Your life is important but so is your money. It is necessary to plan ahead but with the right strategy in hand you will never have to worry about your future, either financially or mentally. In this article, we will study the top 5 hacks to save money on life Insurance.
Analyze the Current Funeral Costs
The one insurance product we KNOW we need! But often we put off. And if you’re like most of my clients, you see tons of junk mail and television ads offering final expense life insurance.
And that’s why I’m writing this article for you. There is so much misinformation regarding final expense insurance. Even worse, many are unaware of the competitively priced final expense insurance options available to them.
When it comes to the television and junk mail final expense insurance companies, most have “fine print gotcha” clauses that will cause you grief. In fact, many I talk to are convinced they cannot qualify for affordable, high quality final expense life insurance.
How To Get Affordable Final Expense Life Insurance? Luckily, most people can qualify for excellent final expense insurance at great rates. All you need to know are the facts, so you can pick the best plan.
This article is designed to do just that! Since 2011, I’ve seen too many final expense insurance companies ripping off regular people. And what’s shocking is that these rip-off final expense insurance options are name-brand companies you’ve heard of! My goal is to give you the information necessary to empower yourself.
By the end of this article, you’ll know how to select the best final expense insurance plan. That way, your loved ones will not worry about paying for your burial, cremation, or any other final expenses.
Insurance Based Around Your NEEDS.
As a final expense insurance agent, my goal is to help people like you find a plan that actually does the job you want to accomplish. And, if you’re like most, you’re on a fixed income. Your budget only allows so much for a final expense insurance plan.
Therefore, when you buy a final expense life insurance plan, make sure it meets your needs! And the first need is that it fits your budget. First, do NOT let an insurance agent persuade you to spend more than you can afford. Instead, you MUST buy a plan it fits your budget. Sometimes you’re best served through starting with a lower-priced plan. Why? Because losing your final expense final insurance is crucial.
Term or Whole Life Insurance
Now, let me describe to you the difference between term life and whole life insurance. Term life insurance is what we call “terminating insurance.” Simply put, term life insurance cancels at a future date. And with most final expense insurance term products, 80 is the cancellation age.
And since people living longer lives, many people who purchase term life insurance will outlive them. And not have final expense insurance… exactly at the point they need it! Think about it. How would you feel if you lost your final expense insurance? Feels like you’re getting ripped off, right?
Term Insurance Goes Up in Price AND Cancels, Too! This is exactly what I tell my clients and not exactly do term insurance plans cancel, they go up in price as well. If Final insurance is important to you then don’t do term insurance. In most cases it’s not going to be there when you need it.
What’s the solution? I recommend final expense whole life insurance. Whole life insurance never cancels because of age or health, premiums never increase, and in many cases, you’re fully approved and covered from the first day.
Naturally, getting full-coverage final expense whole life insurance depends on answering a set of health-related questions. However, many people do qualify for full coverage. In most cases, this is the best kind of final expense whole life insurance plan to own.
Here’s the takeaway: Do you plan on dying before or after 80? Don’t know? None of us do! If you feel the same way, final expense whole life insurance is best. Because it will be there no matter when pass.
Never Trusts Junk Mails or Television Ads
Do you watch television? Are you receiving tons of junk mail daily? If so, I know you see all sorts of ads about final expense insurance. Be careful with junk mail final expense insurance offers!
Why be wary? Because the final expense companies do a superb job describing their final expense insurance. In some cases, these companies are known for bringing on celebrities for personal endorsements. Unfortunately, these final expense companies use celebrity endorsements and fancy for a specific reason.
Also, many of the final expense insurance policies are term insurance. As we described above, term insurance for final expense typically goes up every 5 years and cancel at 80. How do you get around this?
You have to deal with what is known an independent agent. An independent agent shops different final expense whole life insurance company. The goal is to get you the best price and value of coverage.
Working with an Independent Agent
This is a great step all people considering final expense insurance should take. First, let me describe the difference. A captive final expense insurance agent is beholden to one life insurance company.
By definition, the captive agent can usually offer only one final expense insurance option. And in most cases, the option is neither the best price nor the best value in final expense life insurance coverage!
An independent final expense whole life insurance agent gives you multiple options. If they operate as I do, they carry about 15 different insurance companies. And once they ask the client the health questions, the independent final expense life insurance agent selects the best value for the client. And many times, issues like age and health aren’t nearly as much of a factor in getting coverage.