- Speak to a licensed sales agent!
- (800) 521-7873
Life Insurance Savings Group Reviews
Life Insurance Savings Group is partnered with several insurance providers. It is important to distinguish that they are a broker, not an insurance company. Notably, they are paired with United of Omaha, also known as Mutual of Omaha and uses its Living Promise Whole Life Policy. You can read our review of Mutual of Omaha here to learn more about Life Insurance Savings Group’s partner. Life Insurance Savings Group also offers policies from AIG, Trustage, Global Life and Americo.
Life Insurance Savings Group
- Not provided via their website
Advantages of Life Insurance Savings Group
One advantage of Life Insurance Savings Group is coverage options that do not require a medical exam. This may be a good option if you have health concerns or have been denied coverage in the past. Fixed premiums that can be paid on a flexible schedule and several options for burial and term life insurance also give you some flexibility to fit your budget while still getting some protection.
There are companies that don’t offer death benefits for accidental death, but Life Insurance Savings Group offers some plans that provide coverage up to 100% even if you die due to an accident.
The application process is completed via phone with an agent who provides quotes and can explain the advantages and disadvantages of certain policies, allowing an easy process and answers to potential questions. As Life Insurance Savings Group is a broker partnered with multiple carriers, there is some flexibility when comparing rates and policies, though this must be done via an agent, as the terms of available policies are not available on their website.
Disadvantages of Life Insurance Savings Group
While Life Insurance Savings Group is a partner of Mutual of Omaha and other companies, they do not offer the full range of products that may be available. Life Insurance Savings Group lists several available policies for ages 45-80, while Mutual of Omaha has policies listed for ages 18-80, as well as policies for children’s whole life insurance, four kinds of universal life insurance, and more. You can read about more of their available products here in our review of Mutual of Omaha. You can also read our review of American General Life Insurance, one of their listed partners, for a complete overview of their products and rating.
The biggest disadvantage of Life Insurance Savings Group is the lack of clarity on what they offer and who they are partnered with. Their website features the logos of several life insurance companies, but it is not clear what companies they represent. Additionally, the plans outlined on their website don’t offer many details, especially their term life insurance. It’s essential to note that all guaranteed acceptance plans have an initial two-year graded benefit period.
Graded vs Level Benefit
Of the policies offered, there are some “level benefit” and “graded benefit” policies. A level benefit will provide full coverage from the day the policy is activated, and your beneficiary will receive the full amount of your policy if you were to die while the policy is active.
However, a graded benefit does not provide the full death benefit amount until the third year the policy is active. For the first two years of coverage, if you were to die, your beneficiary would receive 110% of your premium payments, or the total amount you have paid in premiums toward your policy plus an additional 10%. None of us truly know when we’re going to die, and should you pass away during the first two years of your policy, you want your family to have the full protection of your policy to ensure they are financially stable. While there are circumstances where a graded policy is the most affordable deal for the desired level of coverage, it’s important to understand the coverage you’re actually receiving from your policy.
Life insurance is an important piece of your safety net when it comes to planning your future and ensuring financial security for your loved ones. Wouldn’t you want to know your family is secure, no matter when you die?
Available Products
These are the products available through Life Insurance Savings Group:
Final Expense Insurance. Final expense, or burial insurance, is designed to cover end-of-life costs such as burial, cremation, funeral or memorial expenses, medical bills, outstanding debts, and other costs that would otherwise be left for your loved ones to cover. Through Life Insurance Savings Group, there are three different options for burial insurance:
- Simplified Issue Whole Life Insurance: With coverage between $2,000 and $40,000 for ages 45-85, simplified whole life insurance is easier to get than a traditional or whole policy because there is not a required medical exam. There is a questionnaire that will ask about medical history as well as your health and lifestyle. If you’re between the ages of 45-85, this product may be a good option.
- Guaranteed Issue Whole Life Insurance: With this policy, you are guaranteed to receive coverage, and there is no required medical exam. Additionally, there are no required medical records, questionnaires, or database checks. Guaranteed issue does cover accidental death from the day the policy is implemented, but death by natural causes is not covered during the first two years of coverage. Instead, premiums will be paid back to your beneficiaries. This policy may be a goof option for those between the ages of 45-85, and has a face amount of up to $25,000.
- Critical Illness Insurance: Critical illness policies do not require a medical exam and can give lifetime coverage regardless of future diagnosis. The payout following a serious health issue can replace your income, pay for medical bills, and ensure financial stability in a time when you’re unable to work. You can receive coverage despite future serious health issues, such as stroke, heart attack, or cancer.
Term Life Insurance. Term life insurance is extremely flexible and affordable, making it one of the most common types of life insurance. The cost is determined by term length, coverage amount, age, gender, health and lifestyle. Terms range from 10-30 years with fixed premiums that can be paid monthly, quarterly, semi-annually or annually. In the event of your death while the policy is active, beneficiaries will receive the full amount of the policy, usually tax free.
To get traditional term life insurance, a 30-minute physical is required to determine your health and risk, which is then used to determine coverage options and the cost of your premium.
Why Life Insurance Savings Group Isn’t the Broker for You
An additional disadvantage of Life Insurance Savings Group is being limited to rates and policies of very few companies. Should you have concerns or needs not covered by one of their policies, you may not be able to find a policy that truly protects you and your loved ones. You also lose the advantage of being able to compare rates and policies across multiple carriers.
In order to shop for the best rates that meet your needs, working with a broker that is partnered with a variety of carriers will ensure that you find the policy meets your needs and your budget, while also giving you the peace of mind knowing you found the policy tailored to your needs. Here at LifeQuote, we work with over 40 top-rated carriers that are rated “A” or better to ensure quality coverage. You can get a free quote now to begin comparison shopping. By working with us, you will be connected to an agent who specializes in finding the policy that best fits you. They have access to rates and policies from the country's top carriers and are familiar with the underwriting process to answer your questions and ensure you’re protected by your policy.
Most importantly, LifeQuote is transparent about products, rates, and policies. Ready to get started?
