How to find the best ten thousand dollar whole life insurance policy
Here at JustBuryMe.com we’re often asked, “Which of the top final expense insurance companies offers the best ten thousand dollar life insurance policy?”
To which we honestly have to respond,
Because as crazy as it might sound, the best $10,000 dollar life insurance policy for you, might be, a $250,000 dollar, 30 year term life insurance policy!
Let us explain:
Most life insurance policies that focus on smaller death benefits such as 5, 10, 15 or even $25,000 dollars in coverage amounts are usually going to be what are called final expense or burial whole life insurance policies.
These types of life insurance policies are usually reserved for the very young (children) or for folks over the age of 50. These policies will also tend to not require a full medical exam and will typically have the insurance applicant answer a few, simple medical questions (if any) prior to approval.
In some cases these types of policies will fall under a category of insurance products called “Guaranteed Issue” life insurance policies. Guaranteed issue life insurance policies are those that will guarantee any applicant approval provided that they:
- Meet minimum age requirements.
- Are a US citizen/legal resident.
- And have proper means of payment (bank account or credit card).
Which means that even if you suffer from some type of medical condition (cancer, congestive heart failure, Alzheimer’s etc, etc…) or participate in some type of lifestyle choice (sky diving, base jumping, bull riding, etc, etc..) you can and will be approved for these types of policies.
But at what cost?
First and foremost, whole life insurance policies will generally cost 2 or 3 times more than an equivalent term life insurance policy. Which means, that by simply choosing to purchase a 10 or 15 thousand dollar, whole life insurance policy, you’ve already elected to purchase a much more expensive policy dollar for dollar than you would have, had you chosen to purchase a larger, fully underwritten, term life insurance policy.
In addition, to paying 2 or 3 times more for a smaller whole life insurance policy than you would for an equivalent term life insurance policy, in most cases the price that you pay will be solely determined by your age and gender.
Which means, that even if you’re super healthy and athletic for your age group, if you choose to purchase a smaller whole life insurance policy, you’re most likely going to receive the same price quote as someone who may be:
- A tobacco user.
- Morbidly obese.
- Suffering from cancer.
- On dialysis.
- Etc, etc…
So why would anyone buy these types of policies?
The answer is simple: for some, being able to find an insurance company that is willing to offer them some “true” life insurance coverage, even a small amount—like $5,000, $10,000, or $15,000—can be a challenge. See the Top Ten Reasons for Buying Burial Insurance.
Clients who are currently ill with conditions like:
- Congestive heart failure.
- Alzheimer’s disease.
- Cirrhosis of the liver.
- Kidney dialysis.
- Etc, etc…
Or maybe the applicant is over the age of 80.
Or maybe the applicant has already been declined by another insurance company for something totally non-health related such as ones:
- Driving record.
- Credit history (multiple or current bankruptcies).
- Previous criminal record.
- Loss of a driver’s license due to child support/alimony delinquencies.
- Exotic travel plans (Haiti, certain areas in Middle East, etc, etc…)
Now while each of these conditions should be individually examined to confirm that a fully underwritten term life insurance policy truly isn’t an option, it’s quite possible that what would be a horrible option for one person may be another person’s saving grace.
*We here at JustBuryMe.com understand that for many a small life insurance policy is exactly what they need.
That being said, we’re also extremely talented in finding coverage for those who have been previously declined by other insurance brokerages.
For this reason, we always begin the application process by first assuming that you can qualify for life insurance. This way, we don’t leave any options unexplored.
Look, I’ve already been declined…. TWICE!
OK, for those who really can only qualify for a small life insurance policy such as a 10, 15 or $25,000 maximum, who is the best final expense life insurance company for them?
Well, again it depends. And unfortunately, even though we’re only talking about purchasing a small life insurance policy that will usually go in force very quickly, there are several things that need to be considered but are usually ignored by many life insurance agents.
The Reality of the Situation.
Small life insurance policies generally generate small life insurance premiums which translates into small life insurance commissions.
Meaning that for many life insurance agents out there, once it’s been determined that you either can’t qualify for a larger life insurance policy or that you’re not interested in purchasing a large life insurance policy, its really not financially profitable for an agent to spend that much time working with you.
As a result, many clients will end up:
- Over paying for their life insurance simply because they we’re presented with several options.
- Buying a life insurance policy that they don’t fully understand.
- They may not realize that their policy has:
- Certain exclusions (such as a Graded Death Benefit).
- An increasing premium that will eventually make the product too expensive to maintain.
- Or maybe end up with a product that doesn’t even cover natural causes of death such as cancer, heart attack, or stroke. These folks mistakenly purchased an Accidental Death Policy.
- They may not realize that their policy has:
How We Differ:
JustBuryMe.com differs from many other agencies because while fully capable of placing difficult high risk life insurance applications, we also understand that for many, there is an enormous need for just enough life insurance to help pay for ones final expense.
Which is why we here at JustBuryMe.com have built an agency around this need.
If it makes sense and costs the same to get more than just a small burial life insurance policy, let’s go for it!
But if it doesn’t, let’s have dozens of different smaller life insurance policy options immediately available for us to quickly determine which is right for you!
We work with over 60 of the top rated life insurance companies in the United States. We stay on the cutting edge of the various niches within the life insurance world. This allows us to tailor a policy to each client’s individual need so that we place that client with the best company at the best price for that specific client. Our team of seasoned life insurance professionals will take the time necessary to provide you with the right product as well as service second to none.
We are not a call center. We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you! Give us a call today.