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  • Writer's pictureFinal Expense Florida

What A Salesman Would Tell A Family Member About Final Expense Insurance

Here's what a salesman would tell a family member about Final Expense Life Insurance.

1. If you have tons of cash sitting around, you don't need it

2. If you have tons of life insurance, you still might want it. Final Expense Life Insurance pays out in a couple of days, doesn't wait for probate, and traditional life insurance takes weeks to months to pay. You can use the small Final Expense cash to pay for the immediate family needs. Funerals are expensive no matter how you do them, and look for an average of $10,000

3. Shop around. Look for an independent insurance agent who is not beholden to selling you what is called "captive" insurance, which means they're a slave to their employers often overpriced policies. Independent agents work for their clients, not the insurance companies.

4. Ask what the highest value is you can get

5. Most policies do not require a health examination, but be aware that your agent is required under state and federal law to be honest about anything you tell them.

6. If you smoke the occasional cigar, you're not a smoker

7. The SAME face value policy has dramatically different premiums depending on which company you are with

8. Some of the most famous companies are actually selling you TERM insurance, not final expense insurance (which is whole life insurance). That's a problem, because term insurance is cancelled usually when you reach 80. Final expense insurance covers you your entire life.

9. Make sure you get a premium you can afford easily. Don't overextend yourself.

10. If you want over $50,000 in coverage, you should be looking at term or whole life or universal life, not final expense. Final Expense is best for ... final expenses.

11. Make the agent TRY and grade you for the HIGHEST level (lowest risk to the insurance agency) policy. The lower risk you are, the higher the face value and/or lower premium. So don't let them judge you and get you something crappy when you might qualify for something better. Let the underwriters tell you if you have to take the medium tier.

12. Final expense can insure literally ANYONE under 85, regardless of health conditions.

13. The brand names you have heard of are way more expensive for the exact same thing. I turned down an offer from an insurance company that wanted us to sell their final expense policies. They rip people off, but it's a brand name almost everyone knows and they prey on people because of that. The higher the premium, the more the salesman makes. Be wary of salesmen who want to rip you off as they chase big commissions. You and I know LOTS of small commissions is more work, but in the long run we can sleep better at night because we're helping people, not ripping them off.

14. Ask tons of questions

15. Every state has a free look period, which is what they call a window of time after your policy is delivered when you can still cancel. Ask what the free look window is in your state. In Florida, it's 14 days.

16. Most policies have a 30 day grace period if you are late paying before they cancel your policy. The best agents will touch base with you if you are in any danger of having your policy cancelled because of a billing oversight.

17. Ask what the AM Best rating is for your insurance carrier. AM Best is like Consumer Reports for insurance agents. You want a carrier that is at least B+ if not A-. B or below is NO GO.

18. Tell your insurance agent where you got their information from. Specifically, if it came from a funeral parlor, we'd like to know that. Funeral parlors are prohibited by law from selling Final Expense policies. Makes sense, right? They can't create their own customers or they'd have an interest in cashing in on your policy. Nope. But we do get a TON of referrals from funeral homes, and we like to know that. We can also work with them when you do cash in your policy to help with arrangements and at least make sure you are being taken care of.

19. Ask if your Final Expense insurer has any FREE assistance during the funeral planning time. The better carriers DO, the cheapest carriers don't. That might be OK, but it is worth asking.

20. We sell term insurance separately, but not to (older) people and many insurance sales people don't explain to older people that once they hit a certain age, like 80, their insurance is cancelled and everything they paid is GONE. However, the opposite is true with Final Expense. As long as you pay the premiums (which can never increase) they can never cancel your policy.

I will add to this list as we think of more, so maybe bookmark this post and check back occasionally. Thanks for reading this far.

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