Nowadays, it seems like just about every commercial on TV or Radio seems to be trying to sell someone some type of burial life insurance.
The only problem is that most of these commercials only focus on how “easy” it can purchase a final expense insurance policy.
But very few discuss “how” one should go about finding the best final expense insurance company for them!
This is why…
In this article, we’re going to briefly discuss what 5 things you can do to help ensure that you are able to find the BEST burial life insurance policy for you and your loved ones.
5 Steps to Finding the Best Final Expense Insurance Policy
Step 1. Consider Your Options.
Now, this may seem like an obvious step; however, many folks fail to do so. Instead, they’ll see a commercial on TV, call that company and purchase a policy through that company.
Now, we don’t want to imply that this first company that a person calls isn’t the best life insurance company for them, but wouldn’t it seem to make sense to get a second opinion?
This is especially true if…
…the first company you call is an actual insurance company (which only offers “its” product) vs. an independent life insurance brokerage licensed to offer a wide variety of different policies from various insurance companies!
Step 2. Understand what you’re being offered.
Regardless of what commercial you may have heard, discussing buying a final expense insurance policy, just about all of them are going to stress how EASY it is to qualify for coverage and how AFFORDABLE it can be.
The only problem with this is that when Ease and Affordability are stressed, other potential “problems” can be missed or overlooked.
Potential Problems such as:
- What type of burial life insurance policy is you being offered? Term vs Whole Life?
- How long will your policy stay in force?
- Will the price you pay for your policy remain the same for as long as you own your policy? If not, how much will your premium increase?
- Will the death benefit of your policy remain the same for as long as you own your policy?
Step 3. Graded Death Benefit or No Graded Death Benefit.
Some companies offer burial insurance with no waiting period.
Which is great, if you qualify.
However, many companies offer burial insurance with a graded death benefit.
A graded death benefit is a clause written into every Guaranteed Issue Life Insurance policy, which will state that an insured must hold his or her policy for a period of time before his or her policy will provide a death benefit should the insured die from a natural cause of death.
Which means that…
If you purchase a Guaranteed Issue Life Insurance Policy, it’s quite possible that you won’t be insured for natural causes of death (think heart attack, stroke, cancer etc…) for several years (usually two to three years)!
Which is why…
If you are being offered a Guaranteed Issue Life Insurance Policy and your life insurance agent hasn’t discussed what a Graded Death Benefit to you, you may want to reconsider your relationship with him or her because this is definitely something that they should be discussing with you.
Step 4. Price is King.
Now that you’re well informed know the differences between the different “types” of life insurance policies that are available, and know whether or not you’re going to need to consider a life insurance policy that contains a graded death benefit, now its time to begin looking at PRICING!
Price doesn’t mean anything until you understand what it is that you’re comparing! Once you fully understand what you need and want, you can now begin comparing which life insurance company will offer you the best price for what you need.
Step 5. Grace Period.
One of the benefits of purchasing a life insurance policy is that most highly rated life insurance companies will allow you to have a 30 day review period. During this time, should you decide that you’re not happy with your policy for any reason, you can request a full refund of all premiums paid.
The only problem is that it falls on you to actually take the time and read your policy during this period, which is why we list this as a step that YOU must take!
We’ll be the first to admit that reading through this list may seem a bit intimidating or daunting, particularly if all those commercials have convinced you that purchasing a final expense insurance policy is as easy as answering three simple questions.
But remember, we here at IBUSA aren’t trying to sell you a final expense insurance policy.
We’re trying to help you find the BEST final expense insurance policy that you can qualify for.
The good news is that because this is our goal, it means that when you choose to work with us here at IBUSA, we’re going to guide you through the first 4 steps before you choose to purchase your policy and actively encourage you to follow through with step 5 once you have your policy in hand!
So, if you’re ready to get started, give us a call and let us show you how EASY finding the BEST final expense insurance policy for you can be!