Are you interested in life insurance coverage?
Perhaps you caught the last EverQuote 50+ commercial on TV, and now you’re wondering exactly how it works… or whether there’s any fine print you should be concerned about…
If so, you’ve found the right article!
Today, I’ll explain how the over 50s insurance plan from EverQuote from top to bottom!
Once we’re finished, you’ll understand all the crucial points regarding the EverQuote 50+ plan, including how the policy works, coverage terms, pricing, and everything else you need to know to make the right decision.
Without further ado, let’s begin.
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Before we begin, let’s take another look at the actual commercial.
Now let’s break apart the basic claims made in the video. Make sure you stick with me, as there are some fine print details that you need to be aware of.
Life Insurance for People Over 50
In the first 5 seconds, the commercial calls out to anybody over 50 looking to qualify for quality life insurance.
This is to be expected and, as the name implies, is who the EverQuote 50+ plan is designed to help.
The EverQuote 50+ commercial implies that they’ll take into consideration pre-existing conditions without specifying exactly which ones.
If you have diabetes, will you qualify? Who knows…
Moreover, the EverQuote 50+ plan makes sure you know that their programs are for people on a fixed income—presumably to help people who may not be able to afford the plan.
“For just pennies a day“
I bet you’ve heard this before!
For just pennies a day… is a common saying in many life insurance commercials for folks over 50.
Most of these TV commercials go out of their way to highlight that their plans only cost pennies a day. But never actually specify how many pennies. What’s the actual cost? A hundred or more?
Typically life insurance coverage at the lowest will cost around $20 to $30 a month. But many plans can go way above that amount.
Of course, that ultimately depends on what kind of coverage you purchase (and how much coverage you need).
Moral of the story? Sometimes life insurance will cost more than pennies a day.
Covering Funeral and Final Expenses
The EverQuote 50+ plan is predominantly designed to help cover the most common expenses people have when they pass away, such as funeral or cremation costs.
Right now, the average funeral costs approximately $9,000 to $10,000, with cremation costing around $3,000 to $5,000 depending on where you live.
That said, when you factor inflation into the mix, it’s highly likely that the funeral expenses will double over the next 20 years.
The commercial also explains that everyone, regardless of health, is guaranteed coverage (aged between 50 and 80).
Sound too good to be true? That’s because it is. But I’ll cover this in more detail shortly.
EverQuote 50+ plans offer a “Guaranteed Rate” on coverage. What does this mean? Well, simply put, your monthly premium can never increase.
Coverage Starts “Immediately”
While this is true, there are still a few things to be aware of (which we’ll discuss later on). Just be aware of how much you’re covered from day one.
Now that we’ve covered the basics about how these EverQuote 50+ plans work let’s take a closer look at the fine print.
The Truth About Guaranteed Acceptance Coverage
First, whenever you see anything that says “guaranteed acceptance,” typically, that means there are no health questions.
You might be thinking, “Surely that’s not a bad thing, right?” Wrong.
The vast majority of insurance carriers that offer guaranteed acceptance without any sort of health questioning will most certainly enforce limited death benefit coverage for the first two years.
In other words, let’s say that you take out a $10,000 guaranteed issue policy on yourself.
Being guaranteed issue, if you die during the first 24 months, chances are your beneficiary will only receive what you paid plus a minimal amount in interest (around 10% in most cases).
Let’s assume you paid $100 a month, but in the twelfth month, something happened. Your beneficiary would only receive $1200. With interest? Around $1320.
That’s not going to cover basic cremation fees, let alone a funeral.
Why are these guaranteed issue plans like this?
Well, for starters, they’re actually aimed at people who wouldn’t qualify for coverage anywhere else.
Most of the time, as long as you’re not terminally ill or at death’s door, chances are you can find better coverage that will cover you faster than a guaranteed acceptance policy like the one that EverQuote 50+ offers.
Honestly, it’s worth the effort. Look for an insurance plan that asks health questions because if you can answer them “no,” it’s likely they’ll offer you 100% full coverage that protects you from the very first payment.
In fact, that’s exactly what I can help you with!
If you’re interested in getting a free quote for a first-day full coverage insurance plan, use the form above or to the side of your screen and find out what you could qualify for.
Is a Guaranteed Rate Really Designed to Stay the Same?
Yes, the monthly rate on EverQuote 50+ plans is locked in place and will never increase, ever.
This is because the EverQuote 50+ plan is a whole life insurance policy. Whole life insurance policies never increase in price and can never cancel due to health or age.
Plus, if you qualify, they’ll offer first-day full natural death coverage.
In fact, this is the same type of plan that we offer here at BuyLifeInsuranceForBurial.com.
With us, you may be able to qualify for first-day full coverage versus a two-year waiting period guaranteed acceptance policy like the one reviewed above.
No matter the topic, it’s always a good idea to seek a second opinion. Look around to make sure you’ve found the best plan in terms of price and coverage.
And if you need any help getting a second opinion, that’s where we come in.
We here at BuyLifeInsuranceForBurial.com are brokers. We have access to all the major insurance carriers to find out who can offer you the best price and coverage available to meet your insurance needs.
Plus, we’d honestly love to help. You can either call us directly at 888-626-0439.
Or better yet, request a quote via the button at the top or the side of the screen. We’ll make sure one of our friendly representatives gets back to you within the next few days.