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;
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.
SOLUTION #1 -> WHICH CARRIERS ACCEPT DIRECT EXPRESS (SOCIAL SECURITY) FOR FINAL EXPENSE LIFE INSURANCE?
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.
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|
|Mutual of Omaha||5%|
|COMPANY||INITIAL PAYMENT||RECURRING PAYMENTS||TEMP. COVERAGE (TIA)|
|Mutual of Omaha||Yes||No||No|