As you probably know, no one likes talking about planning their funeral as the conversation can become emotional for most of your clients. When a life insurance policy isn’t possible, your clients and their family/beneficiaries need to know these final expenses are covered – and that’s why final expense insurance has become a viable life insurance product.

The COVID-19 pandemic has brought more focus on “being prepared for the unexpected,” as more than 700,000 deaths in the United States have been attributed to the pandemic as of October 1st. To put things in perspective, 2.4 million funerals occur annually in the United States.

Based on statistics from the National Funeral Directors Association, the national cost of a funeral with viewing and burial for the calendar year 2019 was $7,640. If a vault is included, something typically required by a cemetery, the median cost is $9,135. The cost does not consider cemetery, monument, or marker costs, or miscellaneous cash-advance charges, such as for flowers or an obituary. The national median cost of a funeral with viewing and cremation in 2019 was $5,150.

The reality is only 21% of Americans have even spoken to their loved ones about their wishes, according to the National Funeral Directors Association. The NFDA also found 15.8% of Americans aged 18 to 39 think people should pre-plan their funerals before they’re 40 — something only 7.9% of people over age 60 believed.

That’s where the conversation starts with your clients about final expense insurance! Final expense is designed to be an affordable option without the parameds (i.e., blood/urine, medical exam) or other requirements of most term or permanent life insurance products. The face amount is usually up to $30,000 from most carriers, which can cover funeral/burial expenses and other related costs when the policy owner dies.

How can AIPMA help you sell final expense insurance to your clients and prospects? You can leverage our Final Expense Champions website! Branded only with the FEC logo, you and your agents can gain access to our final expense carriers, lead vendors, quoting tools, e-Apps, and training materials to kick off your final expense sales campaigns!

You simply register yourself or your agents through the website, and they can start utilizing the resources. The newest features include an easy-to-use final expense quote tool, e-App links and instructions, and new lead vendors! We eliminate the paperwork and administrative tasks by leveraging technology to make quoting and submitting final expense applications easy for you!

If you haven’t used Final Expense Champions yet, contact AIPMA’s Business Development team at (800) 783-5206 Press #2 or email marketing@aipma.com. Our staff also can provide a guided online tour of the website as needed.