwriting

Gerber Life

Guaranteed Issue Whole Life

  • Face Amounts: $5,000 – $25,000
  • Death Benefit: 2 Year Limited Death Benefit with Return of Premium + 10%
  • Available for Ages 50-80
  • No Health Questions, No Underwriting

Great Western

Guaranteed Issue Whole Life

  • Face Amounts: $1,000 – $40,000
  • Death Benefit: 2 Year Limited Death Benefit with Return of Premium + 10%
  • Available for Ages 40-80
  • No Health Questions, No Underwriting

For more information on Life Insurance, contact a member of our Life Sales team.

Need Life Insurance leads? Click Here.

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

Burial Insurance

Burial Insurance

Burial Insurance
Comments

Burial insurance, also known as final expense, is a type of whole life policy with a small death benefit ($1,000 – $50,000) designed to help cover the cost of funeral expenses. These are permanent policies with guaranteed cash value growth and a guaranteed death benefit to age 121.

What types of burial 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

Burial 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 Burial 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.

Need access to burial 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

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

Final Expense Quote

Final Expense Quote

Final Expense Quote
Comments

In this day and age of technology and high-speed internet, it has never been easier to run a complete and detailed final expense quote online. While there are plenty of services that offer monthly or annual subscriptions to quote final expense, Pinnacle Financial Services has agents covered for free.

Pinnacle’s quoting tools allow you to save, print, download, and compare rates with all of the top final expense carriers in the nation. We even have a free mobile app for iPhone and Android users that makes it even easier to run quotes at your fingertips! These tools are key to have in your pocket, especially when you have a client on the line and you need to provide them with quick and accurate rates in just seconds!

Visit our website for more information on how you can demo Pinnacle’s final expense quoting tools as well as our other quoting tools which include traditional life (term & universal), long-term care, annuities, and Medicare.

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

Final Expense Sales During Medicare’s AEP

Final Expense Sales During Medicare’s AEP

Final Expense Sales During Medicare’s AEP
Comments

With the Medicare Annual Enrollment Period (AEP) right around the corner, many agents are asking themselves how to create add-on sales with the prospective clients. A great fit being life insurance, like whole life policies or final expense. While AEP season is a great opportunity for cross-selling final expense life insurance to your clients, there are some guidelines that agents have to adhere to in order to be compliant with the insurance laws (which can also vary by state).

First and foremost, if your appointment is for Medicare Advantage Prescription Drug Plans (MAPD) or stand-alone Prescription Drug Plans (PDP) then you are not allowed to discuss final expense with your client during that initial appointment. It is imperative that you make a separate appointment with that client to discuss final expense. This is due to CMS rules and regulations specifically for MAPD and PDP clients. For Medicare supplement appointments, however, you are free to discuss final expense life insurance without having to make a separate appointment.

It is important to market other appropriate products to your clients, when following rules and regulations, to help increase persistency. Typically, the more products you have with a client, the less likely they will be to buy from a competitor. Final expense is a great option as it has both simplified issue and guaranteed issue underwriting options and can be a quick and painless process. Some final expense companies will even give your client an instant decision based on how they answered questions on the application.

As an example, you enroll your client into a $0 premium MAPD plan which saves them $75 per month. You could utilize those savings to offer that same client a final expense plan that they can pay the premium for with the money that you saved them. This is a win-win situation for the agent and the client. The agent gets an extra sale by layering in the final expense, while the client gets some added protection in the event they die. Many agents miss the boat on these opportunities due to a few reasons:

  1. They didn’t know that they could offer final expense.
  2. They never had the discussion with their client(s) about the exposure of burial costs
  3. They didn’t prepare ahead of time.

Pinnacle Financial Services is your one-stop-shop for all your senior insurance needs. We have all of the top carriers and contracts in the industry to ensure you are providing the client with the best plans available. We have dedicated sales, training, and support to help facilitate any business you need to write. Don’t hesitate to reach out today!

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