That is to say, companies offering either no-questions asked life insurance or guaranteed acceptance life insurance. In conclusion, beware of burial insurance scams. His father could have qualified for first-day full coverage, had he had worked with the right final expense insurance agent. Sadly, my client had to mortgage his own house to pay for his father’s burial. When his father suddenly passed away from a stroke, my client filed the death claim, discovering that only several hundred dollars would be returned, instead of the original $10,000 death benefit. Unfortunately, his father didn’t read the fine print from the company. You’ve probably seen them advertise on TV. His father purchased a life insurance plan from a well-known no-questions-asked insurance company. Sadly, I am basing this story off of my first final expense insurance client. It sure as heck isn’t! An actual story from a life insurance client in Georgia What’s the grand total to your loved ones…?ĭo you think that’s enough to pay for a burial these days? Instead, the insurance company explains that your beneficiary only receives the premiums you paid, plus an extra 10%. Upon calling the insurance company, your beneficiary discovers she will not receive the $10,000 death benefit. And you pay $50 a month for this coverage.Īfter 12 months, you suffer a massive stroke and die immediately. Let’s say you purchase a $10,000 plan with a no questions asked life insurance company like Colonial Penn. Upon reading the fine print, you will find that NONE of these final expense programs provide first day full coverage for natural causes of death!ĭying from natural causes within the first two years of the policy provides your beneficiary only the premiums you paid in, plus a marginal level of interest. So what could possibly be the problem with a plan like this? Inadequate Coverage For The First Two Years And, the coverage doesn’t cancel, nor does price go up.You don’t have to answer any health questions.More so, there are numerous, brand name insurance companies trying to convince you to buy their no-questions asked life insurance to protect yourself and your loved ones. If you receive mail and watch television, chances are you’ve seen dozens of no-questions asked life insurance products. Scam #1 – No Questions Asked Life Insurance People also neglect to work with a burial insurance broker to get the best possible deal…but more about that later. That’s why final expense insurance scams are so plentiful – people neglect to read the fine print. Many of these burial insurance programs “hide” the fine-print that deem them inferior and potentially problematic for you. And as long as they fit your budget, you get quality final expense coverage to pay for your funeral expenses. Typically, the offer for coverage sounds simple enough. If you’re like most of my 1500+ client base, you see endless junk mail and television solicitations for final expense life insurance. For an elderly person 85 to 90 years old.This article is perfect for those looking for life insurance coverage or for a loved one, like: Plus, you’ll learn how to avoid burial insurance scams, and how to source the best final expense insurance you can qualify for to save money. In this article I’ll cover the top 3 final expense insurance scams many people fall prey to. There are a LOT of final expense insurance scams out there!
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