CompareNational Life Insurance Review [What’s In The Fine Print?]
Are you looking for quality life insurance coverage?
Perhaps you saw a commercial from CompareNational Senior Life Insurance Agency, and now you’re wondering, “Is their life insurance any good?“
Well, not to worry!
For straight facts about how CompareNational’s life insurance final expense program works, you’ve come to the right place.
Today’s article will explain everything you should know about CompareNational’s life insurance program.
Plus, we’ll take a good, hard look at the fine print—it might surprise you!
How CompareNational’s Life Insurance Program Works
Before we get started, let’s have another look at the company’s commercial. I’m going to describe the details of the commercial throughout this section.
And to make things easier to understand, I’ll make sure to add timestamps so you can see for yourself what I’m referring to.
The First 30 Seconds
Straight away, we see actors portraying what it’s like to have a health scare. Almost immediately, one actor says, “I would have been more worried if my finances weren’t in order… I feel much better knowing that you would have had financial help for my funeral.”
While these are paid professionals following a script, there is some truth behind what they’re saying.
It doesn’t matter who you are; your health could deteriorate suddenly and without warning. So, without a doubt, having final expense life insurance is a smart decision.
$25,000 Life Insurance Benefit (32 Second Mark)
CompareNational’s life insurance policy states that it will pay a life insurance benefit of up to $25,000.
This means that the benefit may not be exactly $25,000 for every single person that calls in. $25,000 is simply the maximum amount in coverage that anyone could be offered.
Yet this could be a good thing. Why? Because if you work out that all you need is $10,000, you can most likely tailor a plan to suit.
But What If You Need More?
Well, if that’s the case, you will need to look elsewhere. But the good news is that there are plenty of options available.
For instance, at BuyLifeInsuranceForBurial.com, we have access to multiple carriers and can shop around to find a better plan that offers more than $25,000.
That said, for most people, $25,000 is more than enough. Still, if you feel you need more, we can definitely help. Skip to the end of the article to find out more.
Rates, Benefits, & Policy (38 Second Mark)
CompareNational’s Life Insurance states the following:
- Rates will never increase
- The death benefit will never decrease
- Your policy cannot be canceled
And all of the above is 100% true!
Why? Because a senior life insurance plan with CompareNational is called a “whole life” insurance product.
What’s Whole Life Insurance?
Well, firstly, whole life insurance provides permanent coverage with a fixed premium.
This is the exact opposite of term insurance—which is what most people have.
Why is this important?
Well, term life insurance premiums may increase over time, and the policy itself usually cancels after a set period. So it’s actually a positive that CompareNational offers whole life insurance—not term insurance.
No one can predict death. And you could easily outlive a term life insurance policy, making it useless.
Plus, most people will appreciate having a guaranteed premium that never increases, especially those on a fixed income, like most people who purchase life insurance.
But let’s not get ahead of ourselves and assume that CompareNational is the best deal around. There’s a lot more we need to discuss. You might be shocked to find out what the fine print says.
Over The Phone. Accepted In Minutes! No Exam… (45 Second Mark)
This is also known as a simplified life insurance product! This is perfect for anyone who needs coverage fast and doesn’t have the time to deal with a physical exam, countless health questions, etc.
In short, instead of requiring a traditional examination process to receive approval, simplified issue life insurance plans look at your existing health insurance information.
And they can do this electronically over the phone to get an underwriting decision much quicker than traditional policies.
It’s fast and not to mention convenient.
But there’s a catch.
Just think about what ZERO health questions really mean… Sometimes these agents don’t even look at your health history, but they still guarantee coverage.
Why is that? No exam. No questions. Guaranteed coverage.
Sounds too good to be true, right?
There’s got to be a catch. And there is, which I’ll explain very soon.
Guaranteed Acceptance Life Insurance (49 Second Mark)
Finally, we’ve arrived at the fine print issues that plague CompareNational’s life insurance product.
Now, at the top of the screen, you can see exactly what insurance product CompareNational offers—guaranteed acceptance life insurance.
What is Guaranteed Acceptance Life Insurance Coverage?
Also known as guaranteed issue, guaranteed acceptance life insurance has NO health questions.
In other words, you simply need to be the right age and of sound mind to receive approval on a guaranteed acceptance policy.
And as promised, here’s the catch:
Guaranteed Issue policies force all applicants to wait at least TWO YEARS before full coverage for natural death comes into effect!
So what does this mean?
Let’s say Susan signs up for any guaranteed acceptance life insurance program. Three months later, Susan has a stroke and sadly passes away a few weeks later.
Her daughter then takes her mom’s life insurance policy to the funeral home to cover her final expenses.
And this is when most families find out the truth.
The funeral director looks at the policy and immediately sees that it’s guaranteed acceptance. Instead of the $10,000 plus benefit that Susan’s family thought they would receive, they’re only entitled to claim the premiums already paid (plus a small amount in interest—about 10%).
This is not nearly enough to cover even cremation costs, let alone a funeral.
This is the reality that many families are faced with when their loved ones unwittingly assume that a guaranteed acceptance life insurance plan is the best option available.
Of course, if you’ve had significant health issues in the past, a guaranteed plan could be the perfect solution. But for the vast majority of the population, there are other, better options available that will offer first-day full natural death coverage.
CompareNational’s Fine Print (49 Second Mark)
Here’s the guaranteed issue fine print verbatim:
Not all plans are available in all states. Callers will be directed to a licensed insurance agent with a third-party partner of CompareNational Insurance Services, LLC, who can provide more information about Guaranteed Issue Whole Life Insurance plans offered by one or several Insurance carrier(s).
Guaranteed issue whole life insurance is generally available to individuals between the ages of 45 and 85 (age qualification varies by plan and carrier). You will receive only the benefit amount in the policy issued.
In order for the policy premiums and benefits to remain in effect, premiums must be paid in full and on time. Premiums may depend upon the coverage amount selected, your individual qualifications and may vary by carrier and state.
Plans may have a graded death benefit for an initial period of time. Benefits are paid to the named beneficiary(ies) and can be used for any purpose.
The Smoking Gun? Graded Death Benefit
In the insurance world, we know that “graded” means a limitation of cover for a set period, typically two years, although it can sometimes be up to three.
Based on my experience, I would argue that their plans will enforce this two-year waiting period. But it’s still not 100% clear.
Based on the fine print, you can’t quite know what CompareNational will offer you. What we do know is that it’s guaranteed acceptance and that typically enforces a multi-year waiting period on a policy that doesn’t immediately cover you for natural death.
But what’s worse is that most people applying to these programs are healthy enough to qualify for coverage that covers natural death from the very first day.
In short, no matter the insurance company, a guaranteed acceptance plan should not be anyone’s first choice.
Seeking A Second Opinion
The good news is that your life insurance coverage may NOT have to be like this!
A guaranteed acceptance plan is by far not the only option available for many. In most cases, you could qualify for a better policy that starts immediately.
And at BuyLifeInsruanceForBurial.com, that’s exactly what we specialize in providing.
We are independent brokers, which allows us to shop all the major insurance carriers to find you the best deal in terms of price and coverage.
By working with us, you’ll have a far greater chance of securing a competitive premium on your final expense life insurance policy. Plus, you’ll also maximize your chance of qualifying for first-day full coverage if you’re medically qualified.
If you’re interested, you can get a free quote from us easily—no strings attached.
- Call 888-626-0439. One of our friendly representatives will answer the phone and be happy to assist you with any questions you might have about our program. Our lines are super busy, though, so if we don’t pick up straight away, please leave a voicemail, and we will call you back as soon as possible.
- Fill out the form to either the right or top of the screen. You will get an instant quote, and if you’re interested, we’ll call you back and discuss the approval process.
I hope you enjoyed today’s article. Thank you so much for reading. Have a great day!