Select Quote’s highly profitable insurance firm, Life Insurance Savings Group, is a marketing brand. Mike Ditka frequently appears in ads for ultimate expenditure insurance. They sell last expense and term life insurance, according to their website.
They are a non-profit organization that works as a broker for several life insurance providers. Life Insurance Saving Groups is not a corporation that provides insurance. It’s not a bad thing that they’re a company. That’s a positive thing because people can compare plans from several insurance companies instead of being limited to just one. Life Insurance Saving Group, often known as life insurance savings.com, specializes in selling applicants ultimate expense life insurance. They are also the marketing department for one of its largest Telesale firms.
It was all about volume and sales policies; that’s all there was. However, some life insurance firms provide better policies; this article will use the Life Insurance Savings Group’s sheet as an example.
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What are the strategies of the saving groups?
To begin with, their website is severely deficient in terms of the specifics of each plan they offer, which is a major red flag. They should be open and honest about the details of each policy they sell.
Nonetheless, we could glean some data from the minimal material available on their website. The operation of these burial insurance plans is pretty straightforward. Life Insurance Savings Group provides whole life insurance with a simplified issuance option.
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This is permanent life insurance, which means the cost of the policy never increases or decreases.
Furthermore, if granted, you can get a complete 100% first-day death payment for natural causes of death, with only a few health concerns answered throughout the application process. This is something that the most excellent life insurance companies would provide. Therefore it is not unusual.
Final expense coverage for the rest of your life
Whole life insurance is included in their burial insurance coverage. The fine print is pretty plain because these are whole-life plans. The following is a breakdown of their final expense plans:
Monthly rates are set fixed.
The amount of coverage is guaranteed never to decline.
Lifetime insurance coverage.
Increases the amount of money you can borrow.
United of Omaha, according to their commercial, provides coverage. The minimum coverage amount is $2,000, while the highest amount is $40,000.
The level benefit, which has no waiting time, is available to applicants aged 45 to 85. Only applicants aged 45 to 80 are eligible for the graded use, which has a two-year waiting period.
Unfortunately, the terms of their term life insurance aren’t unambiguous. Because their website (lifeinsurancesavingsgroup.com) provides no information, we say that.
In the proper context, term life insurance is a short-term life insurance policy that will expire after a set time. You will no longer have insurance after the termination date has passed. With term life insurance, you rent coverage for a set time.
They usually come to an end around the age of 80. The final expense insurance offered by AARP, for example, expires on your 80th birthday. Another major worry with term insurance is that monthly costs sometimes rise with age.
For someone on a fixed income, this might be a significant issue. What happens if the premium exceeds your budget? If that’s the case, you’ll have to forego coverage, which would be tragic.
Because their website is so vague, it’s impossible to say when their term coverage will expire or if the premiums will climb over time.
When you reach the end of your contract, there is no longer any coverage for your needs, and it becomes both worthless and expensive. A life insurance firm may offer to renew a saving policy at a lower cost than obtaining a whole-life or universal life policy, which can last until maturity depending on the kind (e.g., term).
Term saving plans often expire around the age of 80 or even earlier if one lives longer! Due to the lack of specificity in the term coverage, it’s impossible to say when or whether rates will climb over time.
The life insurance company on the other hand, will cover you until you’re 85 or 90 years old.
This might be a significant issue for those on a fixed income: what if your premium increases beyond your budget? After investing into a life insurance policy, you cannot go without it. The most important thing is to ensure that your family receives a death benefit if you die.
There are two large red flags.
Their commercials and website raise two significant issues.
The fact that their commercial continuously boasts how your acceptance is guaranteed is the first and most major red flag. That sounds fantastic, but the commercial overlooks an important fact.
A two-year waiting period applies to all guaranteed acceptance plans. They will not pay out a death benefit if you die during this time.
Instead, your recipient would receive a refund of your premiums plus a tiny interest sum. You must live for at least two years with no health questions plans before the insurance company will pay out a death benefit.
It would help if you strived to get comprehensive coverage from the beginning. Fortunately, most people looking for final expenditure insurance can receive a range without waiting.
Make sure you engage with a broker representing numerous insurance companies to give yourself the best chance of getting a policy with no waiting period. They can shop around to see if any insurance companies will accept your health conditions and provide coverage with no waiting time.
Their website is the second major red flag. It is missing essential information that a reputable business should have. It’s unclear what plans they offer, how much they cost, where they’re located, and many other crucial data.
Insurance is a crucial component of your financial safety net. You should be able to believe that the person you are dealing with is trustworthy and transparent.
Unfortunately, Life Insurance Savings Group does not meet those two essential criteria.
Life Insurance Savings Group represents which insurance companies?
In the small print of their commercial, it is stated that they represent Mutual of Omaha.
However, there is no mention of which other companies they represent on their website. Surprisingly, their website includes multiple company logos.
It stands to sense that they would only show logos from their partners.
In addition to Mutual of Omaha, we think they represent the following insurance companies:
Globe Life is a company that specializes in providing.
- AIG
- Trust
- Americo
Others may exist, but there is no way of knowing because their website is opaque.
How much does lifeinsurancesavings.com coverage cost?
A widget on their website makes it appear as if you may get fast quotes. Regrettably, they do not provide any pricing information.
After entering all of your information (name, phone, email, address, DOB, and gender), you will receive a message indicating that an agent will contact you. You must interact with one of their sales staff to obtain any Quote.
It’s deceptive because most customers believe they’ll be able to see real-time final cost insurance quotes on their website.
Their advertisement is the sole source of pricing information we have. The screenshot below, captured at the 1:30 minute, shows an example cost estimate of $5 per week.
Choice Mutual is a better fit for you, and we’re very open about it.
In our opinion, Life Insurance Savings Group is the last place you should go if you’re looking for final expense insurance.
We make that assertion because Life Insurance Savings Group keeps a lot of information about themselves, their products, and the insurance companies they represent under wraps.
Anyone should avoid doing business with a corporation that operates in this manner.