In 2008, I lost my Father to a fast moving cancer. Dad was 85, and had lived a good long life. He worked hard, played hard and was always an excellent role model. I am proud to have had him as my Father, mentor, and friend.
Sometimes the elderly person will take out a policy for themselves, and sometimes a family member, like a grown child, will own the policy. It is not an act of greed, but one of financial planning. Most seniors are willing to accept this because they do want their children or grandchildren to have a financial burden heaped upon them when they pass away. In face, many seniors are proud that they have helped take care of this issue, and it takes some stress off of them.
Bottom line when you are selling senior final expense program you need access to unlimited leads to be truly successful. Imagine if you are paying $25 per lead each week and you get 10 leads a week and that’s it. First of all that’s $250 and secondly you are pressured to sell everyone of those leads to make a living after all your expenses. When you only have access to a small number of leads it makes succeeding in this industry extremely hard. Out of those 10 leads, 3 you may never get in touch with. 3 of them may be broke. 3 of them may hang up on you and that leaves you 1 to get the sale. Not good odds or a great way of making a living. You could order 30 leads a week but now you are looking at almost a $1,000 per week in lead cost alone not including travel, gas, and on and on.
In addition, the person who passed away may have left some debts. Medical bills or credit card debts must be settled somehow. It is nice to know that a cash payment is coming promptly!
A burial policy from a top insurer should be well known by quality funeral homes, and they will often accept proof of insurance instead of cash payments.
Don’t waste your time with these companies promising you the world. It may be helpful in the beginning but it’s not necessary because there is a roadmap to avoid this route and it will save you a lot of money and time.
If an older person has little money saved and does not want to push the burden of final expenses on to a spouse or children, a small policy can provide security. Sometimes older people buy these for themselves, but many times the grown children will pay the premium for their parents. Sometimes it is hard to start talking about this subject, but it can also be very important.
Your unique situation has to figure into your decision. For some people, it would be better to put aside a few dollars every month to plan for final expenses. But many families find that it is easier to just pay a premium.