5 Lesser-Known Scenarios That Spark the Need for Life Insurance

Insurance services

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

1. Coping with end-of-life expenses. Final expense insurance is designed to cover the burial expenses as well as unpaid medical bills at the time of a loved one’s passing. The death benefit is paid directly to a named beneficiary (often a spouse, an adult child or even a funeral home) who decides how to spend the money. The death benefit is usually a low to moderate amount (generally as high as $25,000) to cover only the final expenses, and is not intended for income replacement or to cover mortgage payments, college funding or any other large financial responsibility.