A 23-year-old insurance agent walks through a sales call for final-expense whole-life policies. He pitches three coverage amounts ($25,000, $15,000, $5,000) with monthly premiums starting at $18.44, explains how SBLI policies work, and moves toward closing the deal.
Questions this video answers
SBLI — Savings Bank Life Insurance Company of Massachusetts
Whole life insurance (final-expense/cremation coverage, immediate from day one)
Chapters
And the insurance that you looked at here was, was for final expenses. Were you looking to cover more of like a cremation or a burial?
A cremation. Okay, gotcha. And I'm just going to take some notes here. That way I can find that plan that's going to be in that right price range for you. Is that okay?
Awesome. Now you said that you hadn't, you hadn't found the right price range just yet. That's what I'm kind of here to help with for you. Have they, what have they been kind of showing you so I know where to stay under.
Oh, my gosh, like $200, you're saying?
Oh, wow. Okay. And they were showing you that for like a cremation policy.
Wow. Okay, well, yeah, let's see if we can stay away from something like that. But I've got you down here in California. Is that right? Basically the way that I go about this and every insurance company works is that we've kind of got to ask you some questions to see what you qualify for. But there's one thing that's a little bit different, okay.
The way that we're different from everybody is that I work with all the big insurance companies instead of just working with for one company. So instead of working for like, you know, State Farm, for example, I work with all of the companies to find you the best rate and find you something that you're going to actually get approved for. You with me on this so far, I'm going to kind of get you a quote for today's prices of what it would look like to cover a cremation if you were to pass away, you know, in today's money. But since everything is going up in prices, I'm also going to look at what it would be, God forbid, something were to happen to you, you know, 20, 30 years as prices go up. Does that make sense so far?
Alrighty. Now, it's going to take me about 30 seconds to pull that up for us. Now, have you ever heard of a company called Mutual of Omaha before?
Okay, so the reason I asked is because that's, that's like the most famous insurance company. But the company that I'm looking at, a company called sbli, they're very similar. They're also a Mutual company, which basically just means that most of the times they end up having lower rates in most companies. And the reason I'm looking at them is because it doesn't cost as much and you get more insurance. And that's kind of the idea that we're looking for here is pay less and get more. Are you with me on this so far?
Okay, now, just to make sure that we're both on the same page, what I'm looking at here is whole life insurance. Are you familiar with, like, the difference between term and whole life?
Beautiful. Yeah. So we're looking at this one because you're trying to solve something that's, that's going to happen for sure. We don't want to take a chance on it like we would with turn.
Now, I've got this all pulled up here. If you want to write down the name of the company, it's called S as in Sam.
It's. It's. It's called sbli, but it's spelled S as in Sam.
B as in boy.
L as in lime.
I as an ice cream.
And that's just a short acronym for the Savings Bank Life Insurance Company of Massachusetts. Now.
With this insurance company, we've kind of talked a little bit about the plan and a little bit about the company, but do you have any questions for me so far before I kind of go over the offers here with you?
Okay, beautiful. So they did come back with three different offers. One was for 25,000.
One was for 15,000.
And that last plan here for us was for 5,000, which is just enough to cover the cremation here in today's prices. Let me know when you got that.
Awesome. Now that is whole life insurance. It starts with from day one, so there is no waiting period like those plans you see on tv. Now, if you make your first payment on a Tuesday, pass on on a Wednesday, your family gets the full check. No reductions or anything like that. Do you have any questions for me? This.
Beautiful. So the prices also are fixed, so they stay the same all through retirement. It's never going to go up on your reduce or cancel like any term policy would. And it looks like the 25,000 came back way lower than what you've been hearing about earlier on. This one only came back at about $75.49 here a month.
$75.49.
For the 25,000.
No. Yeah, they're awesome. And then the 15,000 came back at $46.97 a month for the 15,000.
And then the 5,000 came back at $18.44. And that. That would be enough to cover a cremation here in today's costs.
Let me know when you got that down.
Yeah. Now I remember when we were talking earlier, you had. Obviously you had seen what some of the other prices are out there. They're pretty crazy right.
Now. One of the only downsides to SBLI is that because their prices are just so much better than everybody else's, we do have to apply for a plan like this. It's not something I can just hand out approvals on. The insurance company is the one who ultimately gets to decide whether or not you're eligible for this. But out of these three plans, which one do you think would be the best fit for you and your family?
The $25,000 plan.
Okay, gotcha. And now for me to. To get everything. Let's see. To get everything approved for you, I've just got to get logged in here and roll through the application. Have you applied for insurance in the past before?
Okay, so it's a. It.
Was that the one that was like 200amonth for some craziness? Oh, man. Now, I always like to break down the application process for people. That way, nobody's ever caught off guard. After we confirm some of your personal information, we're gonna have to ask you some health questions and go through who you want to leave this money behind to. After that, we'll put payment information on file for you. And then that insurance, if you get approved, would start as soon as you make that first payment. Does that all make sense?
Beautiful. So I'm going to roll through here real quick, and now some of these questions I got to answer. Some of these questions you got to answer. But I'm going to make sure we roll through this pretty fast. That way, we're not here all night. Okay.
Now, if you do get approved, they will mail this policy out to your house. I always like to make this super clear, because there's all sorts of crazy people running out, running around out there today. The insurance company never calls you directly, the same way that, like, Social Security doesn't just go out and call people up. They actually wait for you to call them. And so, because I'm your representative and because I'm your case manager, the person who is assigned to work with you, I'm going to be your only point of contact. Me and my assistant. So in case I get sick or something, you have a second point of contact. Okay, so I think that answers our next question. Are you a legal resident of the United States?
Awesome. And now, have you ever had to file a life insurance claim before? Where you got paid?
I was gonna say here. So I've got some good news and some bad news. Which one do you want first?
Gosh, you're stone Cold I was gonna say. The good news is we got you approved. And the bad news is, if you ever need anything with your insurance, you gotta give me a call. Okay? All right. Bye. Bye.
