What is Final Expense?

Generally, final expense works just like other forms of life insurance. When your client applies for a policy, they may or may not be approved, depending on the plan they’ve applied for and any other qualifying factors for it. If your client buys a policy, they’ll have to name at least one beneficiary. When your client dies, their final expense policy will pay out to all living beneficiaries they’ve designated.

What Kind of Final Expense Policies are There?

There are three types of Final Expense policies.  The first is Simplified Issue. This type of policy usually will ask many health questions and make the customer qualify for it.  Customers who are healthy should have no problem qualifying for this policy.  This is an immediate benefit and will pay on day one.  The second is a Graded/Modified Issue.  This kind of policy is for customers who have some health issues, but they are not life-threatening.  There are usually some health questions asked on this application.  Most of the time, the death benefit will have a two-year wait, but in some cases, it could pay a percentage out over the two-year wait.  The third type of policy is a Guaranteed Issue.  On this policy, there are no health questions asked at all.  A customer with major health issues can qualify for this, but it does have a two-year wait before it pays out a death benefit.

What is “The Question” to Ask for Marketing Final Expense to Current Clients?

If you’re familiar with the old TV show Columbo, then you probably already know “The Question.”  Before Columbo left any room, he would always say, “Just one more thing” or “Oh, by the way.”  If you’re not saying that and then asking, “do you have their final expenses taken care of?” you’re leaving money on the table.

Pinnacle Financial Services and Final Expense

Here at Pinnacle, we have a strong product portfolio to fit all of your client’s Final Expense needs.  We offer top commissions, advancing and lead generation with proven results. 

“Oh, by the way, are you using our free all-in-one Final Expense quote system?”

If you have any questions, contact one of the Life and Final Expense Sales Directors here at Pinnacle Financial Services at 800-772-6881 ext 6003.