Are you looking for more information on the Select Advisor Final Expense insurance program?
Most likely you’ve seen a recent commercial that explains a new final expense senior insurance program that takes care of up to $30,000 for those who qualify.
In this article, I’m going to review the Select Advisor Final Expense program so you can have a better understanding of what it offers and decide if it’s something that may make sense for your insurance needs.
Quick overview of the article:
The Select Final Expense Advisor program is a final expense life insurance plan that pays up to $30,000 to those who qualify.
Most people pick these particular types of plans because they want to cover things like final expenses related to funeral and cremation expenses.
The average cost of burial keeps going up and many people don’t have enough money to cover final expenses.
For example, according to the National Funeral Directors Association, the average burial today is somewhere between $7,000 and $10,000, and the average cremation range is between $4,000 and $6,000.
Many seniors are on a low income and don’t have enough money to pay out of pocket for their final expense related expenses.
Plus they don’t want their family to have to pay out of pocket either.
Therein lies the reason why many people look to buying a final expense program.
While I can’t be certain, most likely Select Advisors Final Expense plans are what we call whole life insurance.
Whole life insurance works pretty simply:
- First, the coverage never cancels due to age or health. It’s not like a term life insurance plan that goes away, like AARP or Globe Life at a certain age later in life. The coverage is as certain as a sunrise.
- Second, the price never increases for any reason whatsoever. Companies like AARP and other term life insurance have escalating price increases over time. With whole life final expense plans, you get guaranteed level premiums as long as you live.
- In some cases, you can get first-day full coverage from the first payment date. However, there are some plans called guaranteed issue that don’t fully cover you from the first day, and in order to get anything other than a guaranteed issue plan, you may have to answer health questions.
According to my initial research done on April 15th, 2020, I do not see any reviews available for this particular Select Advisor Final Expense program.
While I can’t confirm in this circumstance, many times companies use TV ads that are different from their actual company name.
Having completed some research, I don’t see any sort of website that exists that better explains what the Select Advisors program is.
I want to talk about the television ad that most commonly shows how the Select Advisor program works.
This ad is supposed to give you a good idea of the details of the plan, how it works, and whether or not it’s a good fit for you.
I want to pay special attention to the fine print at the very end of the ad.
What the fine print says
“Company provides customers with an introduction to companies participating in our advertising program.”
That first line shouldn’t concern you. All this is saying is that Select Advisor is not the insurance company per se, but connects you with other insurance carriers that may offer you coverage.
“All plans are provided by third-parties unaffiliated with us under terms, conditions arranged directly between the customer and those of the third party entities.”
That’s more or less an extension of what I described above.
These plans aren’t Select Advisor insurance plans, but are used by other companies.
Perhaps companies like Mutual of Omaha and American Amicable, etc.
“This is a solicitation for insurance. By calling this number listed above, you will be directed to a sales agent who can answer questions and provide you with benefits, costs, eligibility requirements, exclusions and limitations.”
Now, the most concerning thing here is with the exclusions and limitations.
This may imply, although it’s not 100% clear, that the companies you may be offered may not completely allow first-day full coverage.
That’s where the limitations usually imply
There may be a limitation on the quality of coverage you can get from this company simply because your health may not fit exactly what their parameters or requirements are.
It’s really important to understand that just because you’re being shown a $30,000 plan doesn’t mean you’ll actually apply or be approved for it.
Now here’s the thing, they’re not necessarily wrong by saying there are exclusions and limitations.
Nobody can say for certain just on the basis of a TV commercial if you can get approved or not, whether you work with Select Advisor Final Expense or you work with someone like myself.
What it comes down to is figuring out what your options are and eligibility are, and determining based on an analysis of your health, what you can actually qualify for, and maybe what you don’t qualify for.
Second opinions are really important because not all insurance agencies offer the best insurance policies available.
Some only offer one company solutions. The problem with one company solutions is that they may not be either the best price or the best coverage.
For example, there’s one particular company called Lincoln Heritage that only offers one product to its clients.
Many times that product is overpriced or the quality of coverage doesn’t necessarily match up to give the best deal to the client.
Not to say that this company is bad in any way, it’s just the nature of a company only offering one product solution is that it may reduce the quality of coverage for the client.
Now here’s the thing. The ideal goal is to work with what’s called an independent agent or a broker. That’s what we are at Buy Life Insurance for Burial.
A broker shops the major insurance companies so that you can get the best quality coverage in both price and underwriting.
We represent a multitude of final expensive burial insurance companies and our job is to give you an overview of what is acceptable and what will give you the best coverage and pricing.
For example, there are some people that have pre-existing issues such as COPD, liver problems, diabetes, cancer history, heart history, neurological problems like lupus, multiple sclerosis, mental health issues, chronic diseases such as dementia.
All of these conditions can be eligible for some sort of final expense whole life coverage, but the key to getting that coverage is to make sure you work with a broker that can actually work with you based on your unique health profile.
Bottom line, most likely Select Advisor offers quality final expense programs. However, from our initial analysis, we cannot confirm or deny exactly what they offer.
They may be a great option, they may not be.
Ultimately, it’s probably a good idea to look around and make sure whatever options are offered are the best options for you.
Take us up on our second opinion by giving us a call at (888) 626-0439, or filling out the quote form above or to the left in order to request some information on how much coverage we can put in place for you.