Some clients use their savings, crowdfunding websites or ordinary life insurance to pay for funerals, burials and other end-of-life expenses, but others use dedicated insurance arrangements.
Clients who set up arrangements in 2022 seem to be more interested in pre-need life insurance, which is purchased directly from funeral services providers, and less interested in final-expense life insurance, according to new survey data from the Life Insurers Council, which is part of LIMRA and LOMA.
Sales of pre-need insurance increased 3% between 2021 and 2022, to $2 billion, among the 11 participating insurers that provided sales data for both years.
Sales of final expense life fell 5% over that period, to $640 million, among the 22 insurers that provided two years of final expense sales data.
What It Means
Some clients may come to you with pre-need or final expense policies in their collections of important papers.
