Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Life Insurance Savings Group sells final expense insurance and term life insurance.
They have limited products to choose from, so it’s unlikely they can help someone find the best life insurance for seniors.
Additionally, there are a couple of red flags that are very concerning.
This review will explain how their life insurance products work, the companies they offer, and the red flags that should alarm you.
Also, we’ll provide some simple tips to help find the best funeral insurance plan.
Topics Covered in this article
Life Insurance Savings Group is a marketing brand of the highly successful insurance agency Select Quote.
Life Insurance Savings Group is a broker, not an insurance company. It’s not bad that they are an agency.
That’s good because they can compare plans from multiple final expense companies rather than being limited to just one insurance company.
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 no medical exam whole life insurance that builds cash value.
The premiums never change, and the coverage won’t decrease or expire.
Their commercial and website say United of Omaha underwrites the policy.
Mutual of Omaha calls that policy “Living Promise.” The minimum coverage is $2,000, and the maximum is $40,000.
Applicants aged 45-85 can apply for the level benefit, which has no waiting period. To qualify, you must answer health questions.
The graded benefit has a two-year waiting period and is only available to applicants 45-80.
Guaranteed issue whole life insurance
Guaranteed acceptance whole life insurance is a type of policy that does not require you to fill out a health questionnaire or complete a medical examination.
You’re guaranteed approval hence the name.
The drawback of guaranteed issue coverage is a two-year waiting period.
So if you die during the waiting period, the insurer will only refund your money.
Generally, only people with extremely high-risk health issues such as dementia, congestive heart failure, or renal failure should buy a guaranteed policy.
Everyone else should see a senior burial policy that has underwriting.
Doing so will likely result in lower premiums and coverage that immediately covers you for natural causes of death.
Their website needs to clarify which insurance company underwrites their guaranteed policies.
All it disclaims is that you must be 45-85 to apply and that $25,000 is the maximum amount of coverage.
Term life insurance
Sadly, the details of their term life insurance are unknown. Their website (lifeinsurancesavingsgroup.com) offers no information on the product or which company issues the coverage.
However, their website highlights Globe Life Insurance as one of the carriers they partner with.
More than likely, Globe Life is the company that issues its term life insurance.
Typically, term life insurance policies 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 (such as with TruStage).
That can be a big problem for anyone 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.
Their commercial and website present two huge concerns.
The most significant red flag is that their commercial repeatedly touts how your acceptance is guaranteed.
That sounds great, but the commercial needs to mention the fine print.
All guaranteed acceptance plans have a two-year waiting period. They will not pay out a death benefit if you pass away during this time.
Instead, your beneficiary would only get a refund of your premiums and a small interest amount.
Their website and TV commercials need to include this information.
At all costs, you should attempt to get full coverage from day one. Thankfully, most consumers looking for final expense insurance can get a no-waiting period policy.
The second big red flag is their website.
It lacks basic information that a respectable company should have. What plans they offer, the cost, their address, and many other vital details are unknown.
Insurance is an essential 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.
Nowhere on their website does it clearly outline all the various insurance partners.
However, the homepage of their website says, “We shop highly rated insurance companies* to save you time and money.” and include five company logos beneath that statement.
It would stand to reason they would only display logos from companies they represent.
Using that logic, here are the insurance companies we assume they represent:
- Globe Life
- Mutual of Omaha
There might be others, but there is no way to know since their website lacks transparency.
Their website has a widget that makes it seem as if you can see instant final expense quotes.
It’s very misleading because they don’t show you prices.
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.
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.
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.
If you’re in the market for final expense insurance, Life Insurance Savings Group is the last place you should go.
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 our plans, the fine print, and the cost (you’ll see actual prices). You can also see critical company details such as our address, contact info, companies we partner with, how we make money, and licenses. 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.
Learn about our rating methodology.