Like everyone else I get mail pitching life insurance. United of Omaha last week mailed me an offer for “Easy Way” whole life insurance. Coverage is up to $10,000. No health exams. Guaranteed acceptance. It took me a few minutes to find the key term tucked into the brochure as the last of 10 benefits. That’s the place where they got around to mentioning it was a graded death benefit.
During the first two policy years, if you die from natural causes (and cause other then accidental), your beneficiaries will received all premiums paid, plus 10%. After two years, the full benefit is paid for death due to all causes.
Note: there is no life insurance benefit for 2 years, only money back plus interest, unless it’s an accidental death.
Easy acceptance is not the best life insurance. It’s the most expensive. Find your best option:
- 1st choice: Life insurance that requires a blood test. Saves lots of money. Called fully underwritten life insurance
- 2nd choice: Full and immediate benefit life insurance called simplified issue whole life
- 3rd and last choice: graded benefit life insurance, guaranteed issue
Guaranteed issue is only suitable when in extremely poor health, terminally ill or uninsurable because of a condition like AIDS.
Check first to see if you qualify for better coverage. Even if guaranteed issue is the only option, shop for the best premium. There are many companies that offer graded benefit coverage besides United of Omaha.
Please contact me for a free and confidential quote.
Licensed Agent: Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
Carrier:
United of Omaha Life Insurance Company
a Mutual of Omaha Company