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.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.