Whats the Percentage of Seniors?

[Justin Bilyj]

That either own life insurance or prepay their own funerals?

I am looking for a LIMRA stat or similar.

Thank you,

 

[WinoBlues]

That either own life insurance or prepay their own funerals?

I am looking for a LIMRA stat or similar.

Thank you,

I do not have an answer. However, when you get the stats you may also want to filler them by income level.

 

[Newby]

That either own life insurance or prepay their own funerals?

I am looking for a LIMRA stat or similar.

Thank you,

When I first started in preneed which was in 1996, I worked with a local funeral home that did over 1,100 funeral a year. They told me in our training that 50% of their funerals are paid in full before the death as a preplan. That proved out to be pretty much accurate.

A small % of those did the preplan within the last few weeks when they were under hospice care. So you really couldn't count those.

The % is going to vary widely by funeral home. Some don't really promote preplanning at all. Others are very active with it. When they are active, the rule of thumb is their goal is to write 2-preneeds for every 1 at-need (funeral) every year.

Back in those early days 1996-2000 we had a feature that seems unbelievable today. Anyone who started a payment on a preplan for themself, a parent, a sibling or any other close relative had a MINUMUM of 35% coverage the very first day. There were NO exceptions to this. They could be on hospice care, or anything else.

If they chose to pay a little higher premum they had 50% coverage the first day and 100% at the 12th month. I'm not sure how ForeThought survived with that but our rep kept telling us our 1st year deaths/lapses ratio was way under 20% so keep writing them. They eventually adjusted it to where they had to live 6-months before the 35% and we thought that was rough.

I would love to go back and start over with the knowledge I have now.

 

[theinsuranceman]

When I first started in preneed which was in 1996, I worked with a local funeral home that did over 1,100 funeral a year. They told me in our training that 50% of their funerals are paid in full before the death as a preplan. That proved out to be pretty much accurate.

A small % of those did the preplan within the last few weeks when they were under hospice care. So you really couldn't count those.

The % is going to vary widely by funeral home. Some don't really promote preplanning at all. Others are very active with it. When they are active, the rule of thumb is their goal is to write 2-preneeds for every 1 at-need (funeral) every year.

Back in those early days 1996-2000 we had a feature that seems unbelievable today. Anyone who started a payment on a preplan for themself, a parent, a sibling or any other close relative had a MINUMUM of 35% coverage the very first day. There were NO exceptions to this. They could be on hospice care, or anything else.

If they chose to pay a little higher premum they had 50% coverage the first day and 100% at the 12th month. I'm not sure how ForeThought survived with that but our rep kept telling us our 1st year deaths/lapses ratio was way under 20% so keep writing them. They eventually adjusted it to where they had to live 6-months before the 35% and we thought that was rough.

I would love to go back and start over with the knowledge I have now.

Wow! That funeral home averaged 22 funerals per week, for 50 straight weeks!

 

[Newby]

Yes but it is actually 3-locations plus two cemeteries all in one town.

They had 13 salespeople alone. Around 115 total employees.

 

[aleenajoe]

I got very useful information thanks for the discussion ..