That is a GREAT question, a question that is asked 100% of the time (or should be) when someone is applying for a final expense or burial insurance policy.

Here is a little hint, if you DON’T ASK THAT QUESTION or you wait till the end of the application process to ask, you might be surprised when you are told;

Okay, now I just need your banking information including; Bank, Routing Number and Account Number.

Trust me when I say this can be an incredibly awkward moment for both the agent and YOU (the client). Here is why it can be awkward;

• You just met the agent and you don’t know much about them except they are a licensed insurance agent, or at least they say they are (hmmm)
• Now, this stranger you do not know has a screen open and is entering your banking information on an application screen – HOW MANY PEOPLE HAVE ACCESS TO THIS INFORMATION?
• Sometimes people just downright refuse to pay their premiums with banking information
• … OR … some people just do not have access to a bank account (for whatever reason, personal preference, divorce, whatever)

This awkward moment is much less awkward if your agent mentions this before the application is started. There are no surprises or moments of embarrassment or confrontation.

OKAY, MOST INSURANCE COMPANIES REQUIRE BANKING INFORMATION – WHAT ABOUT THE OTHERS?

SOLUTION #1 -> WHICH CARRIERS ACCEPT DIRECT EXPRESS (SOCIAL SECURITY) FOR FINAL EXPENSE LIFE INSURANCE?

• Transamerica (we are licensed & contracted)
• AIG (we are licensed & contracted)
• Gerber (we are licensed & contracted)
• Liberty Bankers Life (we are licensed & contracted)
• Great Western (coming soon)
• Trinity (coming soon)

NOTE: Transamerica & Trinity are the only two carriers with “true” Social Security billing through Direct Express. Meaning, they know exactly when the client received their SS benefit & will draft accordingly. It’s great for those months where the 1st or 3rd lands on a weekend.

BONUS – Download Social Security Payment Calendar

SOLUTION #2 -> WHICH CARRIERS ACCEPT CREDIT/DEBIT CARDS?

• Transamerica
• Prosperity
• Fidelity Life Insurance

Pretty simple, ahh? That list may change over time, a few ones added here and a few subtracted there but the list above is solid and accurate.

HINTS, TIPS AND LITTLE KNOWN FACTS WHEN PURCHASING YOUR FINAL EXPENSE POLICY!

So maybe you want to purchase a policy from final expense (who live) insurance company NOT on the list above, take for instance Mutual of Omaha Living Promise. But, you want to pay for the policy with a credit card. What can you do?

We know you will not be able to pay the ongoing monthly premiums with a credit card or Direct Express card, BUT you can pay your first payment with a credit card. Many (most) insurance companies will accept the first payment with a credit card.

SO, if you pay the first payment with a credit card. Yes, typically you can save anywhere from 4-8%. DID YOU KNOW YOU CAN ALSO SAVE MONEY BY PAYING THE FIRST YEAR ANNUAL PREMIUM ALL AT ONCE?

SHOULD I BE AWARE OF ANYTHING ELSE?

Yes, there are a few more very important things to be aware of.

STAY WITHIN YOUR BUDGET

One important consideration if you’re a new life insurance policyholder or are adding coverage to an existing policy, stay within your budget.

The #1 reason people stop paying their life insurance premiums is that they are not able to afford the premium. It’s easy to include a life insurance premium into your budget when you are at the moment. At that moment, you a sense of responsibility to your family and loved ones and it’s human nature to want to go above and beyond the call of duty to protect our loved ones. Make sure your final expense and burial insurance is affordable and within your budget!

You will also not find many agents that try to talk you off the ledge of spending outside your budget, there are not many agents that will ask; “are you sure you can afford that?“. To the contrary, it’s in the agent’s DNA to ask you to purchase … MORE …

There are a few benefits of staying within your budget, one of them is that if you keep your premium affordable (relative to your budget) you can more easily afford to pay your premiums with banking information (giving you choice of the best rates) and potentially paying your premiums annually, which will save you an additional 4-8%.

Which insurance companies accept credit cards and when do they accept credit cards?

Download the US Government 2019 Social Security Benefits Payment Calendar 

SSI/SSDI Benefits Payment Calendar