Burial Mutual

Burial Mutual Licensed and knowledgeable agents that work on your behalf that find you the right whole life policy

What is a 2 year wait plan “Modified Whole Life Insurance Policy? Here’s The Truth.Are you curious about what it means t...
07/16/2020

What is a 2 year wait plan “Modified Whole Life Insurance Policy? Here’s The Truth.

Are you curious about what it means to get a 2 year wait plan modified whole life insurance?

It just might be your best option, but then again it may not.

We’ll explain how these plans work and help you understand if you even need a modified 2 year wait plan.

You might be able to qualify for a non-modified plan that costs less and covers you right away.

You won’t find this information any where else.

Modified whole life insurance is a policy where there is a waiting period during the first 2-3 years. During the waiting period, the insurance company will only refund all your premium payments plus interest for any non-accidental death.

After the waiting period is over, the full benefit is 100% payable for any reason.

A whole life insurance policy is very straightforward. Here’s the fine print you need to know:
• Prices can’t increase over time
• Coverage can’t ever decrease
• Policy can’t expire at any age
• Cash value builds up that you can borrow on

For modified premium whole life, some companies have a 2-year waiting period and some make you wait 3 years.

The interest granted varies by the company as well. It’s important to note the interest granted is based on the premiums you’ve made not the death benefit.

The majority of the companies will pay 10% interest if the premiums are refunded within the 2 or 3 year wait period.
For example, if a company grants 10% interest and you made $1000 in payments, you will get back $1100 (if death occurred during the waiting period).

Lastly, you might see some companies refer to modified whole life plans as “final expense life insurance”, “funeral insurance” or “burial insurance”.
The truth is, those are all marketing terms that mean the same thing. They’re referring to a whole life insurance plan with limited underwriting, so people with health conditions can still qualify.

A modified plan is just a type of final expense insurance.
Just like most things in life, everything has its pros and cons.
This is certainly true for modified whole life insurance.

The good: The best part of a whole life modified plan “2 Year Wait Plan” is the ability for folks with very serious health issues to secure new coverage. Most modified life plans have very limited or no medical underwriting. This means if you have dire illnesses, you can still get new coverage. Depending on the nature of your health issues, modified whole life may be the only way you can get a new life insurance policy.

The bad: Modified benefit whole life plans have two major drawbacks which are the waiting period & the premiums. These plans accept applicants who have very serious health issues.. For that reason, the insurance company takes on a lot of risk. This is why the premiums are much higher than non-modified policies and have a waiting period of 2-3 years before the death benefit would pay out.

Pretty much every carrier in the industry can offer the 2 – Year wait plan or Modified Plan to anyone. The majority of carriers that advertise on TV or Direct Mail “targets” seniors regardless if they have good health or not to sign up for these plans. If the consumer is not educated they will pay more in premiums and have the wait period.

So before you think you have bad health and have to settle for a 2-Year Modified plan, here at Burial Mutual we get 95% of our clients 1st day coverage.

The 2 year wait plan is our last resort for our clients. If we have to go that route, we work with 2 of top carriers in the nation that “specialize” in the Guaranteed 2 year wait modified plans. They make the payments very affordable for Seniors and hands down beat the competition on price.

We here at Burial Mutual Group we would love to help you with any of your life insurance needs. We evaluate your health situation and give top recommendations on the right carrier that will give you that 1st day coverage option.

Give us a call anytime 706-407-4816 or visit us at http://BurialMutual.com ; You can also go to our Facebook Reviews and check out how we have helped some of our past clients get 1st day coverage.

Retirement is a major life change for most people, this could cause nervousness, excitement, fear, and many other emotio...
05/09/2020

Retirement is a major life change for most people, this could cause nervousness, excitement, fear, and many other emotions. You could be working full-time or even part-time and then suddenly not working can mean that life slows down tremendously.

Working can keep many seniors active both physically and mentally, and without the stimuli that work provides, it can be difficult for retired seniors to stay active and cognitively alert. However, there are ways that a retired senior can stay happy, healthy, and active during this lifestyle change.

1) Get Moving and Exercise

Exercising daily can lead to many benefits, particularly in retired seniors. Exercising can seem like a daunting task, but it’s easier to be active than one might think.

Some examples of ways to get moving include going hiking, playing a yard game, or going for a jog. However one chooses to get moving, it’s important to get your blood pumping.

Exercising can help prevent heart disease and diabetes as well as other diseases. Not only does it help improve one’s physical well-being, but exercise can improve one’s cognitive ability as well.

2) Do Brain Teaser Exercises

The brain needs regular exercise, too. Activities like doing word puzzles and learning a new skill or hobby can be great ways to get a person’s brain working.

Being creative is another great way to stimulate cognitive abilities. In fact, research has linked trying new and creative activities to a decreased chance of development of Alzheimer’s disease.

Another way to stay cognitively active is through education. Auditing a class at a local college or university, going to vocational school, or taking a non-credit course are all ways to stay mentally active without breaking the bank.

3) Watch Good/Educational Television

Everyone has probably heard that television rots the brain (most of it does). While this is true in most cases, there are some instances when watching television is actually good for the brain.

If the brain is working to understand what a person is viewing, television can be a great way to keep the brain active.

Watching an educational science show or a suspenseful crime drama can require careful attention to follow along. This can provide positive stimulation to the brain which helps to keep it healthy and alert.

4) Have A Game Night

Invite some friends over to play card games. Researchers have linked playing card games to better immunity in older adults.

This is because players have to engage their brains in order to be successful in the game.

5) Hang Out With Your Friends

Being connected with others is clearly important to one’s overall health at any age. Particularly in retirement, staying connected is important.

Many people have their social connections through their job, so retiring can lead to a weakening or even loss of those social connections.

It’s important to say connected with people in order to stay happy and healthy. Staying connected can actually help decrease a person’s chances of developing a variety of diseases.

Planning outings with friends and making sure to keep those connections strong can help a person live longer.

6) Find Your Purpose

With more time in the day, retirees might find it difficult to feel a sense of purpose.

Often, getting up and going to work each day fulfills that purpose, and without that, it’s important for retirees to find ways to make their lives and activities feel meaningful.

Purposeful activities could include volunteering with schoolchildren or spending more time with family members. Research has shown that having a purpose in life can lead to a longer life.

We here at Burial Mutual Group we would love to help you with any of your life insurance needs. Give us a call anytime 706-407-4816 or visit us at BurialMutual.com

What is a Waiting Period with Whole Life Insurance? With final expense insurance there are three different types of plan...
04/19/2020

What is a Waiting Period with Whole Life Insurance?

With final expense insurance there are three different types of plans you can qualify for.

1) Full 2-3 year waiting period: During this time, the insurance company will only refund all premiums paid plus interest. They will not pay out for natural causes during the waiting period.

2) Partial waiting period: During this time, the insurance carrier will pay out a portion of the death benefit. It’s usually 30-40% from month 1-12 and 70-80% during months 13-24. After two years, the full amount is payable.

3) No waiting period: An immediate coverage plan will pay out 100% of the death benefit starting on day 1 of the policy. The only exception would be su***de or if you lie about your health when you complete the application.

Here’s the most important thing to understand.

To get immediate or partial coverage, you must apply for a plan where you do answer health questions. You don’t have to take an exam, but you must complete a health questionnaire. Any policy with no health questions will always have a 2-3 waiting period (no exceptions).

Burial Mutual gets 95% of our clients 1st Day Coverage with no wait periods. We represent over 30 of the top carriers that FAVOR different health conditions.

At the end of the day, if you want immediate coverage life insurance on you, your spouse or your grandparents, you’ll need to speak with a Burial Mutual agent.

Only an agent can determine if there are carriers with underwriting that will approve yourself or your loved ones for immediate coverage.

We have over 30 different insurance companies to choose from. If it’s possible for you to get immediate coverage, we’ll find it.

Give us a call anytime 706-407-4816 or visit us at https://BurialMutual.com

Address

1850 Lukken Industrial Drive W
LaGrange, GA
30240

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Wednesday 9am - 9pm
Thursday 9am - 9pm
Friday 9am - 9pm
Saturday 9am - 2pm

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+17064074816

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