Have you lost a loved one or been to a funeral recently?
This is not meant to be a trite or a leading question, the question is intended to provoke thought.
I will venture to guess, at least 50% of the people that inquire about Final Expense Burial Life Insurance do so because they just lost a loved one AND/OR they had to pay out of pocket for the service of a loved one.
This is the unfortunate reality of human nature that there is little sense of urgency until there is a reason for a sense of urgency.
So, when the urgency does arise – let’s take a look at how, why and what is important when choosing your final expense policy.
Reasons Why People Get Final Expense Insurance
Sometimes agents (like me/us) have to remove ourselves from what we know – and – take a minute to better understand the reasons why people (like you) are REALLY looking for life insurance. These are the reasons WHY people purchase. Below are some of the reasons;
- Peace of mind that final expenses are accounted For
- Want to remove consciousness of GUILT
- The instinctual human need to protect the ones we love
- Genuine desire to give a better life to our children & grandchildren
- BECAUSE … we are taught it’s the right thing to do
For this reason, when any agent on our team speaks with ANYBODY that inquires about final expense, we always ask the following question first;
Why is life insurance important to you, RIGHT NOW?
NEXT …
WHAT you purchase and HOW you go about purchasing is just as important as WHY. This is important not only for you but also important for the agent.
The reason I say that is because as agents we know a LOT about the carriers, policies, pricing, benefits, and features so we think we know what is best for you, but many times we do not understand (or listen to) exactly what you want or need (see the question above – WHY is this important to you right now)
The Benefits of Final Expense Life Insurance
Here are some of the benefits of final expense burial life insurance;
- Low Premiums – It’s affordable
- It’s EASY, Part #1 – No medical exams
- It’s EASY, Part #2 – Some policies have no medical questions
- CONVENIENCE – Applying for final expense is EASY, apply and get approved in 5 minutes!
- Peace of Mind (again) – Sleep well at night!
- Do it Different – Different than other family members or loved ones that indeed had NO insurance.
As agents, we are hyper-focused on finding the best solution and value for each client. The fact is that, sometimes, the customer JUST WANTS AN EASY AND CONVENIENT EXPERIENCE, even if that means NOT having the best policy or even paying a few dollars more.
SO – What is the Fastest and Easiest Way to Get Final Expense Burial Life Insurance?
Guaranteed Issue policies are the easiest way to get final expense insurance. There are NO MEDICAL QUESTIONS, just contact information, social security number, beneficiary info, and payment information – THAT’S IT.
Applying for a Guaranteed Issue policy should take no more than 5 minutes!
What’s the catch (downside)? Guaranteed Issue policies have a waiting period of up to two years. Typically, the first two years following the activation of a policy is considered a waiting period. If the insured individual were to die during this time, the beneficiary generally receives only the amount of paid premiums. But with guaranteed issue whole life insurance from AIG and Gerber, beneficiaries receive 110 percent of paid premiums if the insured person dies within two years of the policy effective date – UNLESS – the cause of death is an accident, in which case the full death benefit will be issued.
What are the Best Carriers (Companies) for Guaranteed Issue?
We recommend three companies. These two (2) companies 99.999% of the time (you get the picture) will be the lowest cost Guaranteed Issue policy available – AND – these two (2) companies are BY FAR the most recognized and oldest companies with Guaranteed Issue policies.
1. AIG
AIG (American General) Guaranteed Issue Whole Life
You can get life insurance from AIG that does not require a medical exam or answering health questions. This application truly should take no more than 3-5 minutes.
This is a great policy for people between the ages of 50 to 85 with coverage up to $25,000.
This is a graded death benefit policy that pays 110% of premiums if the policyholder passes away in the first two years and full death benefit payout in the third year. Another great aspect, the payer of the policy can be someone other than the policyholder.
This is a great choice in life insurance for someone’s parents who need insurance coverage but cannot afford the premiums.
DOWNLOAD THE AIG GUARANTEED ISSUE CONSUMER BROCHURE
For more, see our American General life insurance company review.
2. Gerber Life
Gerber Guaranteed Issue
Gerber provides an excellent guarantee issue whole life for those with serious health issues looking for cheap final expense or burial insurances with no medical questions.
There are no exams, no blood tests, no urine samples – NOTHING BUT A SIMPLE APPLICATION WITH CONTACT INFO, SOCIAL SECURITY NUMBER, BENEFICIARY INFO, AND PAYMENT INFO.
Coverage is available for ages 50 to 80 for face amounts (a.k.a coverage or death benefit) from $5,000 to $25,000.
The premiums are fixed for the life of the policy and have a cash account that accumulates cash value that can be used to pay premiums over a period of time or can be borrowed against.
If the policyholder dies from accidental death, the full face amount will be paid due to the accidental death benefit which pays out from the issue date of the policy.
Should the policyholder die from natural causes during the first 2 years, the beneficiary will receive all premiums plus 10%.
For more, see our Gerber Life insurance company reviews
DOWNLOAD THE GERBER PRODUCT BROCHURE
DOWNLOAD THE GERBER GUARANTEED ISSUE CONSUMER BROCHURE
Watch this video on YouTube
Gerber Guaranteed Issue Final Expense Life Insurance Sample Quotes
All rates are subject to change and are for comparison only:
Rates based on Males who are age 50
- $ 5,000 = $19
- $10,000 = $38
- $15,000 = $57
- $20,000 = $75
- $25,000 = $94
Rates based on Females who are age 50
- $ 5,000 = $14
- $10,000 = $28
- $15,000 = $41
- $20,000 = $55
- $25,000 = $68
My Guaranteed Issue Story to Share
So, my story involved my parents and a neighbor. When I became a licensed agent, I interviewed both my parents and my neighbor about their existing policies. I was doing so to get a better understanding of what is important to the average.
In both cases (parents and neighbor), what was most important to them was; NO MEDICAL QUESTIONS (A.KA. GUARANTEED ISSUE)
So, I pried a little further and asked questions about WHY they chose their policies. Here are the answers;
- No Medical Questions
- Brand Name (Mutual of Omaha in all cases)
- EASY & CONVENIENT
- Relatively Speaking – LOW COST
When I asked if they understood there are better policies, with lower rates in which they would qualify for coverage from day 1, the response was consistent in both cases – YES, BUT THIS WAS EASY.
So, what I learned from these valuable interviews is that CONVENIENCE and SIMPLICITY is just as important as the lowest rates and best policies. This is further supported by what my mother said when I asked her how she felt after their policies were issued (a classic quote from my mother);
“I said to your father, we better wait at least 2 years before we kick the bucket.”
I know, it’s not funny to think like that – except if you know my mother!
If you would like to learn more about EASY AND CONVENIENT POLICIES, click or tap the button below.
