Life Annuities – How To Be An Independent Final Expense Life Insurance Agent
Post date: September 13th, 2010 |
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If you are looking to be an insurance agent or you are looking to be an independent insurance agent, rather than captive, then this article is for you. Final Expense Life insurance is the easiest insurance product to sell. It’s very simple to understand, explain and it is in great demand. Plus, the underwriting is generally just a few questions and if the client can truthfully say no to these questions, then they will be approved for the insurance.
First, you must understand what Final Expense Life Insurance is. Final Expense Life Insurance is a small whole life insurance policy that is designed to pay for the final expenses; mainly, the funeral and burial cost but also including other bills that come along with someone’s death. You may have hospital bills, credit debt, transportation costs, etc. However, the largest part of the final expense is the funeral and burial which generally cost around $10,000. Sometimes more and sometimes less.
If you are married and you have children the youngest of which, for example, is 5 years old this policy could cover all your immediate life coverage needs. This policy can determine that your present income will continue after your death. It could be used to provide planned sums of money that would be used to pay college costs for your children even if you are not around to share the event with them.
A portion of the proceeds of your 20 year term policy could provide funds to pay final expenses and burial costs.
If you are in heavy debt when you pass on, especially if you have a large mortgage, taking out a good policy that will cover your debts completely is a must. Funeral costs can easily run into the thousands of dollars, your kids schooling has to be considered, and don’t forget about death taxes.
If you are single and have children your need will be much like a married person with dependents.
We tend more often than not to give much thought to the needs of the children in the event of the death of a parent. That is great but what of the needs of the surviving spouse. If the children are grown and on their own we still have each other. What if one of us should die. What of the surviving spouse. Is his or her income sufficient to live. Is the mortgage paid off or will the surviving spouse have to continue monthly payments. Think on these things. The 20 year term policy could provide cash or income for your surviving spouse which would be used to take care of these things.
Some companies also offer whole life insurance. Whole life covers you for your entire life but has to be paid in full at the time of purchase. If you think you will need $100,000 in insurance you will have to pay that amount at the start. Whole life can be excellent ways to invest your money along with protect your family. So life insurance can best your best bet to protect you family´s financial future should you die as well as a good, safe, financial investment
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