Importance of NO Waiting Period Life Insurance For Seniors – Podcast Episode 26

In this podcast, I’m going to be discussing the importance of no waiting period life insurance for seniors, I’ve got five things to talk about today. Number one is that no waiting period life insurance offers immediate first day coverage or protection. Now, that’s what the companies that we work with, there’s a lot of companies out there, that they only offer two year waiting period plans. And that’s like colonial Penn and Mutual of Omaha, AIG, you know, all of those companies have some products that only offer a two year waiting period.

And we just don’t recommend those at all. And the reason is, is if you die of any health or medical reason, in the first two years, those types of plans are not going to pay out a penny, in life insurance death benefit you, you get your premium returned, plus a small interest rate just to kind of pay for the time value of your money that’s been in the policy.

1:30

But yeah, I mean, your family members, your loved ones, your children, they don’t want their money back, they want the full benefit, it’d be like if you had auto insurance, and they didn’t cover you if you got in an accident in the first two years, and you got into an accident in the 23rd month. And all they did is they just gave you your premiums back versus paying for your whole car. I mean, you might get, you know, one or $2,000 back instead of getting your $50,000 car replaced.

So it’s really important that you get no waiting period life insurance. And that’s going to be first day coverage. That’s the only thing we help people with it. It funeral funds of America first day coverage or benefits. Our number two point is no waiting period life insurance offers full benefits from the very first day we kind of just talked about that. That is so important. There’s, there’s different companies out there talk about like, you know, immediate protection, well, that’s our number one point. But remember, you know, immediate protection doesn’t mean you get full benefits.

2:40

So, like with that 995 Something plan out there, right, they could say you get immediate protection, when when it’s only accidental death. Well, that doesn’t do you any good if you die of a health or medical reason. So immediate versus full benefits is very different. And you need to be aware of those. So full benefits means if you die in any way, shape or form doesn’t matter how your your heart stops. And the only the only variable on that is none of the insurance companies are going to cover suicide in the first two years.

But with first day coverage, full benefits plans, they will cover anything, any type of accident, any type of health event, heart attack, anything like brain aneurysm, anything like that, from the very first day. Now those plans after two years, they will cover the cost, they will actually pay out I should say in the event of a suicide. But, you know, let’s not be thinking that way. Let’s let’s plan on living a long life enjoying everything and having this policy payout so that our family members just aren’t burdened with these expensive.

3:52

The third item and topic today. As far as no waiting period life insurance is that most common health issues are approved for first day coverage. With one caveat, you gotta go with the right insurance company, it funeral funds of America that’s all we help people with this first day coverage or benefits if we get somebody that’s waited too long, and they’re too sick or they’ve just been diagnosed with something terminal or very significant, medically wise, then we always just refer them to a different company the kind of the best of the worst out there of the two year waiting period plans.

So yeah, but with with the, the companies that we work with and the plans that we we are able to offer 90 to 95% of the time we are actually able to get people first day coverage or benefits and that is so important because none of us knows the the second the minute, the hour, the day, the week, the month the year that we are going to pass away. And you know that’s that’s the one thing that I Life Insurance really does terrifically is it just makes sure that when we pass away no matter when that is, and there’s going to be a check in the mail, that your family’s not going to have to worry about this.

5:14

And the number four point with no waiting period life insurance, is that, you know, if you, God forbid, right, God forbid, if you are diagnosed with a terminal illness, and you only have a limited time to live, you can enjoy the remaining time with your family. Because there’s oh my gosh, how bad would it be? How terrible would it be if diagnosed with a terminal illness with less than 12 months to live, and you knew you hadn’t taken care of this, you hadn’t gotten any insurance, you knew you didn’t have the funds to pay for your burial.

And now you’ve got to live the next 12 months, just visiting with your family, knowing that they don’t have the money either, and they’re going to be burdened on on the day that you pass away, and they’re going to have to pay for all of this stuff. And typically, the way that’s going to happen, is they’re gonna have to put it on their credit cards, and they’re gonna have to pay 26% interest in some cases, and it’s going to take them years and years and yours after you die, to get that paid off.

And I just can’t imagine, you know, spending the last precious months of my life just regretting that I’d never taken care of this, and that the family members are having to pay for this. And I know what’s going to happen, the family members are going to say, Oh, you don’t worry about this. Now we’ll take care of it. No, it’s not an imposition, blah, blah, blah, blah, Hey, $10,000 $15,000 $20,000. That’s the That’s what I officially call an imposition. And, you know, don’t don’t leave that legacy behind this insurance is affordable.

6:50

And, you know, that just, that just leads us into our fifth point, which is peace of mind. The, that is so important with no waiting period life insurance, is that, you know, no matter what happens in life, we know this one last thing is going to be taken care of. And it’s just a guaranteed, you want to know the guarantee with the insurance companies with first day coverage. You pay the premium, they pay the death benefit amount, right.

So it’s just so clear cut, and it’s theirs with the first day coverage plans. There’s no fine print, with those two year waiting period plans. Yeah, lots of fine print. Right. The first part is, yeah, they’re not going to pay out anything in the first two years if you die of any health or medical reason. So I just can’t overstate the importance of getting no waiting period life insurance. And there’s some companies out there.

7:50

And the only plans they offer are two year waiting period plans. There’s some other companies out there that if you apply, you may get pushed into a two year waiting period plan. There’s some companies out there that they only sell their own product, and their agents can only sell them that one type of product.

And if you don’t qualify medically for first day coverage, they may push you into a two year waiting period plan or in some cases, even worse, a three year waiting period plan, which in almost every case, you should never accept I mean, we don’t we don’t even we don’t even offer those three year or two or three year waiting period plans, and we don’t we don’t prefer them.

And if somebody’s going to really, if somebody’s waited that long, and just waited until they were diagnosed with a terminal illness or dementia, or they’re on dialysis or in a hospital or in a nursing home, we would typically just refer them out to a different company that specializes in that. And you know, they’re gonna get better rates for that company.

8:56

Frankly, the two year waiting period plans that we work with there’s there’s some other companies out there that are better deals financially. And when people call us and ask for help, we want to make sure that we help them get the lowest pricing even in many cases, if it’s not a company that we work with now, will that change in the future? I don’t know those plans are pretty expensive anyway. So for now, we’ll just if you don’t qualify for first day coverage, we will definitely point you in a direction that’s going to be most beneficial for you. I hope that helps you understand the importance of no waiting period life insurance for seniors.

NOTE: Show notes are AI transcribed, so there may be some spelling or grammatical errors.