Finance

 How to Ascertain If the State-Regulated Insurance Program Isn’t a Scam    

Are you one of those who have received a post claiming that the government is offering an insurance plan to pay for your final expenses? Have you shared your details with any such agencies?

You have probably wondered if the program offered is real or a scam. This article aims to helps you understand the legitimacy behind the new state regulated life insurance program to pay final expenses mailers.    

What Are These State-Regulated Insurance Program Mailers?

These state-regulated insurance mailers more or less have similar content with the state names being changed to fit the region they are targeting. For example, you might receive a posy saying

  • ‘State-Regulated Burial Benefits – California’
  • ‘Benefits on Insurance for Final Expenses – Only in Mississippi’

The mailers also contain content like

  • 100% of funeral expenses will be covered at zero cost
  • Complete this survey to receive burial coverage of $50,000   

The intent behind these mailers is to encourage action from recipients. Words like state-regulated, estate agents, 100% expenses covered are used to gain the recipients’ trust. Once you send back the card with information, agents might show up at your house asking you to invest in any life insurance products. To know the truth behind the new state-regulated life insurance program to pay final expenses, you can reach out to experts like Gary P. Cubeta from Insurance for Final Expense.

How to Ascertain If the State-Regulated Insurance Program Isn’t a Scam?

Read the Mailer Carefully

There are no state-sponsored life insurance programs available for final expenses. Companies offering insurance are regulated by the Department of Insurance, which comes under the state government’s purview. So these agencies are approved to work by the government, but the state government does not sponsor or allocate budget for any of the agency’s programs.

If you read the mailer carefully, you will notice a disclaimer stating the programs do not have any affiliations to the state government.  

Too Good to Be True Benefits

As mentioned above, if you are offered benefits like all expenses covered at no cost, instant coverage with form completion, then these are red flags you shouldn’t ignore. These benefits are available, but you will have to purchase burial insurance from an authorized agency by paying periodic premiums.

Research the Agency 

Look for the agency online. Do they have a website? Do they have a BBB accreditation? You can also visit the state government’s insurance website to verify their legitimacy. For example, you can visit the Pennsylvania Insurance Department website to find a licensed insurance professional.  

Look for Online Reviews

You could read through online reviews to know about customer experiences dealing with the agency. Even if it is a licensed insurance agency, enticing customers with false promises and claiming to be state-regulated are not honest business practices.

Final Verdict- State-Regulated Insurance Real or Scam

According to Gary P. Cubeta from Insurance for Final Expense, new state-regulated life insurance programs to pay final expenses are not ultimately scamming when sent through authorized agencies. They sure are deceptive sales practices to gain new leads, and it is recommended you stay away from such agencies. 

When you receive any such mailers, look for the factors mentioned above to ascertain if you should or should not share your details with such agencies.

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