Final Expense Insurance

2021 Life Insurance Savings Group review

Life Insurance Savings Group sells final expense insurance and term life insurance.

Are their plans any good?

Should you buy from them?

We checked them out, and some serious red flags are very concerning.

In this review, we’ll showcase some details about their coverage, the companies they offer, and how you can find the best burial insurance plan on the market.

 

Who is Life Insurance Savings Group?

Life Insurance Savings Group is a marketing brand of the highly successful insurance agency Select Quote. They often run commercials about final expense insurance that feature Mike Ditka. Per their website, they sell final expense and term life insurance.

They are an independent agency that acts as a broker for various life insurance companies. Life Insurance Savings Group is not an insurance company. It’s not bad that they are an agency. That’s actually a good thing since they can compare plans from multiple companies rather than being limited to just one insurance company.

 

How do their plans work?

Firstly, their website is very lacking regarding the details of each plan they offer which is a huge red flag. They should be transparent by outlining the fine print of each policy they sell.

That being said, we were able to extract some details from the limited information their website provides.

 

Whole life final expense coverage

Their burial insurance plans are whole life insurance. Since they are whole life plans, the fine print is very straightforward. Here’s a breakdown of how their final expense plans work:

  • Fixed monthly prices.
  • Coverage is guaranteed never to decrease.
  • Permanent coverage for life.
  • Builds cash value that you may borrow.

Their commercial says United of Omaha provides the coverage. The minimum amount of coverage is $2,000, and the maximum is $40,000.

Applicants age 45-85 can apply for the level benefit, which has no waiting period. The graded benefit has a two-year waiting period and is only available to applicants 45-80.

 

Term life insurance

Sadly, their term life insurance isn’t very clear. We say that because their website (lifeinsurancesavingsgroup.com) offers no details at all.

For proper context, term life insurance is a temporary life insurance plan that will expire after a specific period of time. Once you reach the termination date, you no longer have insurance. With term life, you are renting coverage for a prescribed period.

Typically, they end around the age of 80. For example, AARP’s final expense insurance ends on your 80th birthday. The other big concern with term insurance is that they often have monthly premiums that increase with age.

That can be a big problem for anyone who is on a fixed income. What if the premium rises beyond your budget? If so, you would have to drop the coverage, which would be tragic.

Since their website lacks specifics, it’s entirely unknown when their term coverage expires and if the premiums rise over time.

 

Two big red flags

Their commercial and website present two huge concerns.

The first and most significant red flag is that their commercial repeatedly touts how your acceptance is guaranteed. That sure sounds great, but the commercial fails to mention an essential detail.

All guaranteed acceptance plans have a two-year waiting period. If you pass away during this time, they will not pay out a death benefit.

Instead, your beneficiary would only get a refund of your premiums plus a small amount of interest. With no health questions policies, you must live at least two years before the insurance company will pay out a death benefit.

At all costs, you should try to get full coverage from day one. Thankfully, most consumers looking for final expense insurance can get a no-waiting period policy.

To give yourself the best chance to get a no waiting period policy, make sure you work with a broker representing multiple insurance carriers. They can shop among different insurance companies to see if any of them will accept your health issues and issue a policy with no waiting period.

The second big red flag is their website. It lacks basic information that a respectable company should have. It’s unknown what plans they offer, the cost, their address, and many other vital details.

Insurance is an important element of your financial security. You should be able to trust that whom you are dealing with is dependable and transparent.

Sadly, Life Insurance Savings Group does not satisfy those two basic requirements.

 

Which insurance companies does Life Insurance Savings Group represent?

Their commercial clearly notes in the small print that they represent Mutual of Omaha.

However, nowhere on their website does it outline which other companies they represent. Oddly enough, their website does have various company logos.

It would stand to reason they would only display logos from their partner companies.

Using that logic, here are the insurance companies we assume they represent in addition to Mutual of Omaha:

  • Globe Life
  • AIG
  • Trustage
  • Americo

There might be others, but there is no way to know since their website lacks transparency.

 

How much does coverage cost through lifeinsurancesavings.com?

Their website has a widget that makes it seem as if you can see instant quotes. Sadly, they don’t show you prices at all.

When you type in all your information (name, phone, email, address, DOB & gender), you get a message that says an agent will call you. To get quotes of any kind, you must speak to one of their sales representatives.

It’s misleading because most users think they will see actual final expense insurance prices right on their website.

The only type of pricing we can extract is from their commercial. The screenshot below taken at the 1:30 mark cites $5 per week as an example cost estimate.

screenshot from life insurance savings group commercial

That is fish bait advertising, and it’s very disingenuous. Their goal is to dangle this seemingly low price, so you pick up the phone and call. It’s very similar to the Colonial Penn $9.95 plan.

Per the fine print in the commercial, the truth is that the $5 per week estimate in their commercials refers to a 45-year-old female buying $7,000 in coverage which would yield an exact monthly price of $21.45.

 

Choice Mutual can better serve you, and we’re highly transparent

If you’re in the market for final expense insurance, Life Insurance Savings Group is the last place you should go, in our opinion.

Full disclosure, we are a direct competitor of theirs. However, we don’t make that claim simply because we compete with them.

We make that claim because Life Insurance Savings Group is highly secretive about who they are, the plans they offer, and the insurance companies they represent.

Nobody should do business with any company that operates that way.

Here’s a quick snapshot of why we are more qualified to assist you with your final expense insurance needs:

  • We are entirely transparent. Our website clearly outlines which plans we offer, the fine print and the cost (you’ll see actual prices). You can also see critical company details such as our address, contact info, licenses, and more. We don’t hide anything.
  • We represent over a dozen highly rated companies. We’ll compare offers from multiple carriers to find you the best deal possible.
  • Customers love us, and it’s documented. We have nearly a thousand 5-star online reviews from customers who were satisfied with us. Below is a sample of the reviews we’ve collected online.
  • Most customers qualify for immediate coverage. Because we represent over 15 different insurance companies, we can typically find at least one who will approve you for a no waiting period policy.