Cremation

[PA Bill]

Recently read a statistic that while 40 years ago people chose cremation only 5% of the time and now it is up to 50%. This trend really accelerated during the Great Recession. Any thoughts on how this impacts our FE industry?

 

[Todd King]

Recently read a statistic that while 40 years ago people chose cremation only 5% of the time and now it is up to 50%. This trend really accelerated during the Great Recession. Any thoughts on how this impacts our FE industry?

I have sold many $5K (sometimes even less) because they didn't need more due to cremation. So I would say it does impact the FE industry.

Then again, I wonder how many of those small policies were sold because they had a small enough premium that they could afford? Maybe it's a wash if this is a factor.

 

[WinoBlues]

What Todd said.

Plus (almost forgot *}) I tend to sell live insurance over burial plans. With my plan they have cash to leave the kids, off set SS, pay the bills for a few months or what ever their hot button is. So I guess I really am, not an FE guy.

As I recall Spur sold the panties off of some tiny policies. Like about $500,000 or so.

Markets have always changed. Some agents changed whiles others did not. I wonder what ever happened to them.

 

[SPUR CITY]

What Todd said.

Plus (almost forgot *}) I tend to sell live insurance over burial plans. With my plan they have cash to leave the kids, off set SS, pay the bills for a few months or what ever their hot button is. So I guess I really am, not an FE guy.

As I recall Spur sold the panties off of some tiny policies. Like about $500,000 or so.

Markets have always changed. Some agents changed whiles others did not. I wonder what ever happened to them.

This is very true!

Things do change there is no doubt. We just loaded up on a really good specialized contract for this very reason. We see the trend and are looking to capitalize before most.

 

[Rearden]

I did a video on this, if you'd like to hear it, here it goes.

 

[Todd King]

An interesting little point Dave brought up. Will there be "Cremation Insurance" like there is "Burial Insurance"?

 

[WinoBlues]

I did a video on this, if you'd like to hear it, here it goes.

Nice video.

Couple comments Over the years my "FE" or burial policy face amounts have gone up. We are going back and upgrading the little ones we sold back in the day. $5,000 or $8,000 will bury you so shallow a puppy could dig you up. Also, cremation is not just about not having the funds to pay for a burial. When my mother died I had her cremated. My kids know I and my wife are to be cremated. She and I are going into the National Cemetery we are just arguing who is on bottom. Many of my 'real' life insurance clients plan on cremation. If it was up to me I would say rent a party bus. Bus everyone to San Francisco, rent a party boat and send my ash to sea. Two generations out no one is going to know the person under the headstone anyway

So while I agree that the FE market may be about the ability to pay for burial. Even there I hear people say I want to be cremated but want to leave a few dollars to ... That site probably covers a trend in general.

 

[rousemark]

An interesting little point Dave brought up. Will there be "Cremation Insurance" like there is "Burial Insurance"?

The sales brochures provided by many companies now give the cost of an average Cremation as well the Cost of the average Burial so they are recognizing the impact of the changes in attitudes. Another change I have noticed in this area is more and more families are going to "No Visitation", skipping the funeral and just having a graveside memorial.

 

[Life Hawk]

Recently read a statistic that while 40 years ago people chose cremation only 5% of the time and now it is up to 50%. This trend really accelerated during the Great Recession. Any thoughts on how this impacts our FE industry?

Yeah, its hard to see clients go up in smoke like that.

But the mind set is now cast. And... it would seem that younger folks are getting used to the idea so it will carrier over to future gens. as well.

What Todd said.

Plus (almost forgot *}) I tend to sell live insurance over burial plans. With my plan they have cash to leave the kids, off set SS, pay the bills for a few months or what ever their hot button is. So I guess I really am, not an FE guy.

As I recall Spur sold the panties off of some tiny policies. Like about $500,000 or so.

Markets have always changed. Some agents changed whiles others did not. I wonder what ever happened to them.

That's why having a conversation with your prospect is so important... they might not even be thinking about SS loss or $ for options and so on. You right on Wino.

 

[rousemark]

Nice video.

Couple comments Over the years my "FE" or burial policy face amounts have gone up. We are going back and upgrading the little ones we sold back in the day. $5,000 or $8,000 will bury you so shallow a puppy could dig you up. Also, cremation is not just about not having the funds to pay for a burial. When my mother died I had her cremated. My kids know I and my wife are to be cremated. She and I are going into the National Cemetery we are just arguing who is on bottom. Many of my friends 'real' life insurance clients plan on cremation. If it was up to me I would say rent a party bus. Bus everyone to San Francisco rent a party boat and send my ash to sea. Two generations from out no one is going to know the person under the headstone anyway

So while I agree that the FE market may be about the ability to pay for burial. Even there I hear people say I want to be cremated but want to leave a few dollars to ... That site probably covers a trend in general.

My wife and I are planning on cremation, bury the ashes in a single grave plot and one headstone with both names... Why? I don't know.. That is just what we came up with.