Final Expense Live Transfers are an affordable form of life insurance. They are easy to purchase and come with a small death benefit. In addition to providing coverage for funeral expenses (such as memorial services or cremations), it is also referred to as "funeral insurance" or "burial insurance." Because of this, it is also known as a "simplified whole life insurance issue."
The amount of a Final Expense Live Transfers can range from US$2000 to around US$50,000, which the beneficiaries can use to repay debts or take a vacation. The insurance agents usually sell these products to older people who wish to leave something behind for their families. For those who have already arranged for their funerals or have active life insurance policies, such insurance is redundant.
Let us assume that you are a retired individual. You no longer have life insurance through your employer. At this point, you also do not have money saved for the future. This financial condition has you worried that you will leave your family in trouble when you pass away. So, you may consider getting life insurance.
The insurance agent will ask a few questions regarding your general health. They may also take information regarding your medications and health history and if you had a surgery/operation in the least two to five years. These are some essential questions for the underwriting process, post which they will start the application process.
However, you will notice that the premiums you must pay for the death benefits aren’t too much. Most life insurance policies do not have enough flexibility and cannot fit the budget of such individuals. It is because the role of life insurance policies is not only to provide a death benefit but also to absorb the risk of critical health conditions. Most seniors have poor health conditions because of their age. Therefore, they want a policy that will accommodate their requirements despite their declining health conditions.
A distinguishing feature of Final Expense Live Transfers is that the death benefit is much smaller. This reduced benefit also brings down the cost of premiums by a lot. Moreover, the policy is permanent. That is, the heirs receive the death benefit for sure. However, note that the sum will not be big enough to pay off mortgages. But one can use them to pay bills, such as expenses related directly to the death. With the death benefit, arranging for a funeral will be financially comfortable.
Now that you know the basics of Final Expense Live Transfers and the client persona, let us look at how to find leads qualified for this type of insurance.
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