How to get the best “deal” in final expense insurance.
Our work is not very complicated, but we have state of the art systems that enable us to search and compare dozens of carriers in a few minutes.
We have great experience with the state approved final expense insurance plans. They are designed for seniors. Due to it’s fixed premiums and fixed coverage that never expires, they are the best fit for seniors on fixed income like social security or disability, These plans are non-medical, and most qualify for the preferred rate with common health condition as diabetes or high blood pressure, and even an old stroke or heart surgery.
What is in it for you? In short, the lowest premium with a top rated company.
Final expense insurance is about the guarantee of a check from the insurance company, sent to the beneficiary, a couple of days after the insured’s death. If a final expense life insurance can not guarantee that check, on that day, it is not fulfilling its purpose.
A) Whole Life Final Expense Insurance vs Others.
Whole Life Insurance:
- Whole life insurance never expires. It ends with the payment of the benefit.
- Whole life insurance has a coverage that never goes down.
- Whole life insurance has a premium that never goes up.
- Others may be for a term that expires, It is very difficult and expensive to get insurance after 80 and impossible after 90. You can not get another term insurance after 70.
- Others may be “renewable term” that has a payment that goes up more than 10x from 50 to 85 years old and expires at 80 or 90 years old,
- Others may be by units (coverage + risk) with fixed payments, but their coverage goes down with age: 6 units ($59.70) goes from $10,716 coverage at 54 years old to $2,556 at 80 and keeps going down with age.
B) How our company’s premiums are calculated.
- Life insurance is about spreading the risk among millions of insureds,
- Life insurance companies calculate risk based on life expectancy.
- Life expectancy of seniors depend mostly on their age and their health conditions.
- Each company calculates risk due to health based on each person’s records that are kept by the Medical Information Bureau, and their own risk tables.
- Companies normally have 4 tiers of risk: preferred, standard, graded, and guaranteed Issue (no questions asked and no MIB check),
C) How we get you the best coverage and lowest premium during a phone call?
- We ask about your medications and hospitalizations.
- We add that information to our state of the art system that has all carriers decision rules in it.
- The system determine the companies that will insure you with the lowest health risk level.
- We search and compare companies with that lowest risk level and get a ranking of the lowest premiums for that risk level.
- We present the company and the quote.
D) The application process.
- We gather the basic application information.
- We add the company to the call as a conference.
- You confirm your identification, and answer a few health questions.
- Most of the times, the company checks your MIB, and in a few minutes, they will issue your approval.
- Depending on the company, they may ask additional questions about the medications.
- The final decision may require an underwriting review with extremely high approval rate, if they do not find any “high risk” medication that was not disclosed in the initial interview.
- Very seldom, and In the worst case scenario, the company may approve the application for a different risk level or decline coverage, which is a non-issue because with the new information disclosed we can look for the next “best deal”,