Burial Insurance Payments with Direct Express and Social Security .pdf
Original filename: Burial Insurance Payments with Direct Express and Social Security.pdf
Title: Burial Insurance Payments with Direct Express, Social Security (SSI/SSDI)
Author: Michael Lucy
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How Do You Pay for Final
Expense or Burial
That is a GREAT question, a question that is asked 100% of the
time (or should be) when someone is applying for a final expense or
burial insurance policy.
Here is a little hint, if you DON'T ASK THAT QUESTION or you wait
til the end of the application process to ask, you might be surprised
when you are told;
Okay, now I just need your banking information including; Bank, Routing
Number and Account Number.
Trust me when I say this can be an incredibly awkward moment for
both the agent and YOU (the client). Here is why it can be awkward;
● You just met the agent and you don't know much about
them except they are a licensed insurance agent, or at
least they say they are (hmmm)
● Now, this stranger you do not really know has a screen
open and is entering your banking information on an
application screen - HOW MANY PEOPLE HAVE ACCESS
TO THIS INFORMATION?
● Sometimes people just downright refuse to pay their
premiums with banking information
● ... OR ... some people just do not have access to a bank
account (for whatever reason, personal preference,
This awkward moment is much less awkward if your agent mentions
this before the application is started. There are no surprises or
moments of embarrassment or confrontation.
OKAY, MOST INSURANCE COMPANIES
REQUIRE BANKING INFORMATION WHAT ABOUT THE OTHERS?
SOLUTION #1 -> WHICH CARRIERS ACCEPT DIRECT
EXPRESS (SOCIAL SECURITY) FOR FINAL EXPENSE LIFE
Transamerica (we are licensed & contracted)
AIG (we are licensed & contracted)
Gerber (we are licensed & contracted)
Liberty Bankers Life (we are licensed & contracted)
Great Western (coming soon)
Trinity & Family Benefit Life (coming soon)
NOTE: Transamerica & Trinity are the only two carriers with "true"
Social Security billing through Direct Express. Meaning, they know
exactly when the client received their SS benefit & will draft
accordingly. It's great for those months where the 1st or 3rd lands
on a weekend.
SOLUTION #2 -> WHICH CARRIERS ACCEPT CREDIT/DEBIT
● Fidelity Life Insurance
Pretty simple, ahh? That list may change over time, a few ones
added here and a few subtracted there but the list above is solid and
HINTS, TIPS AND LITTLE KNOWN FACTS
WHEN PURCHASING YOUR FINAL EXPENSE
So maybe you REALLY REALLY want to purchase a policy from
final expense (who life) insurance company NOT on the list above,
take for instance Mutual of Omaha Living Promise. But, you really
want to pay for the policy with a credit card. What can you do?
We know you will not be able to pay the ongoing monthly premiums
with a credit card or Direct Express card, BUT you can pay your first
payment with a credit card. Many (most) insurance companies will
accept the first payment with a credit card.
SO, if you pay the first payment with a credit card. Yes, typically you
can save anywhere from 4-8%. DID YOU KNOW YOU CAN ALSO
SAVE MONEY BY PAYING THE FIRST YEAR ANNUAL PREMIUM
ALL AT ONCE?
Annual payment discount
Mutual of Omaha
SHOULD I BE AWARE OF ANYTHING
Yes, there are a few more very important things to be aware of.
STAY WITHIN YOUR BUDGET
One important consideration if you’re a new life insurance
policyholder or are adding coverage to an existing policy, stay within
The #1 reason people stop paying their life insurance premiums is
that they are not able to afford the premium. It's easy to include a
life insurance premium into your budget when you are in the
moment. I n that moment, you a sense of responsibility to your family
and loved ones and it's human nature to want to go above and
beyond the call of duty to protect our loved ones. Make sure your
final expense and burial insurance is affordable and within your
You will also not find many agents that try to talk you off the ledge of
spending outside your budget, there are not many agents that will
ask; "are you sure you can afford that?" . To the contrary, it's in the
agent's DNA to ask you to purchase ... MORE ...
There are a few benefits of staying within your budget, one of them
is that if you keep your premium affordable (relative to your budget)
you can more easily afford to pay your premiums with banking
information (giving you choice of the best rates) and potentially
paying your premiums annually, which will save you an additional
Which insurance companies accept credit cards
and when do they accept credit cards?
Burial Insurance Podcast on Podbean
Leave a Legacy, Not Debt Podcast on Stitcher
The Leave a Legacy, Not Debt YouTube channel