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In This Article, We’ll Discuss What Steps To Take To Find The Cheapest Final Expense Whole Life Insurance Program
And just as important, we’ll discuss how to secure affordable, high-quality final expense whole life coverage that will not break the bank! So keep reading for more information.
Here’s An Overview Of Today’s Topic:
- Is Cheap Whole Life Insurance The Best Whole Life Insurance?
- What Is Whole Life Insurance?
- What Does Guaranteed Acceptance Or No Questions Asked Life Insurance Mean?
- A Story About My Very First Final Expense Client
- How Do I Qualify For Cheap Final Expense Whole Life Insurance Programs?
- Burial Insurance Rates, Age 40 to 90*
Is Cheap Whole Life Insurance The Best Whole Life Insurance?
Many reading this article have lived for many decades, and are either retired or close to retirement. And with your years’ of experience buying goods and services, no doubt you have learned the meaning of…
You get what you pay for!
As you’ve discovered, the cheapest product is not necessarily the best product. Sure, a cheaply-priced product saves money in the short-term. But what about the long-term? Will the the long-term cost outweigh the short-term savings advantage?
While these are great questions, when it comes to whole life final expense insurance, selecting the least expensive option makes sense in most situations.
However, not all final expense whole life insurance is the same. So you must proceed with caution before purchasing.
With that said, let’s discuss the whole life final expense insurance variables. We’ll also discuss why awareness is paramount to selecting not just the best final expense plan, but also the best priced, too.
What Is Whole Life Insurance?
Whole life insurance is defined as follows: permanent insurance protection with guaranteed level premiums.
In layman’s terms, this means your whole life coverage never cancels due to age or health. And the premium never goes up.
What’s the advantage to whole life insurance? Simply put, you know exactly what you will pay, and have peace of mind, knowing the coverage never goes away due to a change in health or age.
What makes whole life insurance programs different?
First, whole life final expense programs do NOT necessarily ensure first-day total natural death coverage.
Here’s how I mean. Many whole life insurance programs are sold through television ads or through junk mail. And many of these insurance solicitations what’s known as “guaranteed acceptance life insurance.”
What Does Guaranteed Acceptance Or No Questions Asked Life Insurance Mean?
Basically, these insurance plans DO guarantee your approval for coverage. Additionally, your health makes no difference in whether or not you’re approved.
So, what’s the catch?
You are NOT fully covered for the first two years for natural death!
A Story About My Very First Final Expense Client
My first final expense client experienced this situation with his father.
His father purchased a guaranteed acceptance final expense program. And, because his father did not read the fine print, he assumed he had full first day coverage from his first premium payment.
Tragically, this wasn’t the case. My client’s father died suddenly from a stroke. Just as bad, he was only 12 months into his guaranteed acceptance life insurance program. The family assumed the policy would cover his final expense. However, the guaranteed acceptance life insurance company did not.
They only refunded the premiums my client’s father paid, plus 7% interest. Mathematically, the payout amounted to only several hundred dollars. And with burials costing $10,000 or more, this was not enough.
To bury his father, my client had to take a loan out against his home in order to properly bury him.
I Thought All Final Expense Whole Life Insurance Was Guaranteed Acceptance? Luckily, not all final expense whole life insurance forces two years of no full protection.
There are plans available that protect folks immediately from the first day for natural causes of death. Usually, TV and junk mail do not offer these types of final expense plans.
Where Do You Find Whole Life Insurance Plans To Fully Protect You?
My suggestion is to find a final expense broker. Independent final expense brokers shop the most competitive carriers. And this allows the best opportunity, both for first-day full coverage (if you can qualify), and for the most competitive premiums, as well.
While there are no guarantees, working with a final expense broker gives the best opportunity to do so.
WARNING – Stay Away From Captive, One-Company Agents!
In many circumstances, an agent representing a final expense company will approach you, claiming to find affordable final expense whole life insurance for you.
Here is the problem. Many of these final expense agents represent one company only. And this means they can not offer optimal pricing and underwriting advantages in most circumstances.
Let’s say your shopping for bread at the grocery store. The grocery store offers one brand of bread. And that brand of bread is very expensive.
Over the course of the year, you purchase one loaf of overpriced bread 52 times in a year. And since you did not have the option for less expensive bread found at a competing store, you have potentially spent hundreds of dollars more than necessary.
This thought process applies when working with a one-company agent. Or, as insurance agents call them, captive agents.
How Do I Qualify For Cheap Final Expense Whole Life Insurance Programs?
Assuming you’re working with a multi-insurance carrier broker like myself that can qualify you for first-day full coverage, ask the broker to secure the best overall priced final expense whole life insurance product he can find.
Why? Virtually all whole life insurance products are identical. So, the insurance company matters little. Plus, insurance carriers have little implication on how the final expense whole life insurance program will work. With the only exception on qualifying for first-day full coverage and the premium paid, final expense programs are identical from carrier to carrier.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
In conclusion, as long as you can get full first day coverage, buying the cheapest final expense whole life insurance program a good idea. If you’re like most of my clients, you’re on a fixed income. And that fixed income ain’t going up anytime soon!
If I can be of service, please call me at 888-626-0439, or submit a quote for coverage to the left. Look forward to speaking with you soon.