Mutual of Omaha Living Promise – Affordable Final Expense for Ages 45-85
June 27, 2019
The Ultimate Colonial Penn Life Insurance Review 2019
June 29, 2019
How Do You Pay for Final Expense or Burial Insurance?
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.
SOLUTION #2 -> WHICH CARRIERS ACCEPT CREDIT/DEBIT CARDS?
- Transamerica
- Prosperity
- Fidelity Life Insurance
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?
| Company | Annual payment discount |
|---|---|
| AIG | 4% |
| Banner Life | 5% |
| Brighthouse | 8% |
| John Hancock | 8% |
| Liberty Mutual | 7% |
| Lincoln Financial | 5% |
| Mutual of Omaha | 5% |
| Pacific Life | 2% |
| Principal | 5% |
| Protective | 4% |
| Prudential | 5% |
| SBLI | 4.4% |
| Transamerica | 3% |
SHOULD I BE AWARE OF ANYTHING ELSE?
STAY WITHIN YOUR BUDGET
Which insurance companies accept credit cards and when do they accept credit cards?
| COMPANY | INITIAL PAYMENT | RECURRING PAYMENTS | TEMP. COVERAGE (TIA) |
|---|---|---|---|
| AIG | Yes | No | Yes |
| Banner Life | Yes | No | No |
| Brighthouse | No | No | No |
| John Hancock | No | No | N/A |
| Liberty Mutual | Yes | No | No |
| Lincoln Financial | Yes | No | N/A |
| Mutual of Omaha | Yes | No | No |
| Pacific Life | Yes | No | Yes |
| Principal | No | No | N/A |
| Protective | Yes | No | Yes |
| Prudential | No | No | No |
| SBLI | Yes | No | Yes |
| Transamerica | Yes | Yes | Yes |
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Download the US Government 2019 Social Security Benefits Payment CalendarÂ
