When is it clear that one is a better fit for the client than the other? I read in here before where someone simply stated that pre need is usually bought by people with higher incomes, people with less income generally buy final expense...
I had a 59 yr old client a couple of weeks ago tell me over the phone that he was declined with American Family, Western Southern and Globe's Whole life product. It was over type 2 diabetes , 48 units ..He said he was also talking to the local funeral home about pre need. I set the apmt thinking that I could at least get him modified with AmCon..We sit down at his table and I start to bring up possible options and he balks at the idea of a 2 yr wait. Said he'd prefer to go the pre need route if there was a wait. I ended up getting him 1st day coverage with Monumental but that's when the pre need mystery started for me. I know way too little about it. I don't know if there are health qualifications for a pre need, age cut offs,how long you have to pay on it , how much payments are compared to a final expense plan...All stuff that I am hoping to learn here..
If you have a client with health issues looking at final expense coverage who within 5-7 yrs and a higher premium would be paying more into a final expense policy than the face amount, is that a fitting candidate for pre need? If they luck out and live another 7 years , they could potentially pay in almost double their face amount.
Would it be wise to establish a referral connection with a local funeral home's designated pre need person for future similar cases?
I had a 59 yr old client a couple of weeks ago tell me over the phone that he was declined with American Family, Western Southern and Globe's Whole life product. It was over type 2 diabetes , 48 units ..He said he was also talking to the local funeral home about pre need. I set the apmt thinking that I could at least get him modified with AmCon..We sit down at his table and I start to bring up possible options and he balks at the idea of a 2 yr wait. Said he'd prefer to go the pre need route if there was a wait. I ended up getting him 1st day coverage with Monumental but that's when the pre need mystery started for me. I know way too little about it. I don't know if there are health qualifications for a pre need, age cut offs,how long you have to pay on it , how much payments are compared to a final expense plan...All stuff that I am hoping to learn here..
If you have a client with health issues looking at final expense coverage who within 5-7 yrs and a higher premium would be paying more into a final expense policy than the face amount, is that a fitting candidate for pre need? If they luck out and live another 7 years , they could potentially pay in almost double their face amount.
Would it be wise to establish a referral connection with a local funeral home's designated pre need person for future similar cases?