Which Whole Life Plan Is Best For "The Consumer"

Contrary to "insurance broker belief " (or otherwise what they want their prospective client to believe), whole life final expense plans are not "Apples to Apples". The only consistency is that premiums do not increase, benefits do not reduce, and the company can not cancel an insured's policy for any reason other than non-payment of premium. There are however significant differences as to how everything else works from one company to another. The minimum and maximum coverage amounts, the time it takes to pay claims, qualifications to get approved, rates, riders, benefits, and claims pay-out history (especially while a policy is in its first 2 years). 

Think about this, in 2019 the 2nd largest final expense company paid a little over $600,000 in claims for the year. The company I offer, which is the #1 largest and the top-rated final expense company in America paid around $180,000,000 in claims. That is a jaw-dropping statistic, but based on my experience over the last 17 years (13 as a broker and the last 4 where I am now) I'm actually not surprised by this. During my time as a broker, never once did a claim get paid (in full) during the the contestability period.  Over the last 4 years, I have had 5 clients pass away during the contestability period, and they were all paid in less than a month. This is the reason why I encourage agents not to replace policies. Almost anywhere you look on the web you'll find all of the big-name companies listed as the top carriers (especially on broker's agency websites); they're all owned by stockholders, yet no mention of the privately owned largest final expense insurance company in America who pays more in claims on an annual basis than all of their final expense products' combined. I wonder why... A company like Mutual Omaha may report having paid over a billion in 2021, but if you separate their final expense life insurance claims from the rest of their products, it was less than 2 million. We paid over $280,000,000 in 2021.

In addition to our Whole Life final expense plans, we offer child, grandchild, and great-grandchild riders, and up to $160,000 in accidental death benefits. Almost anyone under 86 qualifies, even if turned down for coverage by another company. We focus on paying approved claims within 24 hours, so the money is available right away. This makes for a huge difference when the time comes for the family to make the claim and use the insurance. Funeral planning services are included with all plans to help policyholders pre-plan their final wishes, which are kept secure on file. Then when it's time to make the claim, our funeral planners will guide the family through the tough process, while helping to save money by negotiating the cost of the funeral. If a specific funeral home has not been selected, we offer to call 3 different funeral homes to get pricing so families can decide which one will work best. Our professional funeral planners always do everything they can to make for a smooth process so that financial affairs can be settled, and the healing can begin. As an Agent with 17 years of experience knowing the difference, I can easily say this is by far the most valuable final expense plan available to the consumer. This is exactly why I carry the same plan for myself and my family. With premiums as low as $15 per month, affordability is no issue, and unlike any other whole life product, we allow policyholders to reduce coverage and premium for any reason in the future to avoid them having to start over. That alone is the most selfless benefit and option a life insurance company can offer. Otherwise, people would have no choice but to find a way to pay, or cancel and start over. When a spouse passes and the income goes down, imagine having to let go of a policy paid on for years, being older, and having more health issues than having no ability or option to downsize or even cut the policy in half, but only to let it go and start over. This is only one reason why so many life insurance policies end without a claim being paid. That is a big deal.

Ohio Final Expenses