Tag: Funeral Insurance

Preneed

Is now the best time ever to build market share thru Preneed?

Our funeral home will celebrate 150 years of service in 2022.  However, we have really only helped families pre-arrange and pre-finance funerals since about 1964 — about 60 years.  And, in those early years, it really wasn’t about pre-planning and pre-financing consumer funerals, but about setting up payment options or trusts for those helped through government programs. In Minnesota, by law, we weren’t even allowed to offer insurance plans to consumers to specifically cover funeral costs until the 1980’s.  My […]

Preneed

Will preneed methods change?

As many times happens with me, I learn something from a  news item or items and then try to convert that knowledge to the funeral industry and try to figure out if or how what I’ve learned will translate to our profession. So was the case this week when I saw some public relations for a company called Lantern, whose website you can see here, that has a slogan saying, “End of Life Planning”.  I also saw an advertisement for […]

Finance Preneed

Assurant looks to make changes. . .including divesting Global Preneed division

Last week Assurant, the large financial conglomerate with operations in 21 countries, announced that they would acquire mobile device software as a service (SaaS) business HYLA.  You can read about that in this Associated Press release. In conjunction with that announcement, Assurant also made other announcements including a strategy to divest themselves of what they term their Global Preneed Division.  Assurant has been in the preneed business for over 50 years and you can read about that division here. Here […]

Afternoon Edition

Life expectancy, funeral choice, and the effects on revenue

Yesterday Funeral Director Daily published an article about cemeteries and in that article we made the assertion that the COVID experience of 2020 will probably have some type of long-term effect on funerals going forward.  That statement was made mostly in reference to what has happened with funeral attendance due to the social distancing practices that have been imposed from place to place. It’s been my experience that when an individual is forced to change a habit, sometimes that forced […]

Afternoon Edition

Afternoon Edition: Smith Family Funeral Homes acquires insurance company

Smith Family Funeral Homes of North Little Rock, Arkansas announced last week that they have acquired American Home Life Insurance Company, also of North Little Rock.  Interestingly enough, American Home Life Insurance Company was founded by the grandfather of Smith Family Funeral Homes current President Jeff Smith. Smith was quoted in this article from Arkansas Business, “. . . . (we) had a strong desire to continue what my grandad started.  We’ve been very successful with growing the funeral homes […]

Preneed

Selling preneed. . . . positively

Ask ten different consumers and you will get ten different opinions on “insurance”.  Especially, life insurance.  Some think it is necessary, some think it is a waste of time, some love the peace of mind it can bring, some will say let my survivors deal with the money after my death. You get the idea. . . and when it means spending money on something that today’s “show me what it does for me today” consumers sometimes demand, the art […]

Finance Preneed

Come together . . . . .The Domani Group and Homesteaders Life Company

The other day we received a press release announcing that “The Domani Group joins forces with Homesteaders Life Company”.  In that release, which you can read here, it announced “The Domani Group, a leader in preneed and aftercare solutions for funeral homes, is pleased to announce it is joining forces with Homesteaders Life Company.”   This announcement came on the heels of our story on Monday that mentioned Providence Equity Partners and their experiencing in partnering funeral technology companies to bring […]

Business

Know your responsibilities with live streaming

Every once in a while I read an article and I think to myself, “Wow, that should never have happened”.  However, if I’m honest with myself, I can see how that did happen and usually think about what my mom used to say, “If not for the grace of God, there go I”, because it could happen to me if I was not careful. Anyone who has spent any time in a preparation room in the funeral home might have […]

Finance Preneed

Assurant Global Preneed division reports slight revenue increase, less operating income

Assurant defines itself as “a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases”.  The company released its 2nd Quarter 2020 results on Tuesday, August 4, and in doing so reported a Net Income of $173.5 million, which is up 24 percent from the same period in 2019.  Assurant also notes that it returned $65 million to shareholders in share repurchases and common dividends.  You can see their 2nd Quarter 2020 report here. […]

Preneed

Financial Literacy . . . . the need to teach it.

When it comes to “Financial Literacy” I consider myself one of the lucky ones who had a father who insisted that his children learn about how to manage whatever income it was that you made.  My dad was a business man, and in our house growing up, not only were we expected to learn the Three R’s — reading, (w)riting, and (a)rithmatic, but we also received courses in financial literacy from dad.  And, I now believe that those lessons were […]