Among the most important financial services available is life insurance. With so many possibilities, you need to make sure you’re not just spending money for the sake of spending it. Big Lou Life Insurance is a viable alternative because it is widely regarded as one of the most trustworthy life insurance providers available today. To help you decide if Big Lou Life Insurance is the best option for your needs, we will explain how it works and reveal some customer reviews.
Big Lou Life Insurance Overview
Big Lou Life Insurance is a Florida-based company that first opened its doors in the 1980s in Fort Walton Beach. The insurance agency is happy to assist anyone in need of life insurance, but it has specifically targeted those who have been diagnosed with a preexisting disease or other “health glitch.”
Life insurance can be difficult to obtain if you have serious health issues. TermProvider intended to lend a hand.
Over the past thirty-plus years, this company has helped more than 100,000 clients become eligible for term and permanent life insurance despite their preexisting conditions.
Big Lou Life Insurance Commercials
In spite of having its origins in the 1980s, the Big Lou brand wasn’t actually developed until 2011. TermProvider sought a strategy to educate the “average Joe” on the availability of affordable life insurance. Big Lou, the marketing mascot, was born from this need.
Regular listeners to the radio will have heard an advertisement for Big Lou Insurance. The Howard Stern Radio Show, one of the most popular in the world, is an AM news and talk radio program that regularly plays throughout the day. There are reports from consumers who say they joined because of the radio ads.
If you’ve heard this catchy ad, you’ll know exactly what we’re talking about.
The marketing campaign and appealing commercials revolving around Big Lou’s character are meant to give the impression that he is a regular guy who really needs a large amount of term life insurance (say, $1 million). Due to some health concerns, however, Big Lou is concerned that he may be rejected.
He’s overweight by more than a few pounds but otherwise tries to lead a healthy lifestyle. It’s possible that he has diabetes or another minor chronic ailment that he’s learned to manage. Big Lou leads a somewhat healthy lifestyle, so he should have no trouble securing insurance.
To get an accurate health history from clients like Big Lou, TermProvider relies on communication.
A Big Lou agent may learn about a customer’s health and insurance needs with a few phone inquiries and then get the best rate for that customer.
Just so there’s no confusion, Big Lou is not an actual employee of TermProvider. In marketing terms, this is a made-up character. A search of TermProvider’s employee directory will turn up no results for “Big Lou.”
How Big Lou Life Insurance Works: Types of Big Lou Term Life Insurance Policies Available
Big Lou works with numerous life insurance carriers to provide clients with term, whole, and universal life insurance. They specialize in serving clients who are overweight or have preexisting health conditions.
You can choose from four distinct packages:
#1. Term Life
Because of its lower cost compared to permanent policies, term life insurance is frequently selected. You can choose a policy term from 10 years to 30 years with term life insurance, and the policy’s death benefit will be paid out only if you die within that time frame.
Two Big Lou term life insurance options are available:
- Instant term: You can get immediate term insurance in just minutes after filling out an online application. Without submitting to a medical exam, persons under the age of 50 can obtain coverage of up to $1 million. You can acquire up to $500,000 in coverage without having to take a medical test if you’re younger than 55.
- Fully underwritten: Big Lou offers fully underwritten plans for those who desire supplementary protection and are willing to submit to a medical examination. However, in exchange for waiting longer for coverage, you may be able to save money on your premiums and get more comprehensive protection.
#2. Universal Life Insurance
Similar to full life insurance, this coverage will last as long as you do. A portion of your premium payments to a universal life insurance policy are invested and earn money.
Universal life insurance, in contrast to whole life, offers greater customization options. Anytime you choose, you can make changes to your premiums or death benefit. Because of this adaptability, you can deal with the inevitable ups and downs of life.
#3. Whole Life Insurance
With whole life insurance, you’re covered for the rest of your life. As long as you keep paying your premiums, you’ll be covered for as long as you live. These premiums will remain constant from one billing cycle to the next.
A portion of your premium is placed in a savings or investment account while you have whole life insurance. You can get cash from your policy’s cash value or borrow against it if you need quick cash. Also, read WHOLE LIFE INSURANCE: What Is It & How Does It Work
Can You Get Life Insurance if You Are Overweight?
Yes, you can typically get life insurance if you are overweight, but the process and premiums can vary based on the insurance company’s policies and underwriting guidelines. When applying for life insurance, insurance companies assess various factors to determine your eligibility and premium rates. These factors often include age, overall health, medical history, lifestyle choices, and yes, weight.
Being overweight might lead to higher premiums, especially if it is considered a significant health risk. Insurance companies classify individuals based on their weight in relation to their height using a measurement called the Body Mass Index (BMI). If your BMI indicates that you are overweight or obese, it might result in higher premiums.
However, the impact of your weight on life insurance rates can vary widely between insurance providers. Some companies might be more lenient, especially if you are otherwise healthy and lead a balanced lifestyle. It’s essential to shop around and compare quotes from different insurers to find a policy that suits your needs and budget. Working with an experienced insurance broker can also help you navigate the process and find the best options available to you.
How Can I Get a Life Insurance Quote From Big Lou?
This is not the company to go with if you’re looking for life insurance quotes online right now. The Big Lou website does not offer any way to browse fast life insurance quotations. The firm has reasonable grounds for its unfavourable stance on getting rapid quotations online rather than from a live representative.
Online quote services provide consumers with access to up-to-date pricing information for life insurance policies.
Big Lou found that a major issue is that people who run their own quotes don’t always quote themselves honestly, meaning that they don’t qualify for the rates or health classifications they receive online because of their health history or lifestyle.
Furthermore, Big Lou abandoned instant online quotes to provide a more precise pricing procedure for their consumers, rather than giving them possible prices for which they may or may not be eligible.
Instead, Big Lou’s representatives use the time-honored technique of providing price estimates over the phone. The agent can learn about the client’s requirements and obtain a sense of the client’s lifestyle and medical history through conversation.
Once underwriting is complete, the rate that was quoted to the customer often becomes the authorized rate. When you go to the websites of Big Lou or TermProvider, you can see a link for a “no-obligation life insurance quote.”
If you fill out the form, please be aware that it will not return any pricing information. When you submit the quote form, it only gathers basic information to help the agent be ready for your call.
How Can I Apply for Big Lou Life Insurance?
Big Lou, in contrast to some internet insurance brokers, places a premium on providing a personal touch, providing detailed information, and answering any and all queries. Because of this, applying for Big Lou Life Insurance requires a conversation with a real person.
A certified representative will walk you through every stage of the application process and continue to work with you until you receive final approval.
How does one go about applying?
The application procedure is easy to follow. There are three stages you’ll need to complete:
- Cost Estimate: To get started, just give us a call or complete the required forms on our website. After that, you’ll be given the chance to schedule a call with a representative. A representative will ask about your health, driving, and medical background during your conversation. They’ll use your responses to shop around for the best life insurance quotes from many providers based on your individual circumstances.
- Application: An agent will guide you through the insurance application process once you’ve decided on a carrier.
- Underwriting: The insurance firm will investigate the applicant’s medical history and gather any additional data necessary for underwriting purposes.
The ultimate policy cost should be about the same as what Big Lou supplied if they’ve decided to approve your application.
Big Lou Life Insurance Bundling Options
Big Lou Life Insurance does not provide package deals. The brokerage recommends term layering, which can save money on premiums when purchased together.
In the life insurance market, it’s normal practice to stack terms. In a nutshell, if you want to save costs or increase coverage, you can get two or more separate term life insurance plans.
It’s possible that a combination of 10, 20, and 30-year periods will be more cost-effective than purchasing a single 30-year policy. Big Lou’s expertise in stacking terms could save you a tonne of money over time.
What Is the Difference Between an Insurance Carrier and an Underwriter?
Insurance carriers and underwriters are key players in the insurance industry, each with distinct roles in the process of providing insurance coverage.
An insurance carrier, also known as an insurance company or insurer, is an entity that sells insurance policies to individuals, businesses, or other entities. These companies collect premiums from policyholders and, in return, agree to provide financial protection and coverage for specified risks outlined in the insurance policy. Insurance carriers design various insurance products, set premium rates, and handle claim processing.
On the other hand, an underwriter is an individual or a team within an insurance company responsible for assessing the risks associated with insuring a particular person, property, or entity. Underwriters evaluate the information provided by applicants, including their health, financial status, and other relevant factors, to determine the likelihood of a claim being made. Based on this assessment, underwriters decide whether to approve, modify, or decline an insurance application. They play a crucial role in calculating appropriate premium rates and ensuring that the insurance company can manage its overall risk exposure effectively.
In summary, the insurance carrier is the company that sells insurance policies, while underwriters assess and evaluate the risks associated with insuring specific individuals or assets, helping the insurance carrier make informed decisions about issuing policies and setting premium rates.
How Does Perm Life Insurance Work?
Permanent life insurance, in contrast to term life insurance, guarantees coverage throughout the policyholder’s entire life (hence the name) so long as the premiums are kept current.
The premiums paid into a permanent life insurance policy accumulate cash value and pay for the death benefit should the policy ever be used. A policy loan or cash withdrawal from the cash value might help the policyholder pay for unexpected costs like medical care or higher education for a dependent.
Insurers add interest to cash-value loans that are still outstanding. If the sum of the unpaid interest on a policy loan and the balance of the loan is greater than the cash value of the policy, the policy and all coverage under it will be canceled.
The tax code treats permanent life insurance policies favorably. As long as the money remains in the policy, the policyholder won’t have to pay taxes on the cash value’s growth. It’s possible to get a portion of your policy’s value tax-free. In most cases, withdrawals are tax-free up to the amount of premiums contributed.
The death benefit for your beneficiaries will be reduced if you borrow against or remove from the cash value of your permanent policy.
Digital and Technological Features of Big Lou Life
#1. Mobile App Features and Functionality
Since it acts largely as a broker, Big Lou Life Insurance may not provide its mobile app for managing policies directly to its customers. Instead, customers will use the mobile apps of the insurance providers they select through Big Lou to manage their policies.
Depending on the app, you may be able to view your policy details, file a claim, and manage your account. You should check out the mobile app of your preferred insurance provider to learn more about the options available to you and how to use them.
#2. Online Account Management Capabilities
Through their respective websites and online platforms, Big Lou Life Insurance now offers customers the convenience of online account administration. The insurer’s website features a section for policyholders to log in and access their accounts, where they may view policy information, make payments, and perform other account-related tasks.
For your convenience, Big Lou’s website may have additional information and links to certain online account management portals.
#3. Digital Tools and Resources
Because Big Lou Life Insurance acts as a go-between for policyholders and insurance companies, the digital tools and resources it offers are likely to be focused on only that industry.
Customers can learn more about life insurance and how to make educated decisions by perusing articles and guidelines that may be available on their website. However, policyholders should visit the websites of their particular insurance providers in order to access particular digital tools and information concerning policy management and quotes.
How Quickly Does Big Lou Offer Policy Rates?
You have a great deal of control over this section of the procedure. Once you fill out a short online form, Big Lou will give you the option to schedule a call with an agent. Your pace of action here is entirely up to you.
A call can be scheduled for any time within the next month, from the same day (during business hours) to the day after.
In order to get your insurance started and get your prices as quickly as possible, you should arrange a call as soon as they become available. A quote for your preferred insurance won’t be available until you speak with an agent.
It is not necessary to fill out the online quote form to acquire a preliminary quote. In addition, TermProvide provides a free, toll-free phone that may be used to request pricing information.
Big Lou Life Insurance’s Availability by Location
Big Lou is able to help anyone, wherever they are in the United States. The brokerage holds active licenses in every state and DC.
In terms of where you are when you die being covered, most life insurance policies will do so regardless of where you happen to be at the time. But some insurance policies contain restrictions on visiting so-called “dangerous” nations.
Higher premiums may apply if you plan to visit a country on the US government’s “Do Not Travel” or “Reconsider Travel” list. It’s also possible that you’ll be completely denied coverage. Regularly included on the “Do Not Travel” list are the following countries:
- North Korea
- South Sudan
Be truthful with your travel agency at all times while planning an overseas trip. Your death benefit could be at risk if you provide any inaccurate information.
Does Big Lou Require a Medical Exam?
Big Lou has agreements with 40 of the best-rated life insurance companies. In order to attract customers who are not in perfect health, many of these companies do not require applicants to undergo a medical examination. Some insurers offer coverage of up to $1 million with no medical tests required.
With the advent of COVID-19, the opportunity to apply for life insurance without a medical exam has risen in popularity. Those who pose a high risk to the insurance company, however, may be asked to submit to a medical exam as part of the underwriting procedure. If you’re between the ages of 18 and 65 and have a clean medical history, you may be eligible for no-exam underwriting. You’ll only need to fill out a brief health profile instead.
If you have a history of hypertension, high cholesterol, or even type 2 diabetes but keep your levels under control with medication, you may still be eligible for no exam underwriting.
How Much Is a Term Life Insurance Policy?
Because it provides a death benefit for a set period of time but lacks a cash value component like permanent insurance does, term life insurance tends to be the most cost-effective option. According to Insureon’s research, a healthy 30-year-old man who does not smoke can purchase a term life insurance policy with a $500,000 death benefit and a 30-year policy term for an average of $30 per month in February 2023. The monthly payment would increase to $138 after you hit age 50.
Big Lou Life Insurance Claim Process
Claims must be filed with the insurance company(ies) you choose independently of Big Lou Life Insurance, as we serve only as a broker.
Big Lou partners with both large and small national insurance providers, such as:
- Lincoln Financial Group
- American General Life Companies
- John Hancock Life Insurance
- Pacific Life
- Protective Life Insurance Company
- United of Omaha Life Insurance Company
Companies have different procedures for filing claims, but often you can do it either online or over the phone. For added convenience, some insurance companies have smartphone apps. Big Lou gives you the ability to get in touch with an agent directly should you require assistance.
Make sure you have copies of the following before filing a claim on a life insurance policy:
- The policy document
- The death certificate
- A claim form (also called a “request for benefits”)
Because of this, submitting your work will go more smoothly.
How Long Does Big Lou Insurance Approval Take?
Big Lou’s approval process can be different depending on the insurance company you go with. The length of time and the amount of paperwork involved vary from provider to provider based on factors like the type of coverage you need and, most importantly, your health.
The medical examination and gathering of medical information are typically the two main factors that slow down life insurance applications. Medical exams should be scheduled without delay. The examiners will work with your availability whenever possible.
Medical records are another potential approval-delaying element. It will be up to the medical center to get copies of the patient’s documents to the insurance company as soon as possible if that becomes necessary.
Some hospitals are known for their speedy service, while others may take weeks or even months to complete even the simplest of procedures.
In addition, approval times for applicants who do not need to undergo a medical exam are reduced.
How Do I File a Death Claim With Big Lou?
Big Lou will assist the recipient in filing a claim if it becomes necessary. However, if a claim is filed, it will be the insurance company that handles everything from there.
The beneficiary of a life insurance policy files a claim after the policyholder dies. In order to file a claim, the beneficiary must present documentation from the insurance as well as evidence of the death and its cause.
If the insurance company doesn’t have reason to deny the claim—for example, if the death was suspicious or occurred during the contestability period—they will pay out the policyholder’s benefits.
What Other Products Does Big Lou Offer?
Although TermProvider and Big Lou’s primary service is life insurance coverage, the insurance broker also provides a few other options.
- The TermProvider-recommended weight loss program Weight Loss Direct is one that Big Lou founder Chad Hill personally uses. It provides coaching, nutritional advice, and a guarantee of weight loss of twenty pounds or more. The paid service is not in any way rewarding for customers who sign up for it. In addition, the benefit is that those who are eligible for life insurance can save a lot of money by getting healthier and losing weight.
- Identity Protection: In addition to monitoring and security, Big Lou’s ID protection also includes restitution for stolen funds and expenses up to a million dollars. ReliaShield provides a variety of identity protection policies, including those for single people and families.
The availability of these extra features can be a selling point for choosing Big Lou over competing services.
Big Lou Life Insurance Reviews: Customers Review
Positive feedback from policyholders characterizes assessments of Big Lou’s term life insurance. Their website is littered with glowing testimonials from satisfied customers. On the popular review site Shopper Approved, they have an overall rating of 4.9 out of 5 stars from well over a thousand ratings.
98% of their consumers rate them as either 4 or 5 stars. You need only skim the comments to see how much their clients appreciate the help they offer. The same can be said for Google, where the business now has a 4.9 rating out of over 90 reviews.
Customers who have had a good experience with Big Lou typically highlight the company’s prompt responses to their inquiries and complaints.
Big Lou Life Insurance is a great choice for people who have had trouble finding life insurance elsewhere. If you’re in your mid-50s and have been dealing with health issues, or if you’re in your mid-50s, Big Lou could be for you. However, younger persons in good health have a better chance of finding more affordable coverage with other brokers.
Frequently Asked Question
Who owns Big Lou insurance?
TermProvider. In 2011, TermProvider launched a brand known as Big Lou®. Big Lou represents the average individual, since he, like the majority of our customers, is in need of life insurance but also faces certain health challenges.
Who bought Allstate Life Insurance?
Blackstone. The Allstate Corporation, the largest auto insurer in the United States, has sold its Allstate Life Insurance Company (ALIC) and some of its other subsidiaries to funds managed by Blackstone, a global leader in private equity investments.
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