Tag: Funeral Insurance

Finance

Security National Financial shows earnings increases in both Memorial and Life Insurance segments

Security National Financial Corporation (SNFC), the Utah based multi-pronged company with divisions in funeral homes and cemeteries and also with its insurance division involved in preneed insurance, had its full-year after-tax earnings drop from $55.5 million in 2020 to $39,5 million in 2021.  It’s Earnings before taxes also dropped about $20 million for the three segment company. However, all of that reduced profitability occurred in the company’s Mortgage Division while earnings before taxes from its Life Insurance Division and Memorial […]

Preneed

This might be the best time in a generation to be selling Preneed

I enjoy learning and then finding solutions to problems.  It’s something I’ve done since I was a child — find out the facts of the situation and then solve the problem.  To that end, I continue to read four business newsletters per day. . . I simply enjoy what I learn from them and then try to put that knowledge to a practical use. I was also a licensed life insurance agent during my time operating a funeral home because […]

Business Cemetery Preneed Regulations

Ohio cemeteries, funeral homes spar over “trusting” requirement

Ohio Senate Bill 224 will make over a dozen changes to the state’s funeral and burial laws according to this article from Cleveland.com.  The bill will do such mundane things as increasing the price to reactivate a funeral director’s license and it will also establish a more formal process for families to collect money from funeral providers if a customer signed a pre-planned funeral contract, but the family never used that particular facility. One thing it won’t do, however, is […]

Preneed

U.S. Life Insurers pay out record $90.43 billion in 2020

This article that appeared in Newser indicates that American life insurance companies paid out death benefits totaling about $90.43 billion dollars in 2020 – the first year of America’s battle with Covid-19.  It also indicates that was a 15.4% increase over death benefits paid out in 2019, prior to the Covid-19 pandemic situation. The article also tells us that the 15.4% increase is the largest one-year increase since the (Spanish) influenza epidemic of 1918.  In 1918 American death benefit payouts […]

Finance

SCI CEO Tom Ryan on Covid deaths, preneed, and acquisitions

Service Corporation International (SCI), the largest provider of funeral services in North America, recently released their 3rd Quarter 2021 results and following that company executives answered questions from stock analysts about the company and death care in general.  You can read a complete transcript of that commentary here. If you are not interested in reading the entire transcript here are some things that Funeral Director Daily found interesting from the discussion and we center on the items of Covid deaths, […]

Cremation Preneed

An interesting look at disposition intentions

Every once in a while I will come across a survey on some aspect of the death care world that doesn’t quite jive with what I’ve been led to believe.  Normally when that happens I’ll find out the survey was constructed and completed by some one from outside the traditional death care world. When that happens I always find it interesting to look at who commissioned the survey and who took the survey.  That happened the other day when I […]

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 […]