Tag: prepaid funerals

Afternoon Edition

How does your firm view Preneed?

I have a son that works in the automotive industry and we’ve discussed their lines of revenue quite often.  For instance the average dealership has about six primary lines of revenue – new car sales, used car sales, the service or repair center, a collision repair center, a leasing center, and a financing center.  At any given time some of those lines may be bringing in revenue. . sometimes dependent on the economy and supply chain. In the funeral home […]

Cremation Finance Preneed

SCI settles “Deceptive sales” lawsuit for $209 million

Service Corporation International (SCI) has agreed to provide up to $209 million in refunds to settle a federal class-action lawsuit alleging it deceived 87,000 Florida customers who purchased its prepaid plans according to this article from last week from Yahoo News. According to the article SCI Direct (formerly called Neptune Society Management Corporation) was named as co-defendant in the class-action suit originally filed by West Palm Beach senior Nancy Taylor in April 2020 in U.S. District Court in Fort Lauderdale. […]

Cremation Preneed

Low-cost preneed plans proving to be a disrupter

This recent article was published by Financial Content in Australia about the low-cost preneed market and made the comment, “This rise and popularity of ‘low cost’ prepaid funerals have taken the death care industry by surprise. With household budgets increasingly coming under strain from rising inflation, cost considerations are likely to come even more to the fore over the coming year. . . .It doesn’t matter how bad or risky the fundamentals are: Consumers have fallen in love with the […]

Preneed

Will Aflac change preneed?

Earlier in August, partly through this press release, Aflac announced that they will be entering the “Final Expense” insurance market and made a point of detailing a strategy aiming consumer directed products at the Senior insurance market.  Not only will Aflac offer a Final Expense product but they will also be rolling out a Medicare supplement product. Here’s what Aflac Deputy U.S. President Virgil Miller says of the product roll-out, “This product expansion represents not only new offerings, but a […]

Preneed

NGL divests Settlers Life, positions for stronger Preneed business

This article from the Insurance News Net informs readers that preneed insurance company National Guardian Life (NGL), based in Madison, Wisconsin, has sold its interest in Settlers Life Insurance Company to Everly Holdings, LLC.   The sale consists of approximately 225,000 policies that are geographically disbursed throughout the United States. Those policies included in the agreement include final expense and single annuity products. According to Knut Olson, President and CEO of NGL, this move strengthens NGL’s ability in the Preneed funeral […]

Business Preneed

Will the pandemic reshape how Americans deal with death?

I’ve mentioned before that things change in Death Care. . . . but they seem to change rather slowly and methodical.  We’ve seen a slow 40 year march to cremation being the most popular method of human disposition.  And we’ve seen a movement over the last century from home funerals, to funeral homes, to church funerals to what we now see as “Event Center” funerals or memorials. As a business person who owned a funeral home I was cognizant of […]

Business Products

“Decision Fatigue”. . . do you put your client families through it

Saturday was going to be a busy day of working in the yard for me.  So, after my morning bike ride I showered up and told Angie I’m going to McDonalds for some breakfast and a chance to sit down and read the newspaper before I got down to doing that work. As like so many places today they were short on help and there was no one at the order cash register and customers – McDonald’s like to call […]

Finance

Security National’s 1st Quarter — Memorial segment has revenue rise, but earnings decrease

Security National Financial Corporation (SNFC), the Utah based company that has three separate business segments including those that operate in the retail mortuary and cemetery space, the preneed insurance space, and is also the parent company of C & J Financial, had very mixed results in the 1st Quarter of 2022 as seen in their press release here.  The company’s largest, by revenue, segment is their Mortgage Segment and as you can imagine home prices and interest rates played a […]

Preneed

British government urged to set up fund for failed preneed providers

In the shadows of the failure of preneed funding vehicle Safe Hands Plans, the British government is being urged to set up a fund for those that have lost funds through the collapse of Safe Hands Plans.  As you may know, the British preneed industry is to come under the purveyance of the country’s Financial Conduct Authority (FCA) at the end of July 2022. However, prior to that happening, one company has come under a government authority after it has […]

Preneed Regulations

Regulation of Preneed apparently coming too late for some consumers

It would be safe to say that in Great Britain there has been a lot of discussion about the costs of death care among consumers and government alike.  While it has been going on for some time and there is no doubt that the Covid-19 pandemic and the rise of Direct Cremation with No Services (DCNS) has forwarded the discussion, suffice it to say that the discussion has been going on for some time. And, the discussion has led some […]