Most likely, you’re here because you’ve seen a commercial from the Final Expense Network describing one of their final expense life insurance policies.
And now, you’re wondering whether or not a Final Expense Network Plan is the best deal for you.
If your goal is to investigate how their final expense programs cover burial and cremation costs, continue reading!
If you’re looking for burial insurance coverage for:
This article will detail exactly how the Final Expense Network Insurance Program works (and covers burial costs) while also highlighting some key issues you should be aware of in the fine print.
Without further ado, let’s get started.
Quick Navigation Article Overview
- Final Expense Network’s Coverage Explained
- The Fine Print
- Why You Should Get A Second Opinion
- Next Steps
Final Expense Network offers a type of life insurance product called “simplified issue whole life insurance.”
Here’s a brief description of how it works:
- With simplified issue insurance plans, there are no medical exams or tests to take to receive a decision on whether or not you’ll be accepted.
Unlike traditional life insurance that requires an exam and a blood/urine specimen collection, simplified issue products only require a quick review of your existing medical information.
This includes reviewing what’s called a “medical information bureau,” as well as a prescription check service to determine your insurability.
Why Is This Beneficial?
- You don’t have to go anywhere to get poked and prodded.
- You’ll usually receive an instant decision over the phone.
Who’s Simplified Issue Suited For?
If you’re looking for a quick and easy way to secure life insurance coverage to take care of your final expenses, simplified issue is a good idea.
Whole Life Insurance
What is whole life insurance?
- Whole life insurance is permanent coverage that lasts your whole life.
The rates NEVER increase due to age or health. And as long as you pay the premium, your insurer cannot cancel your cover for any reason related to age or health.
Plus, in some circumstances (if your health is good enough), you may qualify for first-day full coverage for both natural and accidental death.
Note: If your health isn’t good enough, you’ll qualify for “guaranteed acceptance” or a “graded” plan that limits coverage for the first two to three years. We’ll discuss this more later on!
Who’s Whole Life Insurance Suited For?
Whole life insurance promises peace of mind and is best suited for individuals who don’t want to worry about their cover ever canceling.
Why People Buy Simplified Issue Whole Life Products
In short, anyone who buys a final expense whole life plan from the Final Expense Network is doing so to cover burial expenses or to leave money behind for a loved one.
Everyone knows someone who’s passed away without life insurance and immediately noticed the tremendous financial strain final expenses have on surviving family members.
The great thing about these Final Expense Network plans is that many of them will cover most, if not all, of your funeral costs, vanquishing the financial hardship so commonly felt by many who don’t have coverage in place.
In this section, I will talk about the fine print visible on the Final Expense Network commercial.
Below, we’ll look at the actual commercial that aired on TV, and we’ll take screenshots of specific parts so you can clearly see the fine print for yourself.
First, let’s quickly explain a couple of important points about the Final Expense Network.
- Final Expense Network is not an insurance carrier.
- They are an insurance broker that offers multiple companies.
Three companies listed on their commercial include:
- Mutual of Omaha,
- American General or AIG, and,
- Gerber Life Insurance.
All three are reputable companies that are very good at helping people secure quality final expense coverage.
Now, let’s move on and look at some specific details!
The Final Expense Network commercial states that their plans offer:
- Up to $25,000 in coverage, with no medical exams, and that acceptance is guaranteed despite health.
This is true for some… but, of course, it won’t be the case for everyone.
First, here’s the commercial I was telling you about earlier:
For instance, if you look at the 52-second mark on the commercial (shown in the screenshot below), you’ll see the second line reads:
“Guaranteed issue plans may have graded benefits for the first two to three years, partial benefits paid during the initial period. Other plans may be offered that require better health but also have better rates.“
Here’s the screenshot – you may have to zoom in to read it:
This basically says you might not qualify for first-day full coverage.
Moreover, if your health isn’t good enough, you may be approved for a “graded” or “guaranteed issue” plan that only covers accidental death during the first two to three years.
You see, as a broker at BuyLifeInsuranceForBurial.com, we’re well aware that there is no such thing as a perfect company that suits everyone.
Some life insurance providers are better than others simply because they have different standards in graded underwriting.
For instance, Mutual of Omaha is a great company that we use at times to help our clients. But there are certain circumstances where it may not be the best option.
For example, when someone has diabetes or has had recent heart/cancer issues, or has lung problems, such as COPD, other options are available that are not only better priced but may also offer first-day full coverage.
You Deserve The Best Deal You Can Find!
Think about it this way. We should treat our clients how we would treat our parents.
If your mom or dad called and needed help sorting out a life insurance plan, surely you wouldn’t recommend a policy with a two to three-year waiting period?!
You just wouldn’t risk it, right? Instead, you’d do your best to find a plan that offers first-day full coverage, which is what you should do for your clients.
A Story About One Of My Client’s Father
I remember one of the first clients I helped secure life insurance way back in the day. His father had a plan from Colonial Penn, forcing their clients to wait two years before they’re fully covered if you end up with one of their guaranteed acceptance plans.
He was unaware of this and passed away from a stroke, causing his family to pay out of pocket for his funeral. Had he had the opportunity to meet with one of us at Buy Life Insurance for Burial, as his son did, we may have been able to offer first-day full coverage.
Limitation Of Options
The Final Expense Network (according to the commercial) only works with three companies. At BuyLifeInsuranceForBurial.com, we have 15! That’s 15 potential carriers, all offering various plans with flexible underwriting requirements depending on which state you’re in.
Many times, this ensures we have a much better chance of securing our clients the best coverage, no matter what their health is. Unlike the Final Expense Network, with more options on the table, we certainly have a higher chance of finding a plan that offers first-day full coverage for natural and accidental death.
Hopefully, after reading this, you can see why getting a second quote is a smart decision.
You might be interested in what Final Expense Network has to offer, but there may be other options elsewhere that suit your goals, budget, and needs better.
I think it’s at least worth your time just to find out if we can offer you a better deal! Why not let us see if we can help?
It’s super easy to get in touch. You can do so either by filling out the quote form on the screen or simply by calling us directly at 888-626-0439 for a free quote within 10 minutes.
You’ll speak to myself or one of my friendly service professionals. Either way, we would be happy to provide you with all the information you need regarding how our product works and your options.
What you do with the information is up to you. If you like it, great. If not, that’s okay too.
We look forward to helping you soon! Thanks for reading.