I help people with different types of Life Insurance, but a lot of my work involves helping people with Final Expense Life Insurance. I will also let you in on a little secret of mine, which is that Final Expense Life Insurance is my favorite. More on this follows.
Final Expense Life Insurance is just as the name implies. It provides money to cover burial & funeral expenses for the covered individual. All of the Final Expense Life I write is also 'Whole Life' insurance. Whole Life insurance provides coverage for as long as you live, the premiums never increase and, as long as you pay your premiums, it can never be cancelled
Final Expense Life Insurance also builds additional 'cash value' over the life of the policy, and it grows over time. So, as an example, let's say you purchase a $15,000 Final Expense policy, and over the years it accumulates additional cash value of $2500. When you pass, the policy pays your beneficiary $15,000 plus $2,500 for a total payout of $17,500. Your beneficiary would then use that money to pay your funeral & burial expenses. If there is still money left, it can be used to pay additional bills the insured had and/or can just be given to your beneficiary.
When I help people with Final Expense Life Insurance, I also provide them with a 'Funeral Planner'. Basically my client uses the planner to determine IN ADVANCE how they want the money to be spent by the funeral home for your funeral. This planning covers every aspect of the funeral & burial including:
- Will there be visitation or not?
- Will you be buried or creamated?
- How much will be spent on flowers, music, maximum expense for the casket, etc. etc.
Then, when the planner is complete, my clients can actually go to different funeral homes, show them the planner, and get prices for their funerals. This is very important: My clients can specifically direct each funeral home, in advance, the maximum total amount they can charge for these services! It's no secret that when someone passes and the grieving loved ones have to go to a funeral to handle the funeral & burial, even if there IS Final Expense insurance in place, funeral homes sometimes take advantage of these circumstances by adding more items to the funeral & burial, and charging a higher price. The funeral planner protects my clients from these situations.
Finally, I mentioned at the start of this article that Final Expense Life Insurance is my favorite type of insurance to sell. It is and it's really quite simple. Final Expense Life is cheaper because the face value of the policies is smaller, and an agent who handles Final Expense Life earns smaller commissions. What's nice about it is that it enables an agent to help people take care of their families at death, even when the proceeds are much smaller.