How To Apply For Final Expense Life Insurance – Podcast Episode 32

In this podcast, I’m going to be discussing how to apply for final expense life insurance. The first thing you should do when applying for final expense life insurance is research and find an independent life insurance agent. This is so important at funeral funds of America we are independent life insurance agents. And what that means is that we can go around and shop all the different insurance companies for you. We are not married to one specific insurance company that only benefits you. We are independent, there’s agents out there that are called captive agents.

And if captive sounds like you’re locked in a cage, that’s almost the case with these insurance agents, because they only work for one company. And that company only sells their own product. The disadvantage is that in almost every case, it’s going to be massively more expensive, because they only offer one product. And the other thing is you’re not going to end up with the underwriting flexibility because they only sell one product, if you don’t meet their requirement health wise, age wise, coverage wise, you’re out of luck, they won’t be able to help you.

So your options are very limited. Whereas with an independent life insurance agent like us at funeral funds of America, if you have a specific health problem, and one company doesn’t favor that type of applicant, meaning they would deny that person, we can shop around different insurance companies to find out who would approve you.

And that’s really so important because we only help people with first day coverage or benefits. So other companies out there that only sell their one product. If they if you don’t qualify for their best first day coverage product, they’re going to automatically put you down into like a graded type policy. And most of those graded policies have two year waiting periods, which you want to totally avoid. So just understand, as long as you go with a trusted independent life insurance agent, you should be okay.

Just be aware, though, there’s so many agents out there that go, I’m an independent agent, I can shop over 40 different insurance companies for you. Or they’ll say we have access to over 40 Different insurance company. Well, you know, call them on that BS, because they don’t they’re not contracted with 40 different insurance companies. I guarantee you now do they have access to 40 different insurance companies? Sure.

That’s like walking up to a used car, car dealers parking lot, where they’ve got all their cars and say, Hey, I’ve got access to 200 cars. Well, do you really? I mean, certainly you could buy one, but would you buy 200? Do you own them? Would you make payments? How would you do that? Right? So it’s silliness. So when they say oh, I’ve got access to all these companies that you do, but you’re not even contracted with them. So it’s very misleading. So don’t don’t fall for that garbage.

Most agents out there, especially if they’re new agents, their uplines, meaning their bosses are only going to let them work for maybe one, two, maximum, maybe three different insurance companies, just to keep it simple. But by keeping it simple, you end up paying more because they can’t shop around for both qualifying and for the lowest price.

So just just be aware, especially when people when insurance agents come and visit you at your home. That’s they’re probably a new agent. And anymore since COVID. You know people doing telesales, you know, if they only work for themselves. You know, it’s difficult, you know, they may be only licensed in one state and may have only been doing this for a couple months. And then you’re just going to be really restricted on what companies you have access to.

So we’re licensed in all 50 states we’ve been doing this years and years and years, and we can certainly help you not only get the lowest price with the best company, but more importantly, get that first state coverage. A second point on applying for final expense life insurance and schedule a consultation. Well I can tell you it funeral funds very easy. It’s just call us up. It’s pretty easy. Just give us a call. If we don’t answer the phone, leave a message. You can also fill out one of the quarter forms on our website. And if you’re interested, we can reach back out to you.

The advantage of that is that you can actually see pricing, we actually include the actual quarters that we use. When we help people, you have access to that on the quarters on our website at funeral funds.com. They’re on just about every page. Now, the only challenge with that is, you’re not necessarily going to know what you qualify for. If you have some, shall we say, rather interesting problems, right? Some more complicated health problems. That’s where the underwriting experience on our end comes in.

Really, really, critically important, it becomes critically important. And the reason is, is just because you see a price doesn’t mean you’re going to qualify from that insurance company, if you’ve got health issues. You know, if you’ve got diabetic complications, some companies are going to be cool with that some aren’t. If you’ve got heart issues, specific heart issues, some companies are going to be cool with that some aren’t. So it pretty much any type of problem out there. The insurance companies are going to have some sort of question for it.

Our job is to intimately understand all the applications for all the different insurance companies to find out who’s going to approve you for first day coverage or benefits at the lowest pricing. So we’re great we do there’s other people in the industry that are great, you just don’t know if you don’t have a background in insurance.

Step number three, when applying for final expense life insurances just provide the information and complete the application. Now sometimes people say, I don’t like dealing with people over the phone or come into my house, can you just mail me something and I can mail the application in? Well, yeah, if you want to get like, screwed with, pardon my language, you know, by paying more, because the only plans that you can buy by just filling something out at home, are the ones that have two year waiting periods, because they don’t ask any health questions. There’s no underwriting at all.

And because they’ve got a two year waiting period, you’re going to end up paying more, those are high risk policies. Because who buys policies with two year waiting periods? Don’t people are I may have been too harsh. They’re people who don’t know any better, but dumb people buy it too. And, and people who just don’t don’t understand what first day coverage is, right?

So you absolutely want to get first day coverage, you absolutely want to answer health questions. Because in most cases, at least going through us, you’re going to qualify for first aid coverage. Otherwise, if you just want to fill something out at your home, then you know, you’re gonna pay more. And it’s dumb to pay more hate to say that, but yeah, just be a smart, educated consumer.

And you know, what, if you’re not a smart, educated consumer, just call us if you know, friends of America, we can help you be a smart educated consumer, so that you get the lowest pricing, because the thing is, is, you know, you lock in your savings from the very first day. So if you overpay on the first payment, you will overpay on every single payment for the rest of your life.

So let’s do the math. If it’s $20 a month more that you’re paying, because you just didn’t know better or you’re dumb. That would be twice $240 extra a year, after 10 years, you will have overpaid $2,400 It’s dumb to spend $2,400 more money than you need to for the same exact coverage and, you know, other policy features.

So we’ll help you out, I promise will make you really smart. It’s okay. I’m dumb in certain areas, too. I’m just really smart and life insurance. So it’s okay, we all have areas that were dumb, and there’s nothing you know, the only dumb question is the one you don’t ask, right? So let’s just all be dumb together. We’ll be dumb in different areas, but we’ll make you super smart insurance.

The fourth area on how to apply for and final expense life insurance is underwriting and policy approval. So we do a lot of that in house. Before we even apply to an insurance company. We want to make sure that you even qualify. There’s no way on earth. We want to get you on the phone with an insurance company and be surprised by a health question.

So we are very good at the pre underwriting. So much so that as long as we have all the right info from you, we have a 100% approval rate when we apply for coverage. The only time we don’t get somebody approved is when they just forget to tell us something or they don’t tell us something and try to sneak it through. Dumb. Don’t do that.

Don’t try to sneak some through that down if you forget some that’s cool. are being human. But, you know, even if you are declined by a specific insurance company, in most cases, we can dodge to another insurance company and get you that first day coverage.

And then the fifth area you shouldn’t consider when applying for final expense life insurance is just doing the policy review when you get it after the purchase. That is so important. I cannot tell you how many times we have talked with people and they didn’t even know they bought a policy with a two year waiting period. They just trusted what the insurance agent said. And there’s a lot of agents out there who will conveniently forget to tell you policy details just in order to make a commission and make a sale.

I hate to say that. But uh, yeah, there’s some, there’s some, some terrible agents out there for from that standpoint. But, you know, when you get your policy, the first thing you should do is not just pull it out in the envelope and throw it in the file cabinet, you need to open it up, and make sure that everything in the policy is exactly how your insurance agent described it to you.

If they said it’s first day coverage, and your policy says it’s a graded policy, your insurance agent lied to you, it is not full first day coverage. If they said you had first day coverage, and you see it says it as a two year waiting period, your agent lied to you. Now, that is not your fault that your agent lied to you. It’s your fault if you keep that lousy policy. So if you find that something like that happened, you need to cancel that policy right away, it will be T rific. Because the agent will have to pay that commission back screw the agent if they screwed you. Pardon my language. I’m fired up on this episode. But yeah, yeah.

So just review the policy. So what we do at funeral funds of America is we tell you everything about the policy, before you even apply to the policy. Once we get you approved for the policy, we mail out a letter in writing directly from us, that includes everything that we told you about the policy so that you have everything in writing from us.

And then when you get your policy, open up your policy and compare what we wrote down in the letter we sent you to what’s in the policy, and you’ll find that they say exactly the same thing. And then at that point, now you can put it in your file cabinet, and know that your your family’s fully protected, your spouse is fully protected, your children are fully protected.

But, you know, just it’s just like anything, you know, there’s good cops, there’s bad cops, there’s good accountants, there’s bad accounts, there’s good doctors, there’s bad doctors, there’s good insurance agents, there’s bad insurance agents. But you know, I think the best mentality when you’re looking at your insurance policy is, you know, trust but verify. And your insurance agent should have no problem showing you licenses, showing you all the different insurance companies they’re contracted with. If they say, hey, yeah, I’ve got access to 30 companies. And you say, well show me your licenses, and they only got three that they’re contracted with?

Do you really want to have a business relationship with somebody who’s going to lie to you from the very first moment? Why would you ever do that? Don’t trust them, kick them out the door, hang up the phone, whatever it is. The other thing too, I guess I should cover is that, you know, if you did buy the wrong policy, or your insurance agent sold you the wrong policy, maybe it’s got a waiting period, maybe it’s too expensive. Maybe you don’t like some of the features in it, you can replace that.

So we help people replace so many policies, because there’s a lot of insurance agents out there that are selling policies that don’t benefit the the insured, they really benefit the agent more maybe it’s a higher commission product for them. Or maybe they can kind of get bonused with production bonuses or trips or something like that.

So just be aware, if you’ve got an existing policy, you can always call us up and we can do some price shopping for you. And if you got the best deal, we’ll tell you you got the best deal and then you can lay your head down on your pillow when you go to bed tonight and sleep well not knowing that you got this taken care of. If not, we’ll help you replace that policy get you a better one with lower pricing, more benefits, more coverage. And now you’ll really be able to put your head down on your pillow and sleep well tonight. So that’s that’s that’s this podcast How to Apply for final expense life insurance.