Charity Funded Final Expense

What is the #1 objection you hear when selling Final Expense Policies?

That they can't afford it.

Imagine getting paid a commission for helping seniors age 70-85 years old receive the benefits of a Final Expense Policy without them having to pay the premiums from their existing household budget and you never risk getting a chargeback!

You get to inform them that there is a non-profit organization that will provide your clients and prospects with 100% of their premium payments for them.

Who is 70-85 years old that you can help?

Your past clients between the age of 70-85, they can get additional protection.
Your past prospects who couldn’t afford coverage.
Your past clients who had to drop their coverage, even if it resulted in a chargeback for you.
Seniors who are struggling to afford their current policies.
Your future prospects.

What are the underwriting knockout questions?

They can’t be in a nursing home.
They can’t be on oxygen.
They can’t be diagnosed with AIDS.
They can’t have been diagnosed by a doctor to have 12 months or less to live.

Beyond that, there is a checklist of health questions for you to go over with them, that when combined with their age will determine the size of the policy they qualify for, with a face amount from $10,000 to $40,000, half of which their beneficiary will receive, half of which goes to the non profit.

If they pass the knockout questions, 97% will qualify for financial assistance to cover 100% of the premiums for their policy.

What are the benefits for you, the agent?

Zero risk of chargebacks – The non-profit is covering 100% of the premium payments, you are not at risk of chargebacks.
Generous commissions – You are paid commissions on every policy that you write.
You get to help seniors who otherwise would not be able to afford to get coverage.
You can help seniors who are financially struggling to afford their current coverage.
An opportunity for a generous residual income.

This all sounds great, but what's the catch?

This is only for face to face agents, you cannot provide this service over the phone or with a Zoom call.
You must be licensed to sell life insurance in one of the twenty states that the program is in.
If you are a captive agent, you will need approval from your existing carrier.
While the program is adding states in the future, it is currently only available in twenty states. You can receive commissions from someone in your downline if you are not in one of these states, but unless you are able to see people face to face in the following states, you cannot personally participate until your state is added.

How did you resolve the "Insurable Interest" issue?

The policy holder makes a one time, $126 tax deductible donation to the non-profit and becomes a member, which establishes the insurable interest. This is a donation to the non-profit, not a premium payment, so the agent can choose to make the donation themselves if the policy holder is unable to afford the donation.

How did you resolve the Captive Agent or Unreleased Agent issue?

The agent (you) aren’t appointed to the carriers and this has no impact on your existing carrier/IMO relationships. Upon paying a one time fee of $157.95 and an ongoing fee of $19.95 per month, you sign up with the third party administrator which handles the initial training, placing the policies after you submit them with the carrier that offers the largest policy (and the largest commission), notifying you of any issues and helping you resolve them, notifying you when the policies are issued and making certain that you receive your commissions both for policies you sell and any overrides you have earned from agents that you recruit.

This remains completely independent of any other carrier/IMO relationship you may have. There is no per-policy charge, an agent recently submitted 28 policies in a single month, for the same monthly fee. You can continue to write all of the policies that you choose to with your existing carriers.

Can I recruit other agents for this program and get overrides on their sales?

Yes. They will receive the same commissions you would have received, and in addition you receive an override from 5% to 20% of their commission amount.

The program is currently available in the following states:

ALABAMA, ARIZONA, CALIFORNIA, COLORADO, CONNECTICUT, FLORIDA, GEORGIA, HAWAII, ILLINOIS, LOUISIANA, NEVADA, MARYLAND, MINNISOTA, MISSOURI, OREGON, PENNSYLVANIA, SOUTH CAROLINA, TEXAS, VIRGINIA, WASHINGTON

Additional states may be added over time, and you do not need to be licensed in a state in order to receive overrides from agents you recruit that are in those states.