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Buying Life insurance can be frustrating, especially when you know what you want and agents try to sell you something different. Well if all you want to have is enough to pay funeral expenses and have some left over to give as a gift or pay off some debts, why should you have to pay the same amount or more for $15,000 if you can get $25,000 for the same amount or less? Sagicor Life Final Expense offers exactly that making this one of the best final expense burial policies on the market.
Most final expense or burial life insurance policies are sold in amounts ranging from $3,000 to $25,000. The companies offering these policies are specifically targeting people who have some health conditions and the insurance rates are already priced to take that into account.
Sagicor Life Final Expense is best for healthier than average people
The majority of final expense or burial insurance policies are not meant for people who are very healthy. The idea is that if a person is only purchasing $25,000, then they probably can’t afford more. But what if you really don’t want more? Why should you pay the same rates if you don’t take any medication or you have no significant history of illness, and you just want your final expenses covered?
If you are healthy enough, you don’t have to pay the same rates. Sagicor Life offers a true simplified issue that can be used for polices from $25,000 up to $249,999. Simplified issue life is not legal term, it’s really a way to describe life insurance policies that are much easier to qualify for than fully underwritten life insurance.
IT’S NOT JUST PASS OR FAIL
Sagicor has three different rate classes: Preferred, Standard and Rated. It’s a simple system. Depending on the specific condition, a person may not get the preferred best rate, but they could be offered one of the two other rates. They even have height and weight requirements where a person can fall into one of the three categories.
FULLY UNDERWRITTEN VS SIMPLIFIED ISSUE
Fully underwritten life insurance can include; ordering medical records, passing a blood and urine test, a motor vehicle report, financial guidelines, criminal check and a prescription report. Some companies offer products called “non-med” policies which in our opinion don’t meet the criteria for “simplified issue”. Non-med policies usually mean they will make their decision based on everything available except a paramedical exam and blood/urine testing.
A true simplified issue policy should be a very limited list of yes and no questions, and maybe a question about criminal history. Most companies pull a MIB (medical information bureau) report, a prescription history report and do a telephone interview to verify answers on the application and to make sure those answers match the MIB and RX reports.
Some companies will allow the applicant to explain the use of certain medications while others look at it as black and white if a “declinable” medication pops up. Let me give you an example. If you are taking Lasix ( Furosemide) strictly for hypertension (high blood pressure), but Lasix is on the company’s delclinable medication list, they can automatically decline the applicant no matter what condition they are taking it for. Other companies may just want to be sure the person is not taking it for congestive heart failure.
Simplified issue and Guaranteed Issue policies are almost always used for the final expense market for small amounts of permanent whole life insurance. The applicant will get an answer either at the end of the phone interview, or in a few days after the application was submitted. It’s meant to be simple and easy.
The Sagicor Life policy I’m referring to is a NLUL (No Lapse Universal Life) insurance policy. The policy is designed to do the same thing that whole life insurance does, which is last the rest of your life and the premiums and death benefit are guaranteed to stay the same. The one feature that the final expense whole life policies have that NLUL does not, is cash value or cash accumulation.
NLUL policies can be described as permanent term insurance. You can’t borrow from them or cash them in. If you don’t want the insurance any longer, you just stop paying. If you stop paying, the policy ends. Most people are looking for the death benefit and not the cash value. I always advise our clients that the cash value in a final expense burial whole life policy should not be viewed as any type of investment or even savings. Buy it for it’s true value with is what it is worth the day you die. So if you want the best value for money spent today, it’s hard to beat Sagicor, even if it is a fully underwritten policy.
Sagicor Life makes it even easier now that they have an on line application our agents can do with you. If there are no discrepancies on the MIB or prescription report, you can be approved in minutes! Sometimes if there is a discrepancy they would ask for additional information, so if you do have a medical history it may not be a quick process.
BE HONEST ABOUT YOUR HEALTH
Don’t hide any information from the agent and don’t kid yourself that just because it’s not a question on the application it won’t come back to bite you. It will only hurt you in the long run. Tell our independent agent that your working with, anything and everything about your health. Be prepared to give them a complete list of medications why you are taking them. Many medications have different uses and that can make a difference.
If you don’t know exactly why your taking a medication it’s a good idea to call your doctor’s office and ask. The office staff is usually very accommodating and will typically have a nurse look up you file and let you know. It’s much better to have the agent help determine if you would be eligible for Sagicor than to cause you to have a decline. If the agent determines it’s too risky, let them take you to the next best company. Remember that this Sagicor is not for everyone, in fact they really are for the cream of the crop when it comes to final expense. Younger and healthier people who want small amounts of life insurance are a great fit for this product.