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I am not necessarily saying she needs to prepay it, but rather make the arrangements. It is always a bad idea to leave it up to the family, vulnerable to guilt, to decide how much to spend for what services.
Burial Policy
- Thread starter Coloradoskier
- Start date
I am not necessarily saying she needs to prepay it, but rather make the arrangements. It is always a bad idea to leave it up to the family, vulnerable to guilt, to decide how much to spend for what services.
The only issue with doing a GI is that many policies will have a Graded Death Benefit. So if she is not expected to live beyond the next two or three years that is something to take into consideration.
Not all graded death benefits are created equal.
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I'm not aware of any GI policies that have a Graded benefit.
See this is what happens when you type before 2 or 3 cups of coffee!
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If KSKJ is available where you are she could get their modified. It's ROP + 10% the first year and then 40% of face months 13-24. Then full face after 2 years. It will also be the best priced of all the ROP plans. Including better priced than MoO's direct to consumer GI.
If they are not available there then the funeral preplan will be the next plan that will get her coverage in force sooner.
If you are talking about prenned or prepaying, how does that save costs? If a client does that, they pay dollar for dollar.. If they qualify for a life insurance policy, they most likely will pay pennies on the dollar.
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Wrong Rouse. PreNeed pay a graded death benefit if it is GI. It's a better death benefit than FE can offer for GI cases.
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There is no way in a million years that planning but failing to start the payment would be the best advice on a terminally ill person. Starting that payment can very likely save them thousands of dollars on the cost of their funeral.
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JD has the best answer. I feel like in a twilight zone episode with the rest of you guys. Unless you are just yanking my chain.
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See this is what happens when you type before 2 or 3 cups of coffee!
It was early, so you get a pass.
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That defies logic right there.
Are you telling me you don't know the game the funeral guys play on the family of the departed?
"You wouldn't want grandma in the cheap box, would you? Don't you think she should be in this more elegant model?"
Gimee a break. If it's grandma picking the box she's likely to say, particularly in light of the expense, "No'p, the painted model is just fine."
The soon to be departed will be much more inclined to spend less money, than his/her family.
Now I realize that this is a conflict of interest for the agent, given that the more money spent on the funeral, the bigger the policy you can sell, but try to recognize that sometimes good advice that is NOT in your interest, is actually in your interest long term. Consumers like good advice, and are more inclined to talk about you if you provide it.
I am also bewildered by people who think they are going to buy a life insurance policy that beats the life insurance company at it's own game.
Do you actually think you can sell a whole life policy to a consumer, and that on average they are going to take out more than they put in??? And yes, for those with a knee jerk reaction, I am including the "time value" of money in that comment.
