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Are there any carriers that offer non-med / no med questions on small face amounts ($10k)
Thanks.
Thanks.
Guaranteed Issue Final Expense
- Thread starter slushhhpuppie
- Start date
- 15,319
I believe Presidental and probably others have plans that will issue if you can fog a mirror. Expensive, but at least you can get the plans. Usually have a 2 yr. waiting period before benefits are paid.
Rick
- Thread starter
- #3
- 129
- 2,370
That is one thing you have to stress to your clients. The longer you wait to get coverage, the more they will pay for less of a benefit.
themarcgroup
Expert
- 26
americo had a GT issue
It's amazing what some people think when it comes to insurance. I had one client whose daughter was terminal, and wanted to buy a FE policy to cover her funeral.
I tried to explain to her that no one would issue a $5,000 policy on someone with only 6 months to live. I suggested that she put $5,000 in a savings account for her daughter, and get a FE for herself so the remaining family would not have to ante up for her on her demise, and stressed that that policy would have a 2 year waiting period, so she better start preparing now.
I tried to explain to her that no one would issue a $5,000 policy on someone with only 6 months to live. I suggested that she put $5,000 in a savings account for her daughter, and get a FE for herself so the remaining family would not have to ante up for her on her demise, and stressed that that policy would have a 2 year waiting period, so she better start preparing now.
- 17,109
Those cases should be refered to the local funeral home.
We can sell them a Forethought policy that will have 50% coverage in 6-months and 100% coverage in 12-months on a 3-year payment plan.
I had a death last month where the mother met with me a year ago and her 30-year old son was very terminal with cancer. She didn't think he would live one more month.
I advised her to take out a 3-year payment Forethought policy.
He lived exactly 13-months. She had paid in around $3,500 in premiums and had a $10,000 death benefit.
A savings account does not offer any benefit over a funeral preplan in a case like that.
- 115
I'm thinking about getting appointed with Motorist Life for Final expense. Any input? If not them, them who? I'm in WI and I would like to have a plan to offer my senior customers or anyone for that matter.
Wow! I didn't know about this.... I actually went to the local funeral home and priced funeral expenses for her. She had been given a figure of over $7500, and I got the director at that same funeral home to quote a $5000 contract, which I took back to her.
I will definitely look into Forethought.
- 17,109
Many professional preplanners don't actually know their own products or how to set it up to benefit their clients the most. 99% of funeral directors don't know anything about it at all and just want everyone to do single pays.
When you talk to a funeral home, don't assume the guy you're talking to knows any more than you. Ask questions and you will probably figure out what's best before they do (I'm generalizing of course.)
Most funeral homes use Forethought Encore, Homesteaders, or Monumental for thier preplanning. Forethought and Homesteaders will have coverage available starting in 6-months regardless of health. Monumental never has coverage for anyone prior to the 2nd year anniversery.
$7,500 is a low quote these days for a funeral. I don't know why they would have just quoted a $5,000 policy.
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