Final Expense Life Insurance is designed to pay end-of-life expenses that everyone incurs upon passing. Generally, these expenses include funeral and burial costs, unpaid nursing home expenses, and medical bills that are not covered by health insurance. Without a final expense policy, your surviving loved ones could be burdened with these expenses.
Final Expense Policies are packed with all the features and benefits found in traditional whole life policies and they are quick and easy to purchase.
You can also attach additional benefits known as riders. Riders come in different forms and present their own advantages and incentives. Riders are worth looking into if these situations apply to you ...
Your Final Expense Insurance policy can never be cancelled by the insurer as long as premiums are paid and your monthly premium will never increase ... even if you become critically ill or require nursing care.
Over time your final expense policy will build cash value that you can access for any reason via policy loans, cash withdrawals, or surrender your policy for cash.
Final Expense Insurance policies are issued without the need for a medical exam. Since most policies are purchased by seniors, the underwriting guidelines are very liberal. Your policy can be issued in a matter of days rather than weeks or months.
Applicants who apply with severe or multiple medical issues will still be able to purchase a guaranteed issue policy. These policies were designed for people who cannot medically qualify for standard policies so there is no medical underwriting considered for a policy to be issued.
Since the insurance company is accepting an unknown medical risk, there is generally a two year waiting period during which time the death benefit will be the sum of premiums paid plus an additional percentage.
Rather than a funeral home getting the death benefit, you choose who gets the death benefit. A beneficiary can be any person or entity that has an insurance interest. You can name a family member, church or charity .... it's your choice.
Your premium will be based on your age, your health, coverage amount and the type of policy you qualify for.
Applicants in their 50's who are healthy and do not smoke will naturally get lower rates than applicants in their 70's with medical issues.
However, it's important to note that your cost for Final Expense Insurance will never be less than what it is right now ... so let's get started!