Getting Final Expense Insurance for Elderly Parents
Written by Bill Ware
I was visiting a friend’s business recently and he asked me how my life insurance was going. I told him that it was as well as could be expected, considering that my main occupation was at a tax firm. We went on and he brought up that he had been thinking about getting life insurance for an elderly parent. I told him that I would be happy to help him find a good policy for what he needed. I started by asking a few questions because we always want to understand the situation to try and get a grasp of what the client’s situation and needs are, to be able to deliver a proposal which is as close to the actual price as possible. He said that he didn’t believe that he would be able to get him a policy because of his age. I asked how old his father was and his birthday, he gave me the date and told me that he was 84. I explained to him that he would be eligible providing that he doesn’t have any major health problems. He expressed his concern about the policy being unaffordable. That is one of the biggest misconceptions about life insurance is that it is too expensive. I told him not to expect to get a million-dollar policy but that Final Expense Insurance would cover the cost of a funeral or at least a big portion of that amount. He said that it sounded good and to let him know what I came up with. I asked him about him about any health conditions he had, was he under a doctor’s care and was there any medication that he was on. I told him that I would run the numbers and get back to him as soon as possible, he said ok and to get back to him when I came up with something.
I ran the numbers the next day and found a company that I felt would provide the best policy for his dad and at the best price. One of the things that drew me to being an Insurance Agent was the possibility to be able to help my clients to get the coverage that they needed and to be able to be that person that they could go to and trust that they were getting a fair price. I won’t give you the company that I came up with because that might not be ethical to do here, but I will tell you that the price was around $85 per mo. I came up with the amount of insurance that he would qualify for and what he would need to do to get qualified. I am sure that my friend would be satisfied with that quote because one of the biggest misconceptions is that insurance is more expensive than it really is. There have been surveys taken and approximately 80% of consumers overestimate the price of Life Insurance and that’s why the number of Americans that have Life coverage has dropped dramatically over the past two decades. This is especially true with millennials. This creates a big problem because if health issues arise later it makes it a lot more difficult to get insured. So this creates a situation where people get insurance at the cheapest price and then later on when their needs change, they find that it is more difficult to get the coverage that they might need, Sometimes they may not be able to get additional coverage at all.
So, getting back to my friend, I called him a couple of days later and gave him that quote. I also explained to him that the type of agency that I wanted to run was a company where we worked for the customer to get him the best price possible, as opposed to selling him the policy which would make me the most money. The reason for this is because my business plan includes me looking at the business in the long run and not just making a quick buck. I want to build a business where my clients refer their friends and family because they have enough trust in what we’re doing to send us to their loved ones. I want my reputation to precede me, because if you don’t have your reputation and your word then you don’t really have much of a business. Basically, I want a company where we are there to serve our client’s needs and to be rewarded for having the integrity to do what best for them.
When I spoke to my friend he was busy working and said to email him the quote, which I did right away. He got back to me a few days later and told me that he was pleased with what I had come up with and surprised that his father would qualify for that type of policy. I set up an examination and I sent him an application and he applied for the insurance. I was happy to be able to help and felt that I had created a client that would be a part of my business for some time because I had presented myself in a professional, honest and sincere way and that this is what he could expect in the future.
Now let me tell you how this story turned out. He was so pleased with the policy that I got for his dad that he turned out applying for a policy for himself, his wife and his son. I presented him with those policies as well.
I know this sounds more like a story about morals than an article about Life Insurance for Elderly Parents. However, the story tells how you would go about getting a policy for an elderly parent and what to expect. Due to their age, you should expect an examination. You might be able to get a policy for an older person without an examination, but you should expect to pay a higher premium. This also shows that you can get reasonable coverage for you loved ones and that you can do this within your budget while having the peace of mind of knowing that you don’t necessarily have to face the unexpected cost of final expenses. I would also advise that you do this in advance because you will probably pay more if you wait until you need it. Funeral providers understand this from experience because they know that someone who shows up with an Insurance Policy probably has done better planning that someone who hasn’t and they will be less likely to try and work up the price or throw in last minute impulse items that can raise the cost of what it is that is needed.
I hope this article has been of some help to you to understand your situation if you are planning for Life Insurance for an Elderly parent, partner or friend. You’re always welcome to contact us if you have any questions at our website, www.awareinsurance.com. We would be more than happy to help in any way that we can, because that’s who we are.
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