Selling Life Insurance

Life Insurance Policies

Assurance

Assurance is a cost-effective final expense policy to help pay for funeral costs and other expenses after death.

Assurance One

Provide peace of mind by covering the costs related to funeral and burial expenses with a single premium.

Prosperity Select

The death benefit provides a lifetime of financial protection with a single payment through the tax-free transfer of wealth to heirs.

According to a 2021 Life Insurance Barometer Study conducted by the Life Insurance Marketing and Research Association (LIMRA), the top 4 misconceptions about purchasing life insurance are:

  • Life insurance is too expensive
  • My workplace insurance is enough
  • It is too difficult to buy life insurance
  • I don’t need life insurance until I am older

As a life insurance agent, you understand the value and peace of mind the right policy can give your clients and their loved ones. By clearing up these misconceptions with your clients you can ensure they have all the information they need to make the right choice.

Life insurance offers many benefits to both the insured and their beneficiaries. By taking the time to understand the benefits of the different policies offered, you can be sure your client is purchasing the right policy to meet their needs. Three of the top reasons for purchasing life insurance are:

  • Cover Final Expenses: Life insurance policies can cover the cost of your client's funeral, debts, outstanding medical bills, and other expenses.
  • Replace Lost Income: Life insurance can help replace your client's income, ensuring those who are dependent on them will be taken care of after their death.
  • Wealth Transfer: The tax-free death benefit of a single premium whole life policy not only increases the value of an inheritance, it allows for the easy transfer to your client's beneficiaries by avoiding costly and time-consuming probate.

Final Expense, also known as burial insurance, is designed to cover bills and other expenses associated with death. According to the National Funeral Director's Association, the average cost of a funeral in 2017 was $8,755. These are the national averages of some of the typical costs associated with a funeral:

  • Casket - $2,400
  • Burial preparation - $1,300
  • Funeral home basic service fee - $2,100
  • Vault - $1,395
  • Hearse and service car - $475
  • Funeral service - $1,085

In addition to the costs associated with a funeral, there are other financial obligations you will want to discuss with your client to ensure they have enough coverage, such as:

  • Travel costs for loved ones
  • Hospital and/or nursing home bills
  • Unpaid taxes
  • Loans

Unlike other types of life insurance, final expense policies don’t require an invasive medical exam, blood work, or medical records to receive coverage. Most policies can be issued by answering a few health related questions.

With the convenience of a single payment, your client can transfer the money set aside for their children, grandchildren, or charity, federal income tax-free.

Single premium life insurance takes advantage of current tax laws to minimize tax liability by increasing the size of your client's estate in a tax efficient manner and protecting beneficiaries from being moved into a higher tax bracket.

Founded in 1965, Oxford Life Insurance Company is rated "A" Excellent by AM Best, a global credit rating agency for the insurance industry. Contact us today to learn more on becoming an agent with Oxford Life.