Final Expense life insurance may seem like a strange bedfellow to annuities and asset-based LTC. After all, the average household income is $35,000 and most clients are over 65 and purchase the life insurance to cover burial and other final expenses.
Quite often, these clients need guaranteed sources of lifetime income to cover their fixed expenses. That’s where the annuity relationship comes in. Other than SPIA’s, only annuities with lifetime income riders can provide the kind of guarantees so vitally needed by these clients.
Recently, core life insurance carriers have entered the lucrative final expense arena, a $450,000,000 business serving more than 750,000 customers. Clients that purchase income annuities also buy final expense life insurance. The average sale for an income annuity is approximately $80,000 and the average premium for final expense life is over $600. For more information on marketing final expense life, contact your MarketMaxx Sales Vice President, Andrew Yska.
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