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!

At Pinnacle, we understand that life insurance underwriting can be very tedious and strict, even for clients that are in the best of health, so we need to take that into account to make sure that we’re offering the correct type of plan based on the client’s budget and health conditions.  Selling Guaranteed Issue Final Expense as part of what you have available to offer your clients is a must.  Having something for everyone is only prudent when conducting your business.

Guaranteed Issue final expense plans are the solution for clients who cannot qualify for underwritten life insurance. These are permanent life insurance plans that have absolutely no health questions and your clients are automatically accepted regardless of their health. Perhaps they have multiple health issues such as heart disease, diabetes, or Alzheimer’s disease and they have been declined exhaustively by multiple insurance carriers. This is the perfect type of plan for that client. Perhaps they were recently diagnosed with cancer or currently have cancer. This is the perfect type of plan for that client. 

Guaranteed Issue final expense plans generally offer face amounts that range from $5,000 to $25,000 and automatically include a limited death benefit for the first 2 years of the policy. This means that if death occurs in the first 2 years of the policy, then the death benefit will typically be ‘return of all premiums plus interest’. If death occurs after the first 2 policy years, then the full death benefit will be paid out to the client’s beneficiary. The 2-year limited death benefit is automatically included in order to offset the ‘no underwriting’ feature of the plan. 

At Pinnacle Financial Services, we have multiple guaranteed issue products that you can offer your clients.