Is FEG Life Insurance Legit? Reviewing Its Services, Benefits, Drawbacks, Application Process

Is FEG Life Insurance Legit? A Comprehensive Review

FEG, or Freedom Equity Group, is a company that offers life insurance products with living benefits.

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FEG life insurance claims to provide simple and cheap protection with living benefits. But how does it work, and is it worth it? This article explains it all/PHOTO COURTESY: Facebook

But how legit is FEG life insurance? and how does it compare to other life insurance options?

This article will answer these questions and more, based on the latest information available.

What is FEG Life Insurance?

FEG life insurance is a type of term life insurance that provides coverage for a specified period, usually 10, 20, or 30 years.

It also includes living benefits, which are features that allow the policyholder to access a portion of the death benefit in case of a qualifying illness or injury, such as a heart attack, stroke, or cancer.

FEG life insurance is offered by various carriers, such as American National, National Life Group, and AIG.

What are the Benefits of FEG Life Insurance?

FEG life insurance has several benefits that make it attractive to many customers.

Some of these benefits are:

  1. Affordable premiums: FEG life insurance is generally cheaper than permanent life insurance, such as whole life or universal life, because it only covers a specific term and does not accumulate cash value.
  2. Flexible coverage: FEG life insurance allows the customer to choose the amount and duration of coverage that suits their needs and budget. FEG life insurance also offers the option to convert the policy to a permanent one without having to undergo a medical exam or provide proof of insurability.
  3. Living benefits: FEG life insurance provides the customer with the peace of mind that they can access a portion of the death benefit in case of a qualifying illness or injury, without having to wait for the claim to be processed or pay taxes on the amount received. Living benefits can help the customer cover medical expenses, pay off debts, or supplement their income during a difficult time.

What are the Drawbacks of FEG Life Insurance?

FEG life insurance also has some drawbacks that the customer should be aware of before purchasing a policy.

Some of these drawbacks are:

  1. Limited coverage: FEG life insurance only covers the customer for a specific term, which means that if the customer outlives the term, they will lose their coverage and have to buy a new policy, which may be more expensive or difficult to obtain due to age or health factors.
  2. No cash value: FEG life insurance does not build up any cash value or paid-up value, which means that the customer cannot borrow against the policy or use it as a savings or investment vehicle.
  3. Restrictions and exclusions: FEG life insurance has certain restrictions and exclusions that may limit the customer’s ability to access the living benefits or receive the full death benefit. For example, some carriers may require the customer to have a terminal illness diagnosis or a certain life expectancy to qualify for the living benefits. Some carriers may also reduce the death benefit by the amount of the living benefits paid out or impose a waiting period before the living benefits can be claimed.

How to Apply for FEG Life Insurance?

FEG life insurance is sold through independent agents who are affiliated with FEG.

To apply for FEG life insurance, the customer needs to contact an FEG agent and fill out an application form.

The application process may vary depending on the carrier and the product chosen, but it typically involves answering some health and lifestyle questions, providing personal and financial information, and undergoing a medical exam or a phone interview.

The customer may also need to provide additional documents, such as medical records, income statements, or bank statements, to verify their eligibility and suitability for the policy.

Conclusion

FEG life insurance is a type of term life insurance that offers living benefits, which are features that allow the customer to access a portion of the death benefit in case of a qualifying illness or injury.

It has several benefits, such as affordable premiums, flexible coverage, and living benefits, but it also has some drawbacks, such as limited coverage, no cash value, and restrictions and exclusions.

FEG life insurance may be a good option for customers who are looking for a simple and affordable way to protect their family and themselves in case of an unexpected event, but they should also be aware of the limitations and risks involved.

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