What is Final Expense?

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. This also means that these policies are a form of permanent life insurance designed to provide a guaranteed death benefit till age 120 as well as cash value accumulation. These plans are designed for the senior market (ages 50-85) and will never require a medical exam.

Types of Final Expense Plans

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

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

Selling Final Expense Virtually

Selling final expenses online or over the phone has become very popular over the last few years. Previously, most carriers required a face-to-face meeting with clients in order to process their applications. With virtual appointments being more common, many carriers have taken advantage of their virtual platforms in order to accelerate the sales process. Some final expense plans that allow you to submit electronic applications include Mutual of Omaha’s Living Promise, Transamerica’s Immediate Solutions, and Foresters PlanRight. Some carriers that offer both electronic and telephone applications include Americo’s Eagle Series, Accendo/CVS Health, and CIGNA final expense plans.

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 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.

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