You’re already helping clients navigate critical healthcare decisions. But as you’ve likely discovered, there’s another essential conversation waiting to happen. How do clients protect their loved ones from unexpected financial burdens when they pass. Final expense insurance, often called burial insurance, is a practical, easy-to-understand product designed to help clients cover end-of-life costs, such as funeral or memorial services. By introducing this product to your clients, it expands your offerings and provides a meaningful solution to an often-overlooked concern.
Here’s a breakdown of how final expense insurance can fit seamlessly into your portfolio, helping you offer your clients a more complete coverage without adding complexity.
What Is Final Expense Insurance?
First off, let’s define final expense insurance. Final expense insurance is a policy designed specifically to cover end-of-life expenses. There is no difference between it and whole life insurance. It is usually sold in smaller face amounts to make it affordable. It is a simple-issue policy with a straightforward application process that often doesn’t require medical exams. Clients can generally get coverage after answering a few health questions, making it accessible and appealing, especially to seniors or those with health concerns.
With final expense insurance, clients will have peace of mind of knowing they’re lifting a potential financial burden off their loved ones. Whether it’s covering funeral expenses, paying for a memorial service, or handling minor debts, this coverage can make a world of difference in helping families focus on what matters most during a difficult time.
Setting Up Separate Appointments
It’s essential to remember that life insurance products, like final expense insurance, must be discussed outside of a Medicare appointment. Ensuring you schedule a separate time for these conversations keeps you compliant with CMS regulations. It also allows you to dedicate focused attention to this critical topic. During this appointment, you can take a sensitive, educational approach—explaining how final expense insurance works, what it covers, and why it might be a smart addition for your clients.
Addressing Common Objections
You might encounter a few common objections when you bring up final expense insurance or life insurance in general. It is sometimes a heavy conversation. Clients may hesitate to discuss this life insurance due to cost concerns, a reluctance to discuss end-of-life planning, or misunderstandings about final expense insurance. Here are some strategies to handle these objections respectfully and confidently:
Hesitation to Discuss End-of-Life Planning
A lot of people find it uncomfortable to think and talk about end-of-life matters, even if they know it's a responsible decision. A gentle approach can go a long way here. Let your clients know that final expense insurance will help offset any financial burdens their families may incur when they are not here. Reassure them that this conversation is about preparing for the future in a way that respects their wishes and provides for those they care about most. For Medicare agents, adding whole life insurance to your portfolio means you can continue serving your client's needs as they age and build stronger, lifelong relationships.
Concerns About Cost
While clients may worry about adding another expense, you can point out that final expense insurance is designed to be affordable, with smaller coverage amounts than traditional life insurance. Many plans offer flexible premium options to fit different budgets, so clients can often find a policy that provides the coverage they need at a price that works for them. Typically monthly premiums can range from $50-$100 a month for $10,000-$30,000 of coverage (depending on carrier). Help them see that this coverage can be a manageable, practical addition to their financial planning.
Misunderstanding the Product's Purpose
Some clients may feel they don’t need additional coverage. For clients without larger policies or those looking to designate funds solely for funeral or memorial expenses, final expense insurance provides peace of mind that these costs are covered without impacting other financial plans. This way, clients can approach their planning with clarity, knowing exactly how each policy supports their unique needs.
Make a Difference with National Contracting Center (NCC)
Offering final expense insurance allows you to support your clients in a new way, showing them you’re there for them beyond their Medicare needs. National Contracting Center (NCC) is here to help when you’re ready to explore final expense insurance options. As an independently owned Field Marketing Organization, we understand the unique challenges agents face when integrating new products. We provide dedicated support, tools, and resources so you can confidently expand your offerings and grow your business.
Ready to get started? Contact NCC today to learn more about final expense insurance and our contracting options. We’re here to support your journey as you offer clients peace of mind, one policy at a time.
