Life Insurance Savings Group Review: The Truth!

Disclaimer: We are not in any way affiliated with Senior Select Insurance. In fact, we are a direct competitor of theirs. This article is our personal review of their agent sales career opportunity and our personal opinions of the company. If you are looking to contact Senior Select Insurance directly, call them at 855-241-6968.

Most likely you’re reading this article today because you’ve seen a commercial about the Life Insurance Savings Group.

You’re interested in buying final expense life insurance to pay for burial and cremation expenses either for:

However, you want to research Life Insurance Savings Group further to see if they’re a good fit for your goals.

If that sounds like you, then you’ve found the right article!

Today, we’ll do a deep dive into the Life Insurance Savings Group program, learning all the important ins and outs of how it works, including a look at the fine print.

Let’s get started!

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About Life Insurance Savings Group

life insurance for a 50 year-old woman

Life Insurance Savings Group is a marketing arm of the giant insurance sales outfit SelectQuote. They offer final expense life insurance options for applicants.

Plan Details

Discover the drawbacks of whole life burial insurance.

The way these burial insurance programs work is very simple.

Life Insurance Savings Group offers simplified issue whole life coverage, where the coverage:

  • never goes up in price,
  • never decreases in value, and,
  • if approved, can get 100% first-day full coverage for natural and accidental causes of death.

Other facts about the Life Insurance Savings Group final expense plan include:

  • Program availability is between ages 45 to 85,
  • There’s minimal health questions asked to apply,
  • No medical examination required, and,
  • You may qualify for as little as $2,000 in coverage, or as much as $40,000 in coverage.

Partner With United Of Omaha

75 year-old female purchasing life insurance

Per the company’s website, the policy is issued by United of Omaha (also known as Mutual of Omaha), using its Living Promise Whole Life Policy.

Mutual Of Omaha is a great, well-known insurance company.

About The Endorser

If you’ve seen a Life Insurance Savings Group commercial, you probably saw their well-known endorser, former Chicago Bears football coach Mike Ditka, promoting the benefits of a Life Insurance Savings Group final expense plan.

Life Insurance Savings Group Commercial

Let’s review the commercial to learn more about how this policy works.

Further, pay special attention to the final portion of the commercial to review the fine print.

Let’s review below:

Fine Print

final expense whole life insurance

If we pause the video on minute 1:34 and look closely at the fine print, you’ll see the following:

“$5 a week example policy is for females aged 45, $7,000 policy which is $240.96 or $21.45 cents for a monthly premium.”

As a side note, they do promote how you can get this policy for as little as $5 a week.

Obviously, the fine print reveals this only pertains to the youngest available for this policy which is the female aged 45.

This means everyone else will pay more than $5 a week.

Continuing in the fine print:

“This policy is of United Omaha with a minimum issue of $2,000 and a maximum issue for $40,000 for a level benefit policy and $20,000 for the graded benefit policy.”

I want you to focus on the terms “level” and “graded.”

What “level benefit” means is that the policy covers first-day full coverage from the first payment.

Graded benefit means something entirely different. In fact, let’s read what the fine print says a “graded benefit” will do:

“For the graded benefit policy if the insured dies due to natural causes in the first or second year, the benefit will be 110% of the premiums paid. In the third policy year or later, the full death benefit will be paid for death due to all causes.”

Allow me to clarify what that means.

Bottom line, if you are offered a Mutual of Omaha graded death benefit policy, that means that you will NOT get the full death benefit for two years.

In fact, your beneficiary receives back what premiums you paid in plus an additional 10%.

Why This Is Potentially A Problem

The reason this is a bad deal is that if this is all you can qualify for, you might not have the full amount of protection you need in order to completely cover yourself immediately.

At the end of the day, we don’t know when our final day is going to be on this earth.

You could live many more years from now or today might your last day.

Doesn’t it make sense to get better coverage that starts from the first day if there’s an opportunity?

The Problem Working With One Company Solutions

One option is just as bad as no options when buying burial life insurance!

Here’s the problem with working with the Life Insurance Savings Group as described in their fine print…

Life Insurance Savings Group is only offering one insurance company to you. And whenever you have limited options, you usually don’t get the best deal.

Keep in mind there are circumstances where Mutual of Omaha is actually the best deal.

However, there are also circumstances where you could get better coverage than what the United Of Omaha graded benefit allows for.

What I mean is this: in the above example, you may have qualified with another company with first-day full coverage elsewhere, had Life Insurance Savings Group offered something other than the graded benefit.

What do you look for in a final expense burial insurance policy?

With that said, here’s a couple of tips I’ll give you in your search for quality final expense life insurance.

Always work with a broker

Consider purchasing a 15 year term life insurance product to fund a buy-sell agreement

We here at Buy Life Insurance For Burial are brokers for final expense policies.

Simply put, this means we have access to a multitude of quality, highly rated final expense programs covering folks with all sorts of health issues at competitive rates.

For example, we can cover people with quality coverage even with a history of the following conditions:

  • COPD,
  • cancer,
  • diabetes,
  • heart attack,
  • stroke,
  • stent bypass,
  • seizure,
  • aneurysm,
  • pacemaker,
  • congestive heart failure,
  • pacemaker,
  • nitroglycerin use,
  • drug abuse history,
  • neurological diseases like Parkinson’s, lupus, multiple sclerosis,
  • cognitive memory disorders,
  • depression,
  • bipolar,
  • schizophrenia, and,
  • many other health conditions not listed.

The key is to work with a professional insurance broker that has options.

While you may not necessarily qualify for first-day full benefit coverage, your odds may be higher getting better coverage working with an agency that has multiple carriers to shop from.

Always try to qualify for first-day full coverage.

When you work with a final expense broker, your goal should be to cover yourself from the first day of payment for the full death benefit.

The more time that you have to wait before you’re fully covered, the more risk you run of not having coverage when you most need it.

As an insurance professional since 2011, I can count many times otherwise healthy people suddenly became ill and died not too long after their policy was taken out.

Had they opted for a plan that made them wait two years for full protection, they wouldn’t be in a position to protect their family from losses.

Here’s a real-life example…

I met a nice fellow in South Georgia many years ago. He was 85 and in great shape. In fact, he had recently remarried to a second wife.

He wanted to leave behind money to take care of his funeral and take care of his newlywed.

Besides a mini-stroke 10 years prior and a few medications, he walked around good and was in good spirits.

Six months later, tragedy struck.

I got the news that he had passed away suddenly from a massive heart attack. It was a surprise to myself and certainly his family.

However, because we were able to qualify him for first day full coverage, we were able to get him his full death benefit payout to his family.

My client’s family had peace of mind they otherwise would have never had if he had ended up in a graded death benefit.

Had my client NOT been fully covered for natural death from the first day, his family may have struggled to pay for his burial.

Bottom line, we don’t know what tomorrow brings, right?

So… why take chances unnecessarily when you have ways to prevent those risks with a quality life insurance plan at a decent price?

How To Seek A Second Opinion

questions-final-expense

It’s really simple to seek a second opinion, especially if you’re now wondering if the Life Insurance Savings Group really is the best choice for you.

In fact, you’re looking at a great source for a second opinion!

We here at Buy Life Insurance for Burial specialize in the senior market, helping them with their final expense needs.

As I’ve already described, we represent a multitude of final expense carriers and our job is to shop the most competitive carriers to see who’s going to give you the best combination of pricing or coverage.

While we can’t promise we’ll cover everybody from the first day, we strive really hard to try to do it if there is even a inkling of a chance.

Get A Quote Now!

Life Insurance Options for a 50 Year-Old Female

It’s very simple to learn more and get a quote.

Let me describe the two best ways to do so:

  • First, you can call us directly at (888) 626-0439. One of our friendly representatives will ask a few questions and within five or 10 minutes tell you exactly what you qualify for. There’s no obligation whatsoever to buy. We’ll be happy to show you what your options are and let you decide what to do.
  • Second, fill out the quote form either at the top of your phone or on the side of your screen. Fill it out completely with a good contact number for us to follow up with you, and we’ll be able to show you what you qualify for that way too.

Hope you enjoyed this and got a lot of good value out of learning how the Life Insurance Savings Group works and what your newly found options are for final expense.

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