Any insurance that you see on TV
Most insurance companies that are advertising on TV are selling something that is too good to be true (looking at you Colonial Penn). While this is not the case for 100% of all TV ads, it is true for most.
Think about it, how are they paying for that advertising? With your monthly payment. It’s no wonder that the cheapest insurance carries out there you will not see on TV, because that’s how they can offer the most affordable rates.
Also, the advertisement you see is only showing one company. At Seniors Mutual, we represent all of the top insurance carriers to find the one that best meets your needs and health conditions. Every carrier will price things differently, why would you roll the dice with an insurance company you just saw on TV? Which brings us to our next point…
Policies sold by a captive agent
If you are in the market for final expense insurance so that you will have peace of mind about your burial, then you need someone who will do all of the shopping for you. Unfortunately, the life insurance industry has not grown up around transparency.
Traditionally, field agents in the life insurance business represented one company and sold only that company to their customers. It is still this way today across the vast majority of the U.S!
This is not doing what’s best for you, the customer.
When looking for the best final expense insurance policy for you, make sure you are looking with someone who represents all of the top insurance companies, like Seniors Mutual.
Polices with a waiting period
Some burial insurance policies come with a waiting period. This is unnecessary for most people, as we can usually qualify you for a different insurance carrier that offers no wait.
However this is not always the case. Usually the reason for the waiting period is because of poor health or high risk. This is usually something like cancer or on oxygen equipment. If you have a serious health condition, you may only qualify for a waiting period plan. If not, we can find you a final expense plan that gives you immediate day 1 coverage.
Term Final Expense
Term insurance is great for young families and newlyweds, but not for older customers looking to make sure their loved ones don’t have to pay for their final expenses.
With final expense burial plans, the whole point is to have the funds left over for your family so they are not burdened. Final expense burial plans are quite literally planning for paying the cost of your funeral or burial. You can’t do that with a term final expense plan.
According to a Penn State University study, 99% of all term policies never pay out a claim, because the insured outlives the term. What was the point of buying a final expense burial plan if they never gave a 100% tax free cash payment to your loved ones?
Premiums that are not rate locked
Some insurance companies lure people in by offering ultra low rates at first that are not rate locked. This means that over time your payments may go up or coverage may be decreased. This is a manipulative way to boost business and we do not offer any of these plans at Seniors Mutual.
Make sure each final expense plan you look into has a rate lock and get approved right away, locking in that monthly payment and death benefit for LIFE.
Long approval time
Some insurance companies will make you go through lengthy approval waiting periods before you are approved for coverage. Many times these companies will come back with an approved rate for you that is higher than what you were quoted.
Burial insurance can be expensive if you wait too long. Make sure you are working with company that has very fast, or even instant, approval for your policy. That is the only way to lock in a rate that is affordable for you for life.