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The Purpose Of This Article Is To Discuss The Most Common Objections Folks Have When Buying Burial Life Insurance
Over the years, I’ve talked to more than 3,000 people about their final expense whole life insurance options for life and burial insurance.
And while most agree it’s necessary to have a final expense plan in place to cover funeral and cremation expense, every once in awhile, I’ll get objections from folks disputing the notion.
As a life insurance agent, I’ve discovered many have silly objections to owning life insurance. Instead, these folks prefer to think selfishly, versus what in the best interest of their family’s welfare and pocketbook after they pass away.
Here’s An Overview Of Today’s Topics:
- Excuse #1: Burial Life Insurance Is Too Expensive!
- Excuse #2: I Hate Needles And Don’t Want An Exam!
- Excuse #3: If I Leave My Family Money, They’ll Fight Over Who Gets It And Cause Irreparable Harm
- Excuse #4: I Don’t Care What They Do With Me!
- Excuse #5: My Health Is So Bad That No Insurance Company Will Take Me!
- Excuse #6: I’m Not Going Anywhere Soon!
- Excuse #7: What If I Pay More In Premiums Than The Amount Of Coverage I Buy?
- Excuse #8: I Need To Think About It
- Excuse #9: I’ll Just Use My Savings Instead
- Excuse #10: My Kids Said Not To Worry About The Bill
- Excuse #11: Cremations Are Cheap, So Why Buy Final Expense Life Insurance?
- Excuse #12: I’m Donating My Body To Science!
- Burial Insurance Rates, Age 40 to 90*
Excuse #1: Burial Life Insurance Is Too Expensive!
Many people I meet live on a meager fixed income. Most are disabled or retired, in part or totally living on Social Security.
Understandably, these folks do not want to spend more than they can handle!
And I totally understand. Under no circumstances should ANY fixed-income retiree spend more than they can reasonably afford.
Trust me, there’s nothing worse than losing your life insurance coverage because it’s too expensive.
What’s the solution?
Buy an amount of coverage that’s EASILY affordable.
One thing I discuss with my clients is picking a plan that easily fits your budget. Because the last thing is get a policy lapse notification after my client has spent six-month’s worth of premiums.
Think about it. What’s the point of getting life insurance… if it’s too expensive to begin wit?
How To Figure Out What Life Insurance Is Affordable
First, determine your monthly total income.
Next, subtract expenses, like food, cable, electric, phone, rent, and so on.
What’s left over is your discretionary income.
Finally, ask yourself, “How much am I comfortable spending a month on burial insurance out of this amount?”
Excuse #2: I Hate Needles And Don’t Want An Exam!
Numerous people are deathly afraid of needles, or having a top-to-bottom physical. Because of that, they put off buying burial insurance, assuming they will have blood drawn.
Luckily, most burial insurance companies do not require any sort of physical exam with a nurse or doctor.
In fact, most burial life insurance companies only underwrite coverage based on your medical records.
Simply put, with a final expense policy, you are not required to take any physical examination requiring blood or urine specimen.
Excuse #3: If I Leave My Family Money, They’ll Fight Over Who Gets It And Cause Irreparable Harm
This Is an Interesting objection.
Many people are concerned with leaving a large lump sum of money to their family. Many of my clients openly worry that a large sum of money will cause drama and in-fighting, ultimately fracturing relationships.
If you have this concern, there are ways to avoid the potential for drama.
Pick The Right Beneficiaries
Always select beneficiaries you can trust.
Many horror stories occur because beneficiaries are both irresponsible and selfish with money.
And while this is difficult to consider, you need to carefully select a responsible family member to manage your life insurance death claim and payout.
Additionally, you can set up your life insurance in what’s known as a funeral trust.
A funeral trust pays your death benefit directly to the funeral home and no one else.
Excuse #4: I Don’t Care What They Do With Me!
Unfortunately, loners commonly use this sad excuse to dodge their adult responsibility to pay their bills.
These people don’t care about anybody but themselves. Moreso, they don’t care about the financial damage they’ll cause their family and loved ones to experience.
As The Old Saying Goes, “You Can’t Fix Stupid!”
However, there are ways to reason with stupid.
First, if you have a loved one who is a loner and won’t buy burial insurance, consider paying the bill yourself.
He’ll have to authorize coverage. And most likely, he won’t mind you paying.
Look. You must remind these people that no one gets out alive without a bill. And it’s either him or you that must pay it.
Excuse #5: My Health Is So Bad That No Insurance Company Will Take Me!
Many people in their 50s, 60s, and 70s fall ill to disease.
And while they know they need life insurance, they pass up on the opportunity.
Because, they feel as if no carrier will accept them.
Luckily, final expense insurance now easier than ever to qualify for at an affordable price.
Even with existing health issues.
That way you can qualify for optimal life insurance protection, despite a history of chronic or serious health ailments.
Let me give you examples of health conditions final expense brokers can cover:
- Diabetes: Includes insulin use, and diabetic complications.
- Heart History Issues: Includes heart attacks, strokes, open heart bypass surgeries, stents, and all sorts of other heart and circulatory issues.
- Cancer: All forms of cancer can be covered. There’s even plan that will cover people with current cancer.
- Lung Disease. Chronic obstructive pulmonary disease, emphysema, asthma, and chronic bronchitis can all qualify for coverage.
- Liver And Kidney Disease. I’ve covered clients with dialysis, hepatitis history, and cirrhosis.
- Neurological Diseases. Parkinson’s disease, Lou Gehrig’s disease, Huntington’s disease, and Multiple Sclerosis and lupus can all qualify for coverage.
- Mental Health Disorders. Depression, bipolar, anxiety, post traumatic stress disorder, schizophrenia, can all be covered.
- Cognitive Memory Disease. There are occasions where we can qualify folks with dementia and Alzheimer’s.
Keep in mind that this is a short list of coverable conditions.
Either way, understand that many people with health issues can qualify for final expense burial insurance coverage.
Excuse #6: I’m Not Going Anywhere Soon!
I hear this from people in their late 40s and 50s.
Understandably, they’re still young, working hard, and many times feel there is plenty more years of life to live. So much so that worrying about dying is the last thing on their minds.
However, as their parents in their sixties and seventies know, life is fragile.
Life ends in a heartbeat. Especially when least expected.
You must remember that tomorrow is NOT guaranteed.
Therefore, the BEST time to buy life insurance is when you’re healthy.
Ask folks in their sixties and seventies, especially those with health problems.
Excuse #7: What If I Pay More In Premiums Than The Amount Of Coverage I Buy?
The more analytical types will worry that they’ll pay more premiums in, above and beyond the insurance policy’s payout.
There’s two ways that I handle this concern.
Paid Up Burial Insurance
First, if it’s in the client’s budget, I will offer a paid-up plan.
Paid-up burial insurance plans insure like regular burial insurance, but eventually reach a point where the client never has to pay again. Of course, the client still has his coverage!
It’s like paying off your car. You keep your car after finishing payments. This is the same concept with paid-up life insurance.
Here’s what’s even better. In many circumstances, you’ll actually pay LESS into the plan than the death benefit.
Simply put, you end up “winning” the insurance deal, since you get MORE in coverage than what you paid in. Nice!
Additionally, I’ll gently remind folks who think this way about life insurance that the burial insurance policy is NOT about them.
It’s about the people you love!
When one objects to buying burial insurance because he may pay more into the policy than the coverage amount, he needs to understand his thinking process is wrong.
How do I mean?
He’s assuming he knows when he’ll die!
And the truth is, he has no clue.
Sure, he MAY live long enough to pay more into the plan than the amount of covered.
But what if he doesn’t?
More importantly, what impact will having no coverage have on his family?
In summary, this line of thinking is the correct one. And bottom line, think of your family first, and NOT yourself.
Excuse #8: I Need To Think About It
Everybody thinking about buying burial insurance, by definition, has ALREADY thought about buying burial insurance!
Even more revealing, most people that need to “think about it,” have been thinking about buying burial insurance for months, if not years!
So, if you know you need it, why wait any longer?
In fact, if you’re reading this article, you KNOW you need life insurance.
And odds are you’re procrastinating, kicking the can down the road.
And while you may not die tomorrow, eventually you will.
Unfortunately, it’s not you that gets hurt.
It’s your loved ones.
So stop thinking. You’ve done enough of it. Get burial insurance now to protect the people you love.
Excuse #9: I’ll Just Use My Savings Instead
Out of all the excuses on my list, this is probably the most reasonable.
One of the main reasons for buying burial insurance is to make sure that you have the money on hand to foot the funeral bill.
However, if you are financially well-prepared, it may seem like a good idea to use savings, instead of purchasing a final expense life insurance policy.
Before you decide, consider the circumstances below to see if using your savings is the best route to go.
I talk to a lot of people. And many of them had significant savings and made a good income, right up into retirement.
But in some circumstances, change dramatically change for the worse.
Take one gentleman I met in Alabama.
He retired from the police force after 30 years of service. He also had several pensions and a nice chunk of savings..
No doubt he was financially set for retirement. So much so that burial insurance didn’t seem like a good use of his money.
However, the unexpected happen.
Not only did his daughter get pregnant, she became addicted to prescription pills.
In an effort to help, he put his daughter into rehab.
It tooks several extended stays in rehab to keep her permanently sober.
But by the time his daughter ended rehab for the last time, virtually ALL of his life savings was gone.
Needless to say, he never imagined any of this happening. And certainly didn’t expect to spend so much saving his daughter from addiction.
And all of this was why he was interested in buying a burial insurance plan from me.
Bottom line, no one knows what to expect from life. Your life can go great. Then one unfortunate thing happens, and everything changes.
Excuse #10: My Kids Said Not To Worry About The Bill
This objection comes in two different forms.
Sometimes, the client informs me her kids have told her not to buy any final expense life insurance, as they plan on taking care of things when the time comes.
Other times, the parent will assume her kids doing financially well will simply “step in” and take care of things, when the time comes.
Either way, this is a horrible plan.
Here’s the truth.
Your burial expense is YOUR responsibility, NOT your kids’.
Your kids have their own bills to pay. Plus, they could easily experience financial disasters, too.
And why would you want to add any financial pressure to them whatsoever?
Have some personal pride. Take care of your own responsibilities.
I don’t mean to be harsh, but it’s true!
Excuse #11: Cremations Are Cheap, So Why Buy Final Expense Life Insurance?
Specifically, you can get cremated for as little as $1,000.
I’m fine with this approach, as long as the person has significant cash reserves on hand.
If you don’t, then you need an affordable cremation insurance plan.
Excuse #12: I’m Donating My Body To Science!
Some people want to donate their bodies to science in order to contribute to medical advances while avoiding a funeral bill completely.
Many people think the local college or university will collect your deceased body on demand under any circumstances.
However, this is not the case.
Most programs like Vanderbilt’s require you to apply for the program in advance.
And many programs reject those with certain health issues.
Plus, you have to consider what your children want, too.
While it is your body after all, your children will want to remember you in a traditional manner with a funeral.
So, keep a small burial life insurance policy on yourself, in case you change your mind.
Worst case scenario,you’ll have a little bit of money for your family to have some fun with, and you’ll be remembered for your generosity!
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
Interested in buying a burial insurance policy? Please feel free to call 888-626-0439 or send me a message for a free quote.