Colonial Penn, Globe Life, Lincoln Heritage: what the client already has when you sit down

A large share of final expense clients already own a policy from a direct-to-consumer or TV-advertised carrier. Knowing what those policies usually are makes the conversation honest and short.

Colonial Penn. Guaranteed acceptance whole life sold by unit is the product most seniors mean when they say "the $9.95 plan." Each unit buys a face amount that depends on age and gender, the coverage is graded for two years, and the face amounts are small. Clients often don't know their face amount. Ask them to find the policy.

Globe Life. Term and whole life sold by mail and online, often starting with a low first-month premium. Term policies can have premiums that rise with age bands. Clients are frequently surprised by the current premium. Ask what they're paying now.

Lincoln Heritage. The Funeral Advantage program: final expense with a funeral planning service attached, sold by agents. Clients may have level or graded coverage; read the policy.

What to do at the table. Ask for the policy or the last statement. Confirm face amount, premium, and whether it's graded. Then decide whether the client needs more coverage, better coverage, or is fine.

What not to do. Bad-mouth the carrier. Many of these policies are doing exactly what the client bought them for. Replacing a small level policy the client has had for eight years with a new graded one is a bad trade, and it shows up in complaint files.

Replacement rules apply. If you replace, the form gets filled out.

What's the most common existing policy you find, and what do you do with it?