When you start up a conversation with a prospect age 60+ about Life / Final Expense Insurance, you more than likely will hear “I’m all set” or “I can’t buy life insurance.”
That should be music to your ears, so it is worth continuing the conversation to determine what their situation truly is. A complete review should be offered of any in-force life insurance to make sure beneficiary designations are current and that the policy will last for at least as long as the insured does.
We have an obligation to help Consumers at this stage of their life. Too often a policyholder age 80+ finds out that premiums must be increased dramatically to keep coverage in force and that a new policy is out of the question due to health a/o financial reasons.
Ms. Prospect says she is all set. Mention the above to her and offer assistance with no expectations. “All set” could mean she is underinsured. Did you know for about $75 a month you could provide a $25,000 whole life policy for her, that has Terminal, Chronic and Critical Illness riders (even in NYS!). This assumes her health is in the range of Standard to mildly rated Table 3.
Back to beneficiaries – if she finds the premium is too much, ask about adult children who could help co-share this cost. Since they are the beneficiaries, they do have a vested interest in knowing their mother has an adequate policy and yet have access to the death benefit early should she qualify for one of the three riders.
Mr. Prospect tells you “I can’t buy insurance.” Ask some questions, he may in fact be insurable. Call me with his health history to find out. If not, a male age 60 can buy $15,000 of Guaranteed Issue Life Insurance for $90 a month. No health questions or exams. Accidental death covered when policy goes in force. For non-accidental death within the first 2 years – all premiums paid plus 10% of earned premium are paid to the beneficiaries.
So, contact me for your next Senior Life Moment – I’ll provide you a Life Policy Review packet to help you make some sales – and help some nice people along the way as well.
Contact David J. Michalski, Life & Linked Benefit Sales Support, at (518) 688-8100 or via email to learn more!