Life Insurance Savings Group Reviews
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?
