101 – Best Final Expense Insurance for Seniors
When you’re looking for life insurance coverage fast — without the hassle from waiting to be scheduled for a medical exam or the delays in accessing your medical records, then final expense life insurance quotes may be right for you. Just remember that you’ll be paying a little more for this convenience. Reasonably good health can make a big difference.
Final expense plans can genuinely help you by taking away the financial burdens the family will feel upon your death.
So, to get started, there are 4 main types of final expense policies:
- Level, Having a policy with a level benefit simply means you are entitled to a full death benefit payment from the day you’re approved. The contestability period still applies, as with most life insurance products, but otherwise you’ll receive 100% of the policy amount when it is paid.
- Graded, With a graded benefit policy, the beneficiary is paid a percentage of the policy benefit if the insured passes away during the first 2 years of the policy. A graded benefit or guaranteed benefit policy is designed for anyone with a serious health issue who would otherwise not qualify for life insurance. These policies can be a bit more expensive, but they are guaranteed to accept the applicant and the rates do not increase over time.
- Modified, These policies have a death benefit waiting period, typically 2 or 3 years. If you die within the waiting period, your beneficiaries will receive a percentage of the full death benefit (graded policy above) or the premium paid to date plus some interest (modified). You can get a lot of health issues approved with a modified whole life insurance product that wouldn’t be approved with a traditional whole life insurance product. So it’s important to understand that one of the biggest benefits, probably the biggest benefit, of a modified whole life insurance product is that it’s usually a lot easier to qualify for. The only reason to have a modified whole life insurance program is if you have no other options. Cognitive memory disorders are good for modified whole life insurance products as long as there isn’t a knockout question on the application about Alzheimer’s, dementia, memory loss, that kind of thing. Any kind of cognitive memory disorder is not going to get any kind of level or preferred coverage for a whole life product, much less term. It’s pretty much a knockout. You only can do a guaranteed issue type of plan or a modified whole life insurance type of plan. Kidney failure is another one. Most companies out there, especially if you’re on dialysis, will not give you coverage. You’re stuck with a modified option if they allow for it or some sort of guaranteed issue coverage. If you use an oxygen tank to supplement your breathing because you’ve got a chronic lung disease like COPD or ephysema, then no company is going to take you for anything better than a two-year waiting period life insurance product.
- Guaranteed Issue (GI). These polices are known as guaranteed issue or graded benefit policies, and are available to those who are not confined to a nursing home, incarcerated, or in an assisted living facility. Guaranteed issue policies are usually the only option available to someone over the age of 80. A guaranteed issue policy will accept almost everyone who applies, but to protect the insurance company from risk, these polices do not offer a full payout if the insured person dies within the first 2 years of the policy. Instead, the premiums paid plus interest are reimbursed to the insured’s family.
Best Final Expense Insurance for you and your family
It’s a fact, most families have a hard time coming up with these funds quickly. Final Expense insurance affords families the access to insurance proceeds they need to provide the proper burial and services for their loved one without the burdens of raising cash through other, less efficient means.
101 – Best Final Expense Insurance for Seniors Quotes Online
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