May 8, 2024 • 18 mins
In this riveting episode of 'Up2Speed', we shine the spotlight on the often-overlooked aspect of the insurance industry - Burial /Funeral Insurance. Our expert guest, Nick from Dignity Memorial, deep dives into the basics of burial insurance, outlining the importance of pre-arrangements for funeral services.
The discussion uncovers how such insurance not only saves families from difficult conversations and financial stress but also allows individuals to decide how they would like to be memorialized. It elaborates on the varying costs of funeral services and how prearrangement simplifies cost planning.
We further explore the steps to take to break into the funeral insurance business, covering licensing requirements, commission payments and the ease of underwriting. No strong sales background is needed to engage in this business. The goal is to approach it realistically, focusing on educating clients about the protection they can afford.
The episode underscores the need for agents to create meaningful relationships and simplifying approaches to better cater to everyone. It sheds light on policy changes, beneficiary information changes and other service work aspects. Flexibility of policies and steps taken to prevent fraudulent activities serve as other key points.
Lastly, we emphasize the crucial role of agents and training in shaping the industry. The main theme again circles back to ensuring customer preparedness, encouraging agents to continue upgrading their skills. This episode is a treasure trove of information for both aspiring agents and potential customers.
http://www.dignitymemorial.com/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
All right. Thank you so much. Here we go. We've got an action-packed episode
on our Up to Speed podcast.
We have been talking to agents all over the state of California and pretty much
everywhere in the country.
We know it's a little turbulent out there, and we are about finding ways that
you can help increase your bottom line.
This is a product that many of us might have never even thought about as an
(00:22):
offering to our current clients.
And we've got our buddy Nick here from Dignity Memorial, to break down the burial
funeral insurance that is a product that I honestly know nothing about.
So Nick, thanks for joining us. Sure. Thank you. Thank you for the invitation.
Glad to be on board and looking forward to our time together today.
I'm excited too. So let's jump on in. Talk to me about just basically what this
(00:45):
product is from just a very basic level.
Okay. Well, it's, you know, pre-arrangements or final arrangements,
whether it's just funeral or funeral and cemetery.
But the point is that all of these services can be arranged before the actual need.
And the purpose of it, from an industry perspective, is to avoid the difficult conversation,
(01:06):
which is with the family members that are left behind, having to make these
type of decisions under a lot of stress and having to come up with thousands
and thousands of dollars,
avoiding that and making it an easier conversation, which is the individual
having that on a pre-need basis, and they decide what they want and how they
want to be memorialized and remembered.
(01:27):
And so this product is a life insurance product, but it is a $10,000 limit?
Well, where the insurance product comes into this is, depending upon which angle
you approach it from, there's an insurance product that would cover any unpaid
balance of your funeral arrangements.
Not the cemetery, but the funeral arrangement, if it goes through the service provider.
(01:49):
If I am strictly an insurance agent, then there are specific policies for these
type of services, which could be either for a funeral or a cemetery arrangement.
But those would be specific or earmarked for those type of services.
And just so when we're talking to clients or even just our own personal knowledge,
(02:10):
I mean, what does an average burial moment run a family?
You know, it's going to vary from state to state. In California,
as you know, we're not the least expensive state in terms of cost of living.
I think the best way to answer your question there, Samantha, is this.
It's never going to be less expensive than it is today. So you peer arrange today.
(02:31):
And the important factor there is that if you don't prearrange at the time of
need, you're paying thousands and thousands and thousands of dollars and there's no payment plan.
Our industry providers need payment in full.
Yeah, which is, you know, tough. You're emotional. You're dealing with a lot of different things.
And then you've got, you know, a huge bill and a lot of families are not in
a position to be making those payments.
(02:53):
And unfortunately, a lot of people don't plan for, you know, the inevitable.
And so this is a way that you can help protect your family from having to make
those uncomfortable decisions, as you've said.
So that's a great point. And just because, you know, we as consumers,
we plan for everything else, minus with the exception of this one thing that's
absolutely going to happen to all of us. You're right.
(03:16):
So here's another question. So let's say I'm just a consumer and I'm interested
in purchasing, you know, a standard policy or package. How much does that cost?
Well, you know, let's stick to California. You know, in California,
for your basic funeral, you can be anywhere from, if it's, let's say,
a simple cremation for a few thousand dollars to tens of thousands of dollars.
(03:39):
It just depends on what type of service or how you want to be remembered.
So it can be anywhere in between. The point is that on a pre-planning basis, you can budget for it.
Right, right, which is huge. Huge. So as we go back to that starting conversation
of here, we've got agents in the marketplace that have been doing great.
(03:59):
And now there's like the e-brake has been pulled on a lot of us here in California,
Florida, these states that are more challenging with writing risks.
And so a lot of these agencies are trying to find products and services that
they can get involved with to serve their clients and still obviously build the bottom line.
So let's say I I am a property and casualty agent like myself,
(04:21):
and now I'm looking at this going, okay, this could be something that might
be something I want to get into.
What does it look like for someone like myself that now wants to perhaps offer these products? Yeah.
Well, the dynamic and the frame of mind that as an agent you want to have and
you must have is this, that you have a product that is not optional for people.
These products and services have to be purchased.
(04:44):
And there's only two ways they can be purchased on a pre-need basis or at need basis.
But they have to be purchased. So all consumers are already consumers or are
customers of our industry, whether they accept it or not.
They're already customers. The only question is, whose customer are they going
to be buying or yours as an agent to provide these products and services?
(05:08):
Which is, you know, they they say the only two things that are for sure in life
are death and taxes. And we have death covered.
You've got that part covered. So as far as, you know, getting into the space,
you've got to have a license to do so, which is a little bit different than
just the normal life or PNC.
If you are a life and health, accident health, fully licensed,
(05:29):
you know, you did the 52 hours, you're ready to go.
You can really get involved and
start to sell these products without any additional licensure, correct?
As a life insurance, strictly a life insurance agent, it's just another product,
but a product that is required that you're going to have to have.
So it's just another tool in the toolbox. box. You would have to align yourself
(05:50):
with a company that offers specifically these type of policies for this service,
or with your existing line of products, life products,
you would position it that it's specifically for end-of-life costs.
So it depends on how you position it, whether you're existing a line of products
or you align yourself with a company that specifically offers these types of policies.
(06:13):
And on the P&C side, if you're a property and casualty or commercial agent,
you would need to get either a full-blown life license or what they have is
the limited life or the pre-need license, which one cool thing about this one
is it doesn't require any 52 hours or 40 hours. It is just take a test.
Yeah. In California, there's no prerequisite hours. And even better than that,
(06:35):
every two years, there are no continuation hours. There's no CE.
Yeah, which is great. So now here's the big, the big million dollar question.
I mean, are these These policies paying a commission because,
you know, like a health insurance, individual health used to be able to make
a pretty good commission.
And now it's been downgraded to three to five percent. So talk about what that
(06:57):
looks like from an income perspective.
From an income perspective, if you're if you're solely relying on this as being
your only or single stream of revenue, then.
It would be a challenge to get through the day and pay all your bills just with this.
But as an added feature or just another tool you have to offer,
(07:18):
a great way to just supplement what you're already doing and open the doors
to other types of coverages you might offer.
But you can start with this, which is what everyone is going to have to have,
and then build off of that.
But you can certainly be a great addition to what you already offer,
but a great way to open the door into other things as well. And what's the underwriting
(07:39):
like for something like this?
Is it like writing, you know, other types of policies that we're familiar with? Is it easy?
Well, very easy. And many companies that offer these types of policies offer
multiple types of policies, multiple options, some with a two-year waiting period,
so just a return of premium type of scenario.
So underwriting, many companies just ask a few specific health questions,
(08:01):
and all they look into are those areas that cover those questions.
Everything else doesn't come into play.
And I assume you can't know that you have, say, a terminal illness and come
in and buy a product like this. You need to be healthy-ish?
Not necessarily. And that's why in some of these policies, it's just a return of premium.
And there's that two-year waiting period, depending upon what the situation might be.
(08:24):
So now here's another question, because we kind of touched on it before we started
recording. This is kind of a touchy product to sell.
It's an emotional kind of product, because it's not like you're buying auto
insurance, where you're not having any emotion other than writing the check kind of hurts a bit.
You know, these are end of life decisions and things like that.
I mean, the types of client, when you're dealing with a client,
(08:46):
I would assume you've got to have a different energy with the sale, right? Right.
Yes, but the energy you have to have is just being realistic with people.
Insurance in general is about protection.
And this type of protection is something that's inevitable. It's something that everyone needs.
Everybody needs it. Either you're going to be protected against it or it's going
(09:10):
to be met at the time of need.
And at that time, it's not protection. It's just a service you have to have.
So here's another one. So do you need to have a super strong sales background
when you're coming into this different space?
Because some people may be kind of okay with like a warm sale on an existing.
Others may say, hey, this is a complete market I want to attack and go after.
(09:30):
I mean, do you have to be, you know, the sales guru to get in here?
I mean, it sounds like it's not too challenging.
Well, the reason it isn't challenging is this, is that everyone's already a customer.
So you're not being picky. You talk to everyone because everyone needs this.
A challenge comes in that, as you mentioned, people aren't ready.
This is not a topic that people are ready to talk about every day, but that's okay.
(09:53):
The thing is this, and this is the way our industry works. People think about
what we do, a light turns on for them, and they say, oh, I need to talk to someone about this.
So you speak with enough people on a daily basis.
You'll find those that are ready to move forward immediately.
The others, you continue to develop a relationship so that when they're ready,
they know who to call. Mm-hmm.
But it makes your approach simple because you talk to everyone because everyone's
(10:18):
already a customer of our industry.
I love that. It's an interesting dynamic when you throw it that way,
but it totally makes sense. Yeah, yeah.
If you're not ready now, that's okay, Samantha. When you are ready,
I just want to make sure you know how to get a hold of me. Exactly.
Is there anyone you can refer to me that might be interested now with this?
And I'll stay in touch with you and develop our relationship.
So when you're ready, you know who to call and how to get a hold of me.
(10:40):
Right. And as far as the service work that goes along with it,
because a lot of policies have beneficiary changes or different information
changes and those types of things.
Is there a lot of, you know, where is that hard to do or is it pretty?
Not at all. Not at all. I mean, as a consumer, I'll be given all the contact
numbers if it's needed at the time of need and it will be needed, who to contact.
(11:02):
But invariably, what happens is you always contact your agent first,
even though the agent has told you multiple times that when you need this, this is who you call.
These are the numbers you call. And you'll write them down and keep them in
a safe place, but inevitably, you'll end up calling the agent directly.
Right. And it's, again, just going back to that planning to help your family
with transitions is, you know, when we become grownups, we have to do these different things.
(11:26):
And especially if we have assets and children and, you know,
people that are, you know, requiring us to, you know, have these things figured
out. So it's not just a mess at the end.
No, and the way that it's framed in our industry many times is,
and this is what families tell us, you know, that they're left with this wonderful
gift, this blessing. And people will call it that.
But if you think about it, we don't eliminate anything.
(11:50):
We just minimize. We make a difficult time just a bit easier to navigate through.
And what if someone purchases a policy at X amount, and let's say the family
wanted to do different things, or maybe they didn't want to,
I would assume that they're going to go with the plan, but let's say somebody
wanted this tombstone and they want this one.
(12:10):
How does that work with the changes and things after someone Someone has passed.
You know, it depends on the type of policy. There are some policies that specifically
only pay for these type of services.
And then there are other policies where the beneficiary will have a little more
flexibility on what they can do with that benefit.
So it really depends on the type of policy.
And how many different carriers and different markets are there that sell these policies?
(12:34):
Well, you know, carriers that are just specific to us, to this industry, are few.
But because in essence, it's a life insurance policy, many companies are just
changing the way they market their existing policies to cover these types of
costs at the time of need.
Because you see them called so many different things, you know,
you know, burial, final expense.
(12:57):
There's a lot of different verbiage, and it basically just means the same thing.
Yeah, let's say mortgage insurance. What's mortgage insurance?
It's life insurance, right? It's a life insurance policy.
Now, with the instability, if you will, of just the insurance marketplace,
does this product, you know, are you seeing anything, you know,
have there been any rumblings of the changes, legislation or anything that would
(13:18):
have anything to do with this market?
Or is it pretty safe? And actually, actually,
the way that all of this came into play and insurance came into play is to take
some of that responsibility off the government and have private enterprise help
in at these different at different different difficult times.
So, no, from a government agency standpoint, no, they need the insurance industry
(13:40):
so that it takes some responsibilities off of them from a financial perspective.
And also the cost to a consumer, you know, just on an average,
do they get to pay it monthly? Is it a couple hundred bucks or is it something
they pay in full and it's over with and that's it?
There's always something that will fit into the budget of any consumer.
Something is better than nothing. Right. That's the way the insurance industry
(14:02):
approaches it. You know, what can you afford today?
Great. Next week, you're waiting for a check. Let's talk about next week, next week.
Let's talk about what can be done today because something is better than nothing.
Here's another question. There's always the lingering of fraud that goes along
with the industry, especially when you're dealing with people at a,
you know, older, next level of life, right?
(14:25):
So I'm assuming most of, you know, not most, but a good majority of people are,
you know, they're over 50, they're on the different, they're thinking about things differently.
So is there some, you know, things in place to help, you know,
navigate the fraudulent market that, you know, people are getting taken advantage of?
Well, you know, just to begin with how highly regulated the insurance industry
is, you combine that with your local government, specifically the overseas agencies,
(14:48):
cemetery and funeral services.
Now you combine those two agencies that overlap.
So there's a lot more diligence going on as far as making sure that from a consumer
perspective, no one is being taken advantage of.
Yeah. I mean, we had a session a couple months ago, weeks ago with,
we were talking Medicare and just how many people get taken.
And there's all these things in place because of all these horrible things that
(15:09):
have happened to people.
Because again, it's a sensitive subject. You're at a different place in life
and it's, You know, people are taking advantage of.
And, you know, I think it's across the board, too, in the industry, unfortunately.
Yeah, it is. But it's still as a consumer, we still need to shoulder our own
responsibility as consumers and understand fully what we're signing or agreeing to.
No, I think it's such an important, intelligent conversation to have.
(15:32):
So, you know, in all the years, I mean, you've been in the business for 40 plus years.
I mean, you've you've been around the block a few times, a few times,
you know, your stuff. You know, as far as a product goes, I mean,
this seems to be such a, you know, you've done different things in the industry.
I mean, what's your opinion?
I mean, obviously you like this, but, you know, as something for,
you know, think about yourself as an agent or a young agent or somebody that's
(15:56):
in this seat of, you know, somewhat chaos.
I mean, this seems like such a slam dunk to get into.
You know, years ago when I was doing strictly insurance, life insurance,
the scenario depended where you're having a service, someone's passed away.
And then you see some service providers, whether it's caterers or folks that
brought the flowers or whatever, and you know that they have a bill in their hand for you.
(16:21):
But then you see your insurance agent, and what he has for you is a check.
So we approach it from the same way. All your family has to think about on that
day is to be on time because you took care of everything.
We assisted with it. Sure, we'll provide insurance, but you took care of everything. thing.
So again, what we make easier to navigate through is a difficult time.
(16:45):
Nick, you're so good. See, I want to sign up right now. So now let's say I am ready to go.
As far as an agent goes, what's the onboarding? What's it look like to get involved
to be able to start selling products?
It'll vary from carrier to carrier. Or if you get into the industry directly
through one of the service providers, you'll go through quite a bit of training.
(17:05):
I I mean, with us, you go through a hardcore in-class two-week training and
then training after that throughout your career.
So it really depends from what angle you approach it. But regardless,
you will go through some training to understand the industry and the market
and the consumer and who you'll be working with and why you'll be working with them.
No, it's good. And I think the training part, you're never too old to learn
(17:28):
a little bit of something new.
Well, if you're not learning something new every day, you're behind the eight
ball. Hey, if you've got it figured out all out, you come find us and teach us.
Well, Nick, I can't say thank you enough. I think this conversation is definitely
going to open up somebody's ears and their eyes to, hey, you know what?
There are some other things that maybe they weren't even thinking about out there.
(17:48):
We will put in our show notes ways to find you.
And, you know, if anybody's got any questions, I'm sure that you're there and
helpful and ready to answer them.
We were really just honored to be able to share space today. So thank you.
No, thank you. And again, whether it's with a company that I represent or another,
as long as you as a consumer having this conversation, that's the important thing.
(18:11):
Right. You don't move forward with making arrangements.
As long as you've had the conversation, okay, that's an important first step.
It's great. And it's like going back to it, one thing, everybody is a customer.
Yeah. And I'm pretty straightforward with people. I'll say, well,
you know, I'm either going to work with you or with your family. one.
I mean, minus the water company, because we need water.
(18:32):
I don't know what other industry every single person is a customer. There you go.
Well, Nick, thanks for keeping us up to speed.
All right. Thank you so much. Here we go. We've got an action-packed episode
on our Up to Speed podcast.
We have been talking to agents all over the state of California and pretty much
everywhere in the country.
We know it's a little turbulent out there, and we are about finding ways that
you can help increase your bottom line.
This is a product that many of us might have never even thought about as an
(00:22):
offering to our current clients.
And we've got our buddy Nick here from Dignity Memorial, to break down the burial
funeral insurance that is a product that I honestly know nothing about.
So Nick, thanks for joining us. Sure. Thank you. Thank you for the invitation.
Glad to be on board and looking forward to our time together today.
I'm excited too. So let's jump on in. Talk to me about just basically what this
(00:45):
product is from just a very basic level.
Okay. Well, it's, you know, pre-arrangements or final arrangements,
whether it's just funeral or funeral and cemetery.
But the point is that all of these services can be arranged before the actual need.
And the purpose of it, from an industry perspective, is to avoid the difficult conversation,
(01:06):
which is with the family members that are left behind, having to make these
type of decisions under a lot of stress and having to come up with thousands
and thousands of dollars,
avoiding that and making it an easier conversation, which is the individual
having that on a pre-need basis, and they decide what they want and how they
want to be memorialized and remembered.
(01:27):
And so this product is a life insurance product, but it is a $10,000 limit?
Well, where the insurance product comes into this is, depending upon which angle
you approach it from, there's an insurance product that would cover any unpaid
balance of your funeral arrangements.
Not the cemetery, but the funeral arrangement, if it goes through the service provider.
(01:49):
If I am strictly an insurance agent, then there are specific policies for these
type of services, which could be either for a funeral or a cemetery arrangement.
But those would be specific or earmarked for those type of services.
And just so when we're talking to clients or even just our own personal knowledge,
(02:10):
I mean, what does an average burial moment run a family?
You know, it's going to vary from state to state. In California,
as you know, we're not the least expensive state in terms of cost of living.
I think the best way to answer your question there, Samantha, is this.
It's never going to be less expensive than it is today. So you peer arrange today.
(02:31):
And the important factor there is that if you don't prearrange at the time of
need, you're paying thousands and thousands and thousands of dollars and there's no payment plan.
Our industry providers need payment in full.
Yeah, which is, you know, tough. You're emotional. You're dealing with a lot of different things.
And then you've got, you know, a huge bill and a lot of families are not in
a position to be making those payments.
(02:53):
And unfortunately, a lot of people don't plan for, you know, the inevitable.
And so this is a way that you can help protect your family from having to make
those uncomfortable decisions, as you've said.
So that's a great point. And just because, you know, we as consumers,
we plan for everything else, minus with the exception of this one thing that's
absolutely going to happen to all of us. You're right.
(03:16):
So here's another question. So let's say I'm just a consumer and I'm interested
in purchasing, you know, a standard policy or package. How much does that cost?
Well, you know, let's stick to California. You know, in California,
for your basic funeral, you can be anywhere from, if it's, let's say,
a simple cremation for a few thousand dollars to tens of thousands of dollars.
(03:39):
It just depends on what type of service or how you want to be remembered.
So it can be anywhere in between. The point is that on a pre-planning basis, you can budget for it.
Right, right, which is huge. Huge. So as we go back to that starting conversation
of here, we've got agents in the marketplace that have been doing great.
(03:59):
And now there's like the e-brake has been pulled on a lot of us here in California,
Florida, these states that are more challenging with writing risks.
And so a lot of these agencies are trying to find products and services that
they can get involved with to serve their clients and still obviously build the bottom line.
So let's say I I am a property and casualty agent like myself,
(04:21):
and now I'm looking at this going, okay, this could be something that might
be something I want to get into.
What does it look like for someone like myself that now wants to perhaps offer these products? Yeah.
Well, the dynamic and the frame of mind that as an agent you want to have and
you must have is this, that you have a product that is not optional for people.
These products and services have to be purchased.
(04:44):
And there's only two ways they can be purchased on a pre-need basis or at need basis.
But they have to be purchased. So all consumers are already consumers or are
customers of our industry, whether they accept it or not.
They're already customers. The only question is, whose customer are they going
to be buying or yours as an agent to provide these products and services?
(05:08):
Which is, you know, they they say the only two things that are for sure in life
are death and taxes. And we have death covered.
You've got that part covered. So as far as, you know, getting into the space,
you've got to have a license to do so, which is a little bit different than
just the normal life or PNC.
If you are a life and health, accident health, fully licensed,
(05:29):
you know, you did the 52 hours, you're ready to go.
You can really get involved and
start to sell these products without any additional licensure, correct?
As a life insurance, strictly a life insurance agent, it's just another product,
but a product that is required that you're going to have to have.
So it's just another tool in the toolbox. box. You would have to align yourself
(05:50):
with a company that offers specifically these type of policies for this service,
or with your existing line of products, life products,
you would position it that it's specifically for end-of-life costs.
So it depends on how you position it, whether you're existing a line of products
or you align yourself with a company that specifically offers these types of policies.
(06:13):
And on the P&C side, if you're a property and casualty or commercial agent,
you would need to get either a full-blown life license or what they have is
the limited life or the pre-need license, which one cool thing about this one
is it doesn't require any 52 hours or 40 hours. It is just take a test.
Yeah. In California, there's no prerequisite hours. And even better than that,
(06:35):
every two years, there are no continuation hours. There's no CE.
Yeah, which is great. So now here's the big, the big million dollar question.
I mean, are these These policies paying a commission because,
you know, like a health insurance, individual health used to be able to make
a pretty good commission.
And now it's been downgraded to three to five percent. So talk about what that
(06:57):
looks like from an income perspective.
From an income perspective, if you're if you're solely relying on this as being
your only or single stream of revenue, then.
It would be a challenge to get through the day and pay all your bills just with this.
But as an added feature or just another tool you have to offer,
(07:18):
a great way to just supplement what you're already doing and open the doors
to other types of coverages you might offer.
But you can start with this, which is what everyone is going to have to have,
and then build off of that.
But you can certainly be a great addition to what you already offer,
but a great way to open the door into other things as well. And what's the underwriting
(07:39):
like for something like this?
Is it like writing, you know, other types of policies that we're familiar with? Is it easy?
Well, very easy. And many companies that offer these types of policies offer
multiple types of policies, multiple options, some with a two-year waiting period,
so just a return of premium type of scenario.
So underwriting, many companies just ask a few specific health questions,
(08:01):
and all they look into are those areas that cover those questions.
Everything else doesn't come into play.
And I assume you can't know that you have, say, a terminal illness and come
in and buy a product like this. You need to be healthy-ish?
Not necessarily. And that's why in some of these policies, it's just a return of premium.
And there's that two-year waiting period, depending upon what the situation might be.
(08:24):
So now here's another question, because we kind of touched on it before we started
recording. This is kind of a touchy product to sell.
It's an emotional kind of product, because it's not like you're buying auto
insurance, where you're not having any emotion other than writing the check kind of hurts a bit.
You know, these are end of life decisions and things like that.
I mean, the types of client, when you're dealing with a client,
(08:46):
I would assume you've got to have a different energy with the sale, right? Right.
Yes, but the energy you have to have is just being realistic with people.
Insurance in general is about protection.
And this type of protection is something that's inevitable. It's something that everyone needs.
Everybody needs it. Either you're going to be protected against it or it's going
(09:10):
to be met at the time of need.
And at that time, it's not protection. It's just a service you have to have.
So here's another one. So do you need to have a super strong sales background
when you're coming into this different space?
Because some people may be kind of okay with like a warm sale on an existing.
Others may say, hey, this is a complete market I want to attack and go after.
(09:30):
I mean, do you have to be, you know, the sales guru to get in here?
I mean, it sounds like it's not too challenging.
Well, the reason it isn't challenging is this, is that everyone's already a customer.
So you're not being picky. You talk to everyone because everyone needs this.
A challenge comes in that, as you mentioned, people aren't ready.
This is not a topic that people are ready to talk about every day, but that's okay.
(09:53):
The thing is this, and this is the way our industry works. People think about
what we do, a light turns on for them, and they say, oh, I need to talk to someone about this.
So you speak with enough people on a daily basis.
You'll find those that are ready to move forward immediately.
The others, you continue to develop a relationship so that when they're ready,
they know who to call. Mm-hmm.
But it makes your approach simple because you talk to everyone because everyone's
(10:18):
already a customer of our industry.
I love that. It's an interesting dynamic when you throw it that way,
but it totally makes sense. Yeah, yeah.
If you're not ready now, that's okay, Samantha. When you are ready,
I just want to make sure you know how to get a hold of me. Exactly.
Is there anyone you can refer to me that might be interested now with this?
And I'll stay in touch with you and develop our relationship.
So when you're ready, you know who to call and how to get a hold of me.
(10:40):
Right. And as far as the service work that goes along with it,
because a lot of policies have beneficiary changes or different information
changes and those types of things.
Is there a lot of, you know, where is that hard to do or is it pretty?
Not at all. Not at all. I mean, as a consumer, I'll be given all the contact
numbers if it's needed at the time of need and it will be needed, who to contact.
(11:02):
But invariably, what happens is you always contact your agent first,
even though the agent has told you multiple times that when you need this, this is who you call.
These are the numbers you call. And you'll write them down and keep them in
a safe place, but inevitably, you'll end up calling the agent directly.
Right. And it's, again, just going back to that planning to help your family
with transitions is, you know, when we become grownups, we have to do these different things.
(11:26):
And especially if we have assets and children and, you know,
people that are, you know, requiring us to, you know, have these things figured
out. So it's not just a mess at the end.
No, and the way that it's framed in our industry many times is,
and this is what families tell us, you know, that they're left with this wonderful
gift, this blessing. And people will call it that.
But if you think about it, we don't eliminate anything.
(11:50):
We just minimize. We make a difficult time just a bit easier to navigate through.
And what if someone purchases a policy at X amount, and let's say the family
wanted to do different things, or maybe they didn't want to,
I would assume that they're going to go with the plan, but let's say somebody
wanted this tombstone and they want this one.
(12:10):
How does that work with the changes and things after someone Someone has passed.
You know, it depends on the type of policy. There are some policies that specifically
only pay for these type of services.
And then there are other policies where the beneficiary will have a little more
flexibility on what they can do with that benefit.
So it really depends on the type of policy.
And how many different carriers and different markets are there that sell these policies?
(12:34):
Well, you know, carriers that are just specific to us, to this industry, are few.
But because in essence, it's a life insurance policy, many companies are just
changing the way they market their existing policies to cover these types of
costs at the time of need.
Because you see them called so many different things, you know,
you know, burial, final expense.
(12:57):
There's a lot of different verbiage, and it basically just means the same thing.
Yeah, let's say mortgage insurance. What's mortgage insurance?
It's life insurance, right? It's a life insurance policy.
Now, with the instability, if you will, of just the insurance marketplace,
does this product, you know, are you seeing anything, you know,
have there been any rumblings of the changes, legislation or anything that would
(13:18):
have anything to do with this market?
Or is it pretty safe? And actually, actually,
the way that all of this came into play and insurance came into play is to take
some of that responsibility off the government and have private enterprise help
in at these different at different different difficult times.
So, no, from a government agency standpoint, no, they need the insurance industry
(13:40):
so that it takes some responsibilities off of them from a financial perspective.
And also the cost to a consumer, you know, just on an average,
do they get to pay it monthly? Is it a couple hundred bucks or is it something
they pay in full and it's over with and that's it?
There's always something that will fit into the budget of any consumer.
Something is better than nothing. Right. That's the way the insurance industry
(14:02):
approaches it. You know, what can you afford today?
Great. Next week, you're waiting for a check. Let's talk about next week, next week.
Let's talk about what can be done today because something is better than nothing.
Here's another question. There's always the lingering of fraud that goes along
with the industry, especially when you're dealing with people at a,
you know, older, next level of life, right?
(14:25):
So I'm assuming most of, you know, not most, but a good majority of people are,
you know, they're over 50, they're on the different, they're thinking about things differently.
So is there some, you know, things in place to help, you know,
navigate the fraudulent market that, you know, people are getting taken advantage of?
Well, you know, just to begin with how highly regulated the insurance industry
is, you combine that with your local government, specifically the overseas agencies,
(14:48):
cemetery and funeral services.
Now you combine those two agencies that overlap.
So there's a lot more diligence going on as far as making sure that from a consumer
perspective, no one is being taken advantage of.
Yeah. I mean, we had a session a couple months ago, weeks ago with,
we were talking Medicare and just how many people get taken.
And there's all these things in place because of all these horrible things that
(15:09):
have happened to people.
Because again, it's a sensitive subject. You're at a different place in life
and it's, You know, people are taking advantage of.
And, you know, I think it's across the board, too, in the industry, unfortunately.
Yeah, it is. But it's still as a consumer, we still need to shoulder our own
responsibility as consumers and understand fully what we're signing or agreeing to.
No, I think it's such an important, intelligent conversation to have.
(15:32):
So, you know, in all the years, I mean, you've been in the business for 40 plus years.
I mean, you've you've been around the block a few times, a few times,
you know, your stuff. You know, as far as a product goes, I mean,
this seems to be such a, you know, you've done different things in the industry.
I mean, what's your opinion?
I mean, obviously you like this, but, you know, as something for,
you know, think about yourself as an agent or a young agent or somebody that's
(15:56):
in this seat of, you know, somewhat chaos.
I mean, this seems like such a slam dunk to get into.
You know, years ago when I was doing strictly insurance, life insurance,
the scenario depended where you're having a service, someone's passed away.
And then you see some service providers, whether it's caterers or folks that
brought the flowers or whatever, and you know that they have a bill in their hand for you.
(16:21):
But then you see your insurance agent, and what he has for you is a check.
So we approach it from the same way. All your family has to think about on that
day is to be on time because you took care of everything.
We assisted with it. Sure, we'll provide insurance, but you took care of everything. thing.
So again, what we make easier to navigate through is a difficult time.
(16:45):
Nick, you're so good. See, I want to sign up right now. So now let's say I am ready to go.
As far as an agent goes, what's the onboarding? What's it look like to get involved
to be able to start selling products?
It'll vary from carrier to carrier. Or if you get into the industry directly
through one of the service providers, you'll go through quite a bit of training.
(17:05):
I I mean, with us, you go through a hardcore in-class two-week training and
then training after that throughout your career.
So it really depends from what angle you approach it. But regardless,
you will go through some training to understand the industry and the market
and the consumer and who you'll be working with and why you'll be working with them.
No, it's good. And I think the training part, you're never too old to learn
(17:28):
a little bit of something new.
Well, if you're not learning something new every day, you're behind the eight
ball. Hey, if you've got it figured out all out, you come find us and teach us.
Well, Nick, I can't say thank you enough. I think this conversation is definitely
going to open up somebody's ears and their eyes to, hey, you know what?
There are some other things that maybe they weren't even thinking about out there.
(17:48):
We will put in our show notes ways to find you.
And, you know, if anybody's got any questions, I'm sure that you're there and
helpful and ready to answer them.
We were really just honored to be able to share space today. So thank you.
No, thank you. And again, whether it's with a company that I represent or another,
as long as you as a consumer having this conversation, that's the important thing.
(18:11):
Right. You don't move forward with making arrangements.
As long as you've had the conversation, okay, that's an important first step.
It's great. And it's like going back to it, one thing, everybody is a customer.
Yeah. And I'm pretty straightforward with people. I'll say, well,
you know, I'm either going to work with you or with your family. one.
I mean, minus the water company, because we need water.
(18:32):
I don't know what other industry every single person is a customer. There you go.
Well, Nick, thanks for keeping us up to speed.
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