Are you looking for more information on the final expense protect program?
If you are looking for life insurance to cover funeral or cremation expenses for yourself or a loved one, and recently saw information on the final expense protect program, this article is for you!
In this article, I am going to review how the final expense protect program works as well as give you more in-depth information so you can determine if it is a good fit for your personal life insurance goals.
So let’s get started.
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According to their website, the final expense protect program allows you to get a guaranteed acceptance life insurance plan today.
No health questions, no medical exam. If you’re between the ages of 45 and 85, you cannot be turned down.
The website takes you through the process of learning more about how qualifying for coverage on the final expense protect program works.
Medical exams and health questionnaires aren’t required when you apply.
You can apply quickly and easily online, or over the phone, and some people may qualify for same-day approval.
In other words, you don’t have to worry about answering any sort of health questions about any preexisting conditions that you have, or may have had in the past.
This is going to be an appealing proposition for a lot of people, but as we’ll talk about later, this may not necessarily be the first and best option regarding getting the best quality life insurance coverage available.
Continuing on the lifeinsurance.org website, the final expense protect program talks about the following:
Applying for a policy and getting approved, sometimes on the same day.
You can get up to 25,000 in coverage with rates that never increase and coverage that never decreases, and there is no medical exam required.
To get more information, you can either submit a form, request a quote, or give the phone number a call.
The fine print
In the fine print, however, there are some concerning things that you need to be aware of.
Line two of the fine print at the bottom of the final expense protect page states the following:
Applications for simplified issue life insurance policies may be subject to acceptance by the insurer.
Issuance of the policy may depend upon answers to health questions set forth in the application.
Guaranteed acceptance issue life insurance policies are available to individuals within a certain age range.
You will receive only the benefit amount in the policy issue. Plans may have a greater death benefit for the first two years.
What does it mean?
Let’s discuss what this means in layman terms.
- The first couple of sentences describe what would happen if you apply for a simplified issue product. This depends on you being able to answer “no” to all the appropriate questions in order to qualify for them.
- The second, third and fourth sentence are the most concerning. That’s where you’re offered a guaranteed acceptance issue life insurance policy.
The fine print states that you’ll only receive the benefit amount in the policy issued, and plans may have a greater death benefit.
So what is a greater death benefit?
Typically, a greater death benefit is either full coverage for accidental death from the first day, but only a return of your premium if you die, plus a percentage amount within the first two years.
Or it’s partial coverage of some sort within the first two years for natural death.
Either way, this essentially means:
You will not have first-day full natural death coverage if you pass away within the first two years.
Why Would You Want First-Day Full Coverage?
Hopefully, that’s clear. Nobody knows when they are going to pass away, right?
Everybody dies, but nobody knows when the date is going to be.
And if you’re put into a guaranteed acceptance plan, especially in the situation where you may qualify for something better, you may not be fully protected.
You may not have the full coverage necessary to pay for your final expenses.
Imagine if your loved ones had to pay for your burial. Picture your survivors having to come out of pocket and they may not be able to do it.
Would you want to place that burden on them?
Of course not. This is why guaranteed acceptance is not always the best plan available.
Sure, for some people it is. Those with the most chronic health issues should consider applying for a guaranteed issue policy, but only after your insurance broker asks you a series of prequalification health questions that allow him or her to determine what policy is going to be best to work with.
What I don’t want to happen is a client going into a situation where the only thing offered is a guaranteed acceptance life insurance.
While I can’t be a hundred percent clear based on what I’m reading on this page, it appears that the sales proposition is: get your guaranteed acceptance life insurance plan today!
Then they stipulate further that there are no health questions and no medical exam.
Looking for red flags
If a policy doesn’t ask health questions, typically that is a red flag that signals it is a guaranteed issue product – what we call a two-year wait type of policy.
Further, it appears that the final expense protect program may offer AIG Life Insurance and United of Omaha Life Insurance for final expense coverage.
Based on this list and based on my best information, those are the only two final expense-based companies that are available.
The other companies don’t offer a simplified issue whole life final expense program, based on my best knowledge.
So based on that analysis, it appears that Mutual of Omaha may be able to offer this final expense protect program for first-day full coverage, but Mutual of Omaha also offers a guaranteed issue product as well.
AIG only offers a guaranteed issue, no first-day full coverage.
The biggest takeaway I want you to consider is that the final expense protect program, while it may be a really good choice, may not be the best choice.
By no means am I defaming the company or suggesting that they’re bad to work with.
Instead, I think the best route anyone should take when looking for life insurance is to make sure the options presented to them, by whomever they’re considering to work with, are actually the best options.
The biggest mistake you can make
One of the worst things I think a client of mine can do is buy a life insurance plan from a one-company solution. So what do I mean by that?
There are a lot of agencies that only offer and sell for one insurance company, thus they push one particular product on their clients, regardless if it’s the best deal for them or not.
The consequences can be disastrous. You may not get full first-day coverage that you could with another carrier simply because the agent doesn’t represent multiple companies.
Or if you’re a fixed income senior, you may pay way more out of pocket than you would expect.
Either way, you’re not getting the best hand dealt to you, right?
Whereas a broker who represents multiple companies gives you the best odds of finding the best quality plan at the best prices.
While nobody can guarantee exactly what, if anything, you can qualify for, hopefully you can see why it would be a smart move to check your options to make sure that you’re going to get the best plan.
If you’re in a position to not be able to qualify for anything whatsoever because of serious health issues, it may be the best solution.
However, before you can actually determine that, your best move would be to find a source that will offer different life insurance options that also has a multiple carrier affiliation.
At least check your options first to see what kind of first-day full coverage you could get before you go down the path of possibly having to get some kind of final expense guaranteed issue product.
That’s what we do here at Buy Life Insurance For Burial. I shop the major carriers to find you the best coverage and quality of coverage.
All you need to do is fill out the form to the left, or at the top of the page, and just put in your information and the kind of program you’re looking for, and then submit it.
One of our professional representatives will get back to you within a timely fashion, so that you can rest assured you have explored all of your options and found the best deal for your needs.
Thank you so much for reading and hopefully, we’ll talk soon!