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I'm fairly new to final expense sales. How are claims handled? I sell mostly RNA, and Liberty. Are claims paid in time to cover the cost of the funeral? How quickly do term life or whole life policies pay out for comparison?
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I'm fairly new to final expense sales. How are claims handled? I sell mostly RNA, and Liberty. Are claims paid in time to cover the cost of the funeral? How quickly do term life or whole life policies pay out for comparison?
The key words are he's new. That means contestability if they die in the next 2 yrs. It could take 2-6 months for a decision wether to pay. I know settlers shows there overall claim paying record but i'd love Fe companies to post the % of contestable claims they pay. I've always wondered that.
I'm fairly new to final expense sales. How are claims handled? I sell mostly RNA, and Liberty. Are claims paid in time to cover the cost of the funeral? How quickly do term life or whole life policies pay out for comparison?
They just need to take the policy to the funeral home. The funeral home will assign the policy to an assignment company and the assignment company pays the funeral home on the spot.
Doesn't matter what kind of life insurance. Any policy that has been in force over 24 months will work.
So does the assignment company charge a small % or fee to handle this and they wait to get the money from the insurance co?
Yes and yes.
Most charge between 3-4% fee. Usually the funeral home absorbs the fee.
Then they get paid back when the insurance company pays the claim.