Options For Single People with No Minor Children

[theleadingagent]

I've been recommending mortgage protection and occasionally a single parent will want to leave the house to their minor kid but now I'm realizing that some single people don't feel like they have a need for mortgage protection if they have no spouse and no dependents (kids are grown/self-sufficient & no partner left stuck with mortgage payments).

What would they need in this instance?

Would term mortgage protection with living benefits still be recommended or some other policy like disability, permanent policies, etc if they don't have it

What percentage of prospective clients have no need for any insurance options?

 

[WinoBlues]

I've been recommending mortgage protection and occasionally a single parent will want to leave the house to their minor kid but now I'm realizing that some single people don't feel like they have a need for mortgage protection if they have no spouse and no dependents (kids are grown/self-sufficient & no partner left stuck with mortgage payments).

What would they need in this instance?

Would term mortgage protection with living benefits still be recommended or some other policy like disability, permanent policies, etc if they don't have it

What percentage of prospective clients have no need for any insurance options?

>>What would they need in this instance?

Ask them.

They replied to your marketing for a reason. What was it?

Some people do not want Life Insurance. "Thank you for your time, Bye"

Now, it may be that they want to leave something to a grandchild or They simply want to have a small policy to take care of final expenses to close out their affairs and take care of burial expenses. People do not fit into neat little boxes (categories) That is why a good agent ask questions and listens.

 

[Mike007]

Selfish people or single people can say whatever they want when they come up with excuses why they don't need insurance...but the truth is, just because someone is too sick to work, it doesn't mean that the mortgage stop coming, it doesn't mean the bills stop coming, it doesn't mean he/she doesn't need to eat anymore. Life doesn't give a sh*t if you can't work because you are sick. Everyone still wants to get their money.

The thing about life is, sometimes, you DON'T die. You live. I know a guy who turned down Life Insurance with Living Benefits. It's been 3 years now since he suffered a devasting stroke. Every day, he wished he had never said "no" to that policy.

 

[toolbelt]

Some may want a policy simply to pay any inheritance tax their kids might have to pay, however it would obviously need to be in force until death, which could be their 80's or 90's..

 

[myinsurebiz]

I've been recommending mortgage protection and occasionally a single parent will want to leave the house to their minor kid but now I'm realizing that some single people don't feel like they have a need for mortgage protection if they have no spouse and no dependents (kids are grown/self-sufficient & no partner left stuck with mortgage payments).

What would they need in this instance?

Would term mortgage protection with living benefits still be recommended or some other policy like disability, permanent policies, etc if they don't have it

What percentage of prospective clients have no need for any insurance options?

Life Insurance is also for the living . . .

Pivot to Accident, Disability, Cancer, etc . . .

 

[fed up]

Ever see a funeral home take over the mortgage to a property in order to pay for the funeral costs? Neither have I, but they will take a Life policy and do all of the necessary paperwork and sent you the balance.

 

[toolbelt]

Ever see a funeral home take over the mortgage to a property in order to pay for the funeral costs? Neither have I, but they will take a Life policy and do all of the necessary paperwork and sent you the balance.

True, but the mortgage insurance benefit could result in an extra free $100k-$500k in assets (depending on the mortgage balance at time of death).

 

[fed up]

Paid and arranged 4 funerals in last 10 years and it is no fun. Did not have to worry about cost to the funeral home because of in place life policies. Would I have needed the money in excess of the cost I am sure I could have waited the additional week or so to receive the balance so I did not have to pass the hat at the service. I would also advise any DB recipient to NOT pay the balance of a mortgage right away, use the money from a Mortgage Protection plan to continue the monthly payments as you contemplate the next step.

 

[theleadingagent]

Why do you say not to pay the mortgage balance?

Or should they meet with a reputable financial advisor?

I’m just saying it would suck to know someone (in their moment of grieving and irrational thinking) blew aunt ednas mortgage protection money on a first class trip to Maldives for 2 weeks then came home to a house they couldn’t afford thus effectively negating aunt ednas intentions/hard work paying those premiums.

 

[theleadingagent]

Ever see a funeral home take over the mortgage to a property in order to pay for the funeral costs? Neither have I, but they will take a Life policy and do all of the necessary paperwork and sent you the balance.

From what I understand not all funeral homes will accept life policies to pay funeral costs because they don’t want to wait for the claim to process and be paid out or possibly be denied. They want the money upfront.

But idk I’ve never encountered this situation