Insurance services

Your credit union likely makes most of its life insurance salesto members who are newly married or starting a family. But did youknow there are a wide variety of life events that prompt the needfor coverage? Training your staff to identify these scenarios canlead to better member service and, ultimately, more policies sold.Here are five under-the-radar needs for life insurancecoverage:

1. Coping with end-of-life expenses. Finalexpense insurance is designed to cover the burial expenses as wellas unpaid medical bills at the time of a loved one's passing. Thedeath benefit is paid directly to a named beneficiary (often aspouse, an adult child or even a funeral home) who decides how tospend the money. The death benefit is usually a low to moderateamount (generally as high as $25,000) to cover only the finalexpenses, and is not intended for income replacement or to covermortgage payments, college funding or any other large financialresponsibility.

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