What is the FREE LOOK period in burial insurance? – Podcast Episode 22

In this podcast, I’m going to be discussing what is the free look period in burial insurance. So I’ve got six topics to talk about here today. And this one should go pretty quick. But the number one is, is the the free look period is a 30 day period to review your policy. It’s really that simple. When you see like commercials on TV, and they say, hey, you’ve got 30 days to check out your policy. It’s nothing special.

All policies come with a 30 day period to review your policy, it’s called the free look. And if there’s anything you don’t like about your policy, if there’s anything your life insurance agent, misrepresented about your policy, if you notice anything that your life insurance filled out in accurately, in the policy that would then allow you to not qualify, you can cancel anytime in the first 30 days, and get your money back.

1:30

That kind of brings us into our number two topic I’ve kind of covered, it just gives you an opportunity to review the policy. So, you know, maybe, maybe you had somebody come out and visit you in your home, a lot of a lot of insurance agents get started in the industry, visiting people in their homes. Pretty much that’s that’s kind of a universal sign that they’re new in the industry. And yeah, but maybe they they don’t know all the policies yet, or the best companies yet. Or, or maybe they they pressured you into getting something you were uncomfortable with, or maybe they made a mistake.

2:13

Or maybe they actually intentionally wrote something wrong on the application like maybe they wrote you’re a nonsmoker instead of a smoker to get better rates, just hoping it would get through to the insurance company. Well, if that’s the case, you need to change that if you see anything that’s not accurate on your policy that the agent filled out that you told them differently, you need to reach out to the insurance company to make sure you qualify because in the example I used before smoker, I’ve seen that in the past before where somebody’s a smoker, and somebody wrote them as a nonsmoker. And it slipped through somehow the insurance company missed it.

But here’s the deal. If you die five years later, that policy is not going to pay out 10 years later, whatever it is, because insurance companies don’t have to pay out when you commit fraud, which is actually a lying to lying about your health to get insurance coverage. So yeah, they don’t have to pay out for insurance fraud. And, you know, it’s like that old saying, honesty is the best policy, always answer everything accurately on the application. But then also, don’t ever volunteer anything that they’re not asking for, they don’t care about it, they don’t approve you on that. Just kind of just like that TV show. This is just the facts, ma’am.

3:32

Just the facts are number three topics is it just really gives you time to review and read through your documents thoroughly. And you always want to do that. Never, never, never, never. When you get a policy in the mail, just unpack it from the envelope, and then throw it in the file cabinet. Never do that. You always need to review the entire thing to make sure that it is exactly as your insurance agent described.

And like I said, go through all the health questions. If it’s first day coverage, go through all the health questions, and make sure that your agent wrote everything down correctly. Typically, they’re just going to be yes, no answers. But make sure that everything is just perfect and honest, and no mistakes at all. Because this is a permanent policy, and you want it to last your entire life. And you don’t want at some point to find out typically, you know, if you you know when you pass away that you know you really didn’t qualify for and your family’s not going to get that money.

4:43

The fourth item is you know, you can cancel your policy anytime in the first 30 days for any reason. You know, you could say well, when I bought my policy, the wind was blown from the south and now the winds blowing from the north. And I don’t want to keep my policy anymore. So Just understand that yeah, in the first 30 days, you have the right of refusal. And you can just request the policy cancel and get your money back.

But again, we always recommend you take that time to review the policy. And also, during that time, you know, if you want to give us a call, see if we can, like, get a lower price and get you more coverage. Typically, that’s going to be the case, we’ve got a terrific track record of getting people better pricing, and helping them out considerably financially.

5:35

If you if you Somebody sold you a policy that’s got a two year waiting period on it, or some sort of modified coverage, then reach out to us, you know, what’s the worst can happen? save you money? Yeah. Cool. Our fifth item is the free look, period ends after 30 days. So after 30 days, you you get to keep the call, keep the policy, you don’t get a refund. But understand also that, you know, any insurance coverage out there, you know, your just because you sign up doesn’t mean you’re locked in your entire life.

If, you know, hey, if you want a lot of you wouldn’t need this insurance, right? So if you want a lot of two or three years down down the road, and I certainly hope you do win the lotto, by the way. But yeah, if you find you no longer need the insurance, yeah, you can cancel it, just understand that, you know, you should have everything set up, you know, outside of life insurance, to pay for your burial, cremation or final expenses, because that’s why you got this policy for in the first place.

6:23

But yeah, just take a look at that. But by the same token, you know, at any point in the future, you can always price shop, to see if you can’t get better coverage. And there’s some companies out there that we routinely even three, four years out, we’re still able to get people significantly better pricing. Because the policy they got in and got signed up for wasn’t appropriate. A lot of times that will happen.

If you’re working with a captive agent, which means that agent only can sell their the company that they work for, they can only sell that product. So if you don’t qualify for the best product and the first day coverage, a lot of times they’ll put you into a modified plan. And the pricing on those is punishing in some cases. And in so many cases, we can come back and shop you around with a whole bunch of different insurance companies we work with, and actually get you first day coverage. So yeah, never be bashful about reaching out to us and seeing, seeing if we can do better for you.

7:48

And then our sixth topic is really we’ve kind of covered this, always review the policy. I just I just wanted to throw that in there one more time, because it’s so important. Always review your policy was at Ronald Reagan, he said trust but verify. I think he’s talking about Russia. But it’s the same way with this insurance, trust, but verify. There’s nothing to hide.

There’s absolutely nothing to hide when you fill out a application for insurance coverage, because they’re gonna be asking you very specific questions. And there’s no blurry lines, there’s no there’s no ambiguity. They’re all yes or no. And that’s how we get people first day coverage, because we go with a different company, perhaps that will say yes, when another insurance company company or companies actually said, No. So it’s really difficult if you’re a consumer, and you’re not familiar with insurance companies and life insurance and burial insurance, cremation, insurance and underwriting and all that stuff, you know, you can pull up a quarter off the internet.

8:56

And we’ve we’ve got one on our website, by the way, pretty much every page on our website has a free quarter, you can pull that up and you can put your your age and your birthday and your gender and smoker status, all that stuff, it will show you the rates for all the different insurance companies in your state that you possibly qualify for.

But if you’ve got any health issues, then that’s where we’re kind of the nuance of the underwriting process. And our our side comes through, because what we’ll we’ll do is we’ll just ask you kind of where your health is. And from there, we’ll be able to get you hooked up with the correct insurance company that will give you the lowest rate based off your health.

Now, if you’re in perfect health, you can probably just qualify for just about anything from all those insurance companies where we’ll show you. But as you can see, I mean you can see, you know, rates the, you know, for, say, a specific age 55 I’m just guessing here, but you could probably see rates from like $23 up to 175 And it’s like, why would you get them modified policies for a company pay $175 A month when you could get it for $23 a month. It makes no sense.

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