Life Insurance Savings Group Review
- Life Insurance Savings Group lets shoppers compare policies from well-known insurance companies. See what plans are available through this independent agency.
When searching for life insurance or final expense coverage, you may have landed on the Life Insurance Savings Group’s website or seen its well-known TV ad featuring former pro football coach Mike Ditka. The agency provides quotes from well-known insurance companies, letting shoppers compare plans from multiple providers and connecting them to licensed agents who can help them complete the application process.
In this article, we’ll explore the types of plans Life Insurance Savings Group brokers and go over the pros and cons of doing business with an independent agency such as this one.
About Life Insurance Savings Group
Life Insurance Savings Group is an independent agency that matches consumers with suitable term life insurance and final expense policies by providing quotes from major insurance providers such as AIG, Globe Life and Mutual of Omaha. The agency is affiliated with SelectQuote, a prominent telesales company. However, Tiburon Insurance Services and its affiliates oversee the operation, providing brokerage services for interested purchasers.
What Life Insurance Products Does Life Insurance Savings Group Offer?
Life Insurance Savings Group doesn’t sell its own line of products. This independent agency brokers deals between purchasers and major insurance agencies, specializing in two main types of policies: final expense and term life insurance.
Final Expense Insurance
Final expense insurance plans provide policyholders with a modest amount of coverage, helping loved ones cover funeral and burial costs when the insured passes away. Policies typically have no restrictions on the use of the death benefit and may also be used to pay for other debts, such as medical bills or credit cards.
Life Insurance Savings Group advertises policies with a death benefit up to $25,000, promising guaranteed approval to individuals between the ages of 45 and 85 without a medical exam. Most coverage begins immediately. However, some guaranteed plans may limit payout during the first two years when deaths result from an accident. Premiums are refunded to the beneficiaries of individuals who die from natural causes during this waiting period.
Term Life Insurance
Term life plans through Life Insurance Savings Group typically offer coverage that remains in effect between 10 and 30 years, although longer or shorter term lengths may be available upon request. Many policies feature guaranteed level premiums, and policyholders may be able to choose their premium schedule by opting for monthly, quarterly, semiannual or yearly payments. Some plans may approve applicants without requiring a medical examination, although coverage may be lower or premiums may be higher.
The Pros and Cons of Life Insurance Savings Group
There are pros and cons to working with an independent agency like Life Insurance Savings Group, which matches consumers with life insurance policies. Because the company has relationships with multiple insurers, it can provide customers with quotes from more than one provider, letting purchasers compare plans and premiums to find a competitively priced policy that suits their financial needs. More importantly, the agency brokers plans from respected, well-known companies such as AIG and Mutual of Omaha.
However, because coverage is provided by individual insurance companies rather than directly through Life Insurance Savings Group, the website is often vague and doesn’t include specific plan details. Additionally, quotes aren't provided immediately. Potential purchasers typically receive information directly from an agent via email or phone after filling out a comprehensive questionnaire. Before receiving a quote, site visitors must provide personal details such as height, weight and health concerns as well as contact information, including a phone number.
SelectQuote Reviews: What People Are Saying
Although there are few consumer reviews currently available online for Life Insurance Savings Group, industry professionals remark positively on the agency’s ability to provide quotes from multiple insurers so consumers can compare and contrast plans. However, these industry players also note the website’s lack of clarity, as it fails to provide specific information on available plans.
Is a Life Insurance Savings Group Life Insurance Policy Right for You?
If you’re shopping for term life or final expense insurance and want to compare policies from multiple providers, an independent agency such as Life Insurance Savings Group may be the right choice for you. Plus, because the company advertises guaranteed- and simplified-issue coverage, a policy brokered by Life Insurance Savings Group may also be ideal for individuals who likely won't qualify for a plan that requires traditional underwriting practices such as a medical exam or extensive health questionnaire.