New mobile app helps seniors avoid scams when shopping for final expense life insurance

Digital platform sheds light on a multi-billion dollar segment of the life insurance industry infested by deceptive and misleading advertisements targeting vulnerable seniors.

RENO, Nev., Oct. 16, 2023 /PRNewswire/ -- Choice Mutual, the largest digital marketplace for final expense insurance products, today announced the launch of a mobile app that assists seniors shopping for life insurance to cover end-of-life expenses in avoiding scams. Seniors shopping for final expense insurance are regularly targeted by highly deceptive advertising deliberately meant to omit context and mislead. The app grants users free access to a digital platform that delivers transparent product pricing and policy conditions from every major insurance provider nationwide, so it's crystal clear how the coverage works and the exact cost.

Funeral costs are at an all-time high, often costing over $10,000 for a traditional burial. Due to unaffordable funeral costs and savings accounts at all-time lows, seniors are seeking ways to ensure their end-of-life expenses are taken care of so they don't financially burden their loved ones. Final expense life insurance, also commonly known as burial or funeral insurance, has become a popular solution to this problem. These small death benefit life insurance policies comprise a significant portion of the overall life insurance market. This niche segment of the life insurance industry currently exceeds $1B per year in sales and is growing rapidly, given how many seniors turn 65 daily.

"Far too often, seniors seeking final expense insurance products are subjected to an onslaught of wildly deceptive and immoral advertising that's expressly meant to mislead them by omitting critical context," explained Anthony Martin, CEO of Choice Mutual. "The culprits of these malpractices employ a variety of shameful tactics to lure in and mislead their prey. For example, they will design their advertisements to look like the offer is from and subsidized by the government. Another common trick is ads that showcase a rock bottom price that, upon first glance, would appear to buy a significant policy but, in reality, only yields a few hundred dollars of life insurance coverage. Or the company offers a low-cost product without making it clear the price will rise over time, which typically leads to the policyholder being unable to afford the future higher premiums, thus leaving them uninsured in their later years. The offenders of these trickeries know that low to middle-income seniors are on a fixed income and, therefore, highly price sensitive. They are banking on these vulnerable seniors not fully understanding the actual policy cost or its provisions because those details have been purposefully and carefully concealed from them. If they had known the full truth, they would never have bought the policy in the first place. The truth, clear as day, is exactly what this mobile app reveals to counter the plethora of deceptive advertising in this market."

Should senior citizens happen to interact with a deceptive agent, company, or advertisement, they can go to the app to discover all the particulars that are being suppressed from them. Choice Mutual's technology aggregates policy data from dozens of top insurance companies presently operating in the final expense insurance market. The app collects critical information about each insurance provider, including:

• Price
• What type of life insurance it is and how long the coverage lasts
• Whether or not the premium increases over time
• If the policyholder is insured immediately or subject to a waiting period before coverage begins
• How to qualify
• New applicant age limitations
• Death benefit limitations
• Which states that each company offers its policies in

After gathering this data, the app displays everything in a transparent and user-friendly format so seniors can privately research their options and determine if any particular policy meets their needs. If they find a product they're interested in, they can begin the application process through the app.

The Choice Mutual mobile app is completely free to use, and there's no signup required. To view quotes and policy details, users only need to input basic information such as age, gender, and state of residence. They do not have to provide a phone number or email to use the app. Contact information is only necessary when users decide to apply for a policy. User privacy remains intact because the app does not access any data from the client's device.

For additional information about the Choice Mutual mobile app, visit www.choicemutual.com/mobile-app.

About Choice Mutual
Headquartered in Reno, Nevada, Choice Mutual is an insurance agency specializing in final expense insurance for seniors who want peace of mind knowing their funeral expenses won't burden their loved ones. Serving the entire nation, it partners with dozens of top-rated life insurance companies to find the best value for each customer. Choice Mutual's innovative tech solutions and website empower seniors to investigate, quote, and buy insurance products from the comfort of their homes through its digital processes or via telephone by speaking with a licensed agent. Their firm commitment to educational content, transparency, and service has resulted in thousands of five-star reviews across various online platforms and annual web traffic approaching 1 million unique visitors. For more information, visit www.choicemutual.com.

Contact:Anthony Martin[email protected] 

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SOURCE Choice Mutual