- 30,590
Yep, Todd's old enough to get the Senior Citizen discount at McDonalds.
Final Expense Bank account question on the phone ?
- Thread starter thespur1
- Start date
Yep, Todd's old enough to get the Senior Citizen discount at McDonalds.
Am I? It's funny, but I don't think about those discounts. Seems when I was under 50 the starting discount age was 50. Then, when I turned 50 they said it was 55. Now that I've reached that they tell me it's 60! I'm beginning to think this particular world revolves around what I am not!
- 30,590
That's what I heard.
- 1,912
Whats wrong with selling a senior a term product?
- 6,027
Nothing so long is it's not for Final Expenses . . . IMO
- 5,990
I said the other day that I haven't sold term to anyone under 40, which is mostly true. I did sell term to late 50-something for mortgage protection for her teenaged children. She also bought a final expense policy. She fully understood why two different policies were the best way to cover her needs. Her main reason for filling out the DM card was the 60K she still owed on the mortgage. It was a perfect set up to show her the difference between a temporary need (mortgage protection) and the permanent need to fund her final expenses.
I actually had another case identical to that one where I would have sold her a MP term policy, but she already had some very significant health issues that made that impossible. In her case, she purchased a larger final expense plan than would have been necessary had she qualified for a term policy as well, and though it is not enough to pay off her mortgage, it will give her sons several years of mortgage payments should she pass before they are established on their own.
FWIW, I know a lot of folks on here are critical of term. But there is a crying need for young families with children to get the protection they could afford with term. I actually got my insurance license in response to a friend of mine passing suddenly at the age of 42 with no life insurance at all. His wife and kids lost everything - the house, the cars and SUV's, the family vacations, the nice neighborhood where all their friends still live.
I pay $1400 a year to Lincoln financial for a 30 year term policy I bought in 2002 when my second child was born. If my friend knew how much different things would have turned out for his kids had he spent just a measly $117/month, I'm sure he would have done it. However, too many think that there is always tomorrow, or that they cannot afford that $117/month. Brother, let me tell you ... if you could see the struggle my buddy's wife and kids are going through, you'd decide right quick that you cannot afford not to get a big term policy. And by big, I mean 1,000,000 or more. $100,000 or $250,000 for most middle class and higher young families is a start, and will likely stave off near term catastrophe; but we live in an era where $1,000,000 in income protection really should be the starting point for young families with children.
I sell FE as a way to cash flow my way into the life insurance business. But I really would like to figure out a way to market and sell term to those young families who are unprotected or inadequately protected (and make a livable cash flow).
And I'll be the very first to admit that I have a lot yet to learn about this business.
- 6,027
I hear ya DT . . .
My last two Term policies were a $100k to a 56 y/o who's Husband died suddenly in May. She had FE on him and has on herself, but wanted more for her 3 grandchildren that she is raising & a $200k to a 59 y/o male that has a Trucking business and wants his business partner to be okay + 10% each to his two grown sons.
Each policy has matching ADB and WOP.
Sorry for your loss DT. You are correct - so many things can happen with $1mill protection. Allows for mourning and closure too . . .
I working on a few lead generation modules - TV and Facebook. I'll let you know how it works out . . .
- 1,410
Yeah, drop ticket with the usual suspects. Only non drop ticket production is Non med with Foresters.
& regarding the annuity I am not sure how he processed it. I'm no expert with annuity but I do know it was with North American if that helps!
Not one thing wrong with it if it is being sold and bought due to a temporary need. If it is sold as FE, then whoever the agent is that is selling it should be shot directly in the face!
- 30,590
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