Whole Life Final Expense Plans Are Not
"Apples To Apples".
The only consistency between one and another is that premiums do not increase, benefits do not reduce, and the company can not cancel an insured's policy for any reason other than non-payment of premium. There are significant differences as to how everything else works. The minimum and maximum coverage amounts available, the time it takes to pay claims, qualifications to get approved, rates, riders, additional benefits, and claims pay-out history.
Think about this, in 2019 the 2nd largest final expense company paid a little over $600,000 in claims for the year. The company I offer is the #1 largest and the top-rated final expense company in America, and we paid around $180,000,000 in claims. That is hard to believe, but based on my experience over the last 17 years (13 as a broker and the last 4 as with #1) I'm not surprised by this. In 2021 we paid over $280,000,000 and #2 paid less than $2,000,000. During my time as a broker, I never saw a claim get paid (in full) during the contestability period. All of the big-name companies (many of which are listed as top carriers on some websites) always found a way out. Over the last 4 years, I have had 5 clients pass away during the contestability period, and they were paid in less than a month.
If and when the average company pays during contestability, it can take up to 6 months. This is another reason why I encourage agents not to replace policies. I believe it should be more heavily regulated, if not illegal. More about that
In addition to our Whole Life plans, we offer child, grandchild, and great-grandchild riders, and up to $160,000 in accidental death benefits. Almost anyone under 86 qualifies, even if you've been turned down before. We focus on paying approved claims within 24 hours, so the money is available right away. This makes for a huge difference in the experience that your family will have when the time comes to make the claim.
Funeral planning services are included with all of our plans in order to help you pre-plan your final wishes, which are kept secure on file. Then when it's time to make the claim, our funeral planners will guide your family through the tough process, while helping to save money by negotiating the cost of the funeral. We use the funeral home of your choice, and in the event that one has not been selected, we offer to call 3 different funeral homes to get pricing so your family can decide which one will work best. Our professional funeral planners always do everything they can to make for a smooth process so that financial affairs can be settled, and the healing can begin. As an Agent with 17 years of experience, I can easily say this is by far the most valuable final expense plan available to the consumer. This is exactly why I carry the same plan for myself and my family. With premiums as low as $15 per month, affordability is no issue.
I'd be glad to help you get this valuable coverage in place today!
Comments
Post a Comment