Who Pays for the Funeral?
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When the singer known as “Prince” died, he was worth roughly $300,000,000.
But guess who paid for his funeral…Actor George Lopez lent Prince’s family $20,000 to pay for his funeral costs. Why? Because life insurance won’t payout without a death certificate, and it takes up to 12 weeks to get one!
Asset-based Liquid Funeral Funds can solve this problem for your clients.
Either a lump-sum, or annual payments of up to 10 years, funds a trust account that will payout within 48 hours of the client’s death without a death certificate! The average case size is $25,000, but it can be funded with up to $100,000. Because it is technically a tax-free death benefit, there is some very simple underwriting involved—it’s not guaranteed issue, but pretty darn close. It is a simple 4 page application, and pays up to 15% commission—depending on the age of the client.
By the way, these are not new assets.
Funeral homes have been using plans like this for over a century.
Offered by a well known carrier, with top notch financials.
Don’t let your clients end up being a burden through the most emotional time of their families’ lives.
The funds would go to the same beneficiaries eventually anyway, why not make it happen within 48 hours to cover all of the costs associated with covering the funeral? Give us a call and we can help with scripts, videos, forms, etc., and help you get this asset in place for most of your clients. They will literally thank you for this.
Tell Every Client you Will Most Likely Need Additional Information
Let’s face it…the applications we have to fill out today for our clients have become so lengthy and complex that there is almost no way to get all of the information exactly right every time we complete a set of forms. Initials on every page, suitability rules, transfer specifics, signature guarantees, tax implications, replacement guidelines…it’s enough to drive us all crazy.
Here’s a tip to calm client nerves—in advance.
As you pull out the paperwork—before you even put pen to paper—tell them that this is just the “first round” of signatures and information gathering needed to “get the application process started”. Use those two phrases, exactly as you read them on this page. Invariably, the client will ask for clarification about the statements you just made. That’s when you explain that you will almost certainly need to come back, at least once, to get another signature…or fill out an additional form…or clarify some details.
Try to help the clients understand that today’s regulations covering suitability, asset replacement, elder abuse protection, fiduciary compliance, and insulation from market risk have created a massive amount of safety and liability checks from the financial institutions. The first round of information gives the company enough information to formulate more detailed information needs that will almost certainly lead to a second round of information gathering, and sometimes even more.
Doing this sets the stage for going back to the clients to get additional signatures, initials, etc. And helps prepare them in advance, so they are more accepting of the process.
~ Greg Skogsberg
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Gregory B. Skogsberg
Greg is the President of TWH Agency with 20+ years of professional experience. Greg is a seasoned management consultant who has worked for organizations of all sizes in locations all across the country.
