Final Wishes Covered Blog

Feeling sticker shock? Why price should NOT drive your life insurance coverage decision.

March 9, 2020

We’ve all heard the old saying: You get what you pay for. While looking for a bargain when you need a dress may be wise, you’re better off paying for quality and stability when it comes to products that  could help protect your health, family and future.

Life insurance is one purchase where quality and stability matter. After all, it’s a purchase you’re making to keep your family protected and help give you peace of mind. And your choice can last the rest of your life.

So, what should drive your decision to choose a life insurance policy? These are 4 factors you need to think about.

Is the company you’re considering strong and reputable?

One way to check out the financial strength of an insurance company is by looking at its ratings. An insurance company’s credit rating lets you know if they’re reliable. Companies with good ratings can pay their policyholders’ claims and honor the guarantees in their contracts. You can check out AM Best, Fitch, Moody’s and Standard & Poor’s to see a company’s ratings.* Each rating agency has its own system for rating life insurance companies.

You may also want to check the company’s rating history (watch for things like big changes from year to year).

Is the policy a whole life policy or a term life policy?

There are more differences than just premium and time that someone needs to consider. They can include the cash value of the policy - and whether or not it expires.

The best way to describe the difference between whole life coverage and term life coverage is the difference between “if” and “when.” Term life insurance is for “if” you pass during a set period of time (usually 10 to 30 years). Whole life insurance is for “when” you pass. That means you keep the policy your entire life, and it pays out when your loved ones need it – no matter when that is.

Generally, premiums for term life policies tend to be lower than premiums for whole life policies. That’s because term life policies expire, but you can keep a whole life policy for the rest of your life. Keep in mind that term life policies don’t gain cash value over time, and whole life insurance policies do.

So, if you’re looking at two different policies – one that is $10 per month that expires in 10 years and another that’s $40 per month but last the rest of your life – you’ll want to think about these differences and consider the type of coverage you really need.

What kind of service does the company provide?

Choosing the right policy can seem daunting. And it’s important during that process to know you have an expert on your side who can answer questions and guide you toward a policy that fits both your needs and your budget.

For example, our agents are all non-commissioned. And you can rest assured they’re giving you solid advice and guidance based on years of experience.

There’s no pressure to buy our policies. Our agents are here to answer your questions – even if you aren’t ready to make a purchase yet. When the time comes to buy, you can be confident they’ve helped you make the right choice for you and your loved ones.

What’s the application process like?

Not all application processes are equal. For some policies, applying is a time-consuming project. The applications themselves can be long - and they may even require a medical exam. Our policies aren’t like that. We’ll tell you exactly what you need for your application up front, so there are no surprises.

Instead, you can get coverage quickly and on your schedule.

How Final Wishes Covered is different

Final Wishes Covered offers you whole life final expense coverage that will be there when your loved ones need it. Plus, because we work with Oxford Life Insurance Company, you know your policy is backed by a company that’s been protecting families like yours for over 50 years. Oxford Life Insurance Company has an A- Excellent Rating from A.M. Best (as of July 2018)*, so you can rest assured you’re choosing a stable company.

Our non-commissioned agents are ready to guide you through the process, so you can feel confident the money you’re paying toward a monthly premium is well-spent.

If you’re ready for a quote, you can click the button at the top of this page to get a free quote in just a few seconds. Or call 888-432-7066 to talk with one of our agents about which plan may be the best fit for you.

* Ratings are subject to change, and are a measure of the company's financial ability to pay claims and to honor any guarantees provided by the contract and any applicable optional riders. The rating is not an assessment or recommendation of specific products, policy provisions, premium rates, performance of the products, or to the practices of the insurance company.

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Jennifer Robinette
Jennifer Robinette

About Us

We help to provide financial security and peace of mind to families when the unexpected occurs.

Final Wishes CoveredSM is your partner during the life insurance buying process. Our purpose is to make it easy and affordable for you to get life insurance coverage, and we’re dedicated to helping you find the right policy. We've tailored our process specifically to help you protect your legacy and your family.

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