Best Final Expense Insurance Quotes Online
Best Final Expense Insurance Quotes Online
Best Final Expense Insurance Quotes Online
What is Final Expense Insurance?
Final expense policies are small face value whole life policies.
These can usually be purchased for face values (death benefits) from a couple thousand dollars and up. Some may even go up higher but these can get very expensive for older individuals and those in poor health.
The rates are level for the rest of your life, and these whole life policies do not expire after a set term.
They cover you when you need coverage the most! Even seniors on fixed incomes find them affordable.
What is a Whole Life Final Expense Insurance?
Different insurance companies have come up with policies to meet the needs of different individuals.
Some final expense policies offer immediate protection.
An individual can be a senior citizen, but they usually need to be in fairly good health to purchase these.
For people of any age with health conditions that would get them declined for most life insurance, guaranteed issue life insurance policies are the answer!
A guaranteed issue life insurance policy usually uses a waiting or “vesting” period instead of health questions.
If the insured person survives the waiting period, their beneficiaries will inherit the entire face value. If they should pass away, their premiums will be refunded to the beneficiaries with a stated interest rate.
For a person who cannot qualify for other life insurance, these type of policies are good alternatives.
Final expense insurance is a perfect alternative to traditional life insurance because it is more affordable, no medical exam is required, and premiums will not increase over time.
In addition, final expense insurance can provide funds to your family within 24-48 hours of your passing whereas traditional life insurance plans can take weeks to pay out.
This instant, short-term monetary relief can be crucial for staying current with mortgage payments and covering day-to-day living expenses.
How much is a Funeral?
There is a cost that comes with the end of life.
This is a major financial obligation when families are supposed to be celebrating one’s life and not worrying about how they will pay for it.
Funeral costs can range over a wide variety of price points depending on many factors.
The average traditional burial service is $7,818
The average traditional cremation service is $6,411
Not included in the price estimates:
- Cost of Headstone, Monument, or Marker
- Cemetery Property, Plot of Land, Columbarium, etc.
This is where Final Expense Insurance can be so valuable.
The average age of death in the state is 75.9 for males and 80.7 for females.
This is just shy of the national average life span.
- Males 76.1
- Females 81.1
Listed below are the top 10 leading causes of death in USA.
- Heart Disease
- Chronic Lower Respiratory Disease
- Alzheimer’s Disease
- Kidney Disease
Every citizen knows a friend, family member, or loved one who has been affected by at least one of these medical conditions.
The best thing one can do is educate themselves and create a plan for the inevitable end of life costs.
What can the payout of Final Expense Life Insurance be used for?
The payout can be used for anything the beneficiary chooses, there are no restrictions.
Here is a list of the common items the distribution is used for.
- Memorial/Celebration of Life
- Credit Cards
- Charity Donations
- Medical Bills
- Remaining Balance on a Mortgage
- Post-Mortem Expenses
- Remaining Car Loan Balances
- Leaving an Inheritance
- Legal Expenses
- Other End-of-Life Expenses
How do I qualify for Final Expense Life Insurance?
Qualifying for the plan is simple. You will speak with an independent agent, they will then determine which category you fall under according to your health.
There are four categories of plan types:
- Level: Great Health
- Graded: Average Health
- Modified: Past Health Concerns
- Guaranteed Issue: Major Medical Issues
How much is a Final Expense Life Insurance?
The loss of a loved one in death is an emotionally difficult experience.
Final expense plans are designed to remove, or offset, the financial stress that is associated with death.
Our clients are able to use final expense plans to help their clients prepare for this difficult time.
These plans are available in varying coverage amounts to fit a variety of budgets.
Due to the diversity of our carriers, our agents are able to find coverage for their clients no matter what their current health status may be.
What are the types of Final Expense Life Insurance?
There are a variety of Final Expense life insurance companies in USA, we offer a variety of Final Expense Life Insurance products .
Some Final Expense insurance policies offer coverage which begins immediately.
For those who are not in the best of health, guaranteed life insurance is the solution.
In guaranteed life insurance plans, there is usually a period of acceptance.
If the policyholder survives this period of acceptance, the policyholder’s heirs inherit the face value of the policy upon the policyholder’s death.
For many people, guaranteed life insurance is the right decision.
Being informed helps a person prepare for the unexpected expense of burial.
There are two types of burial insurance on offer today, which are known as “Simplified Issue” and “Guaranteed Issue” – neither of which is mercifully as complicated as it sounds!
Guaranteed Issue for Final Expense Life Insurance
First of all there is the Guaranteed Issue for Final Expense Life insurance, which is the type you are already 100% guaranteed to be accepted for regardless of your circumstances or condition.
This is a hugely popular option in that it demands no medical examination or tests of the applicant.
How is it possible to accept all applicants unconditionally?
Well, this particular kind of policy is offered at a slightly higher cost – costs which make it possible to offer extensive cover and peace of mind without any of the usual health questions and medical checks.
The fact that these policies are of course higher risk for obvious reasons makes the slight increase in cost inevitable, though Guaranteed Issue plans continue to be massively popular and infinitely valuable for millions all across the US today.
Guaranteed Issue plans will also usually require policy holders to make payments for at least two years before their policy can be used/withdrawn.
What is Simplified Issue Option Life Insurance?
On the other side of the fence there is the Simplified Issue option, which is seen as the preferable choice by most and comes with lower costs.
In order to qualify for this type of policy however, applicants must answer medical questions.
Simplified underwriting means that youdo not have to take a medical exam or submit medical records of any kind.
You are given a few simple yes or no health questions to answer.
The type of plan that they can qualify for will be determined by the yes or no health questions that were answered on the application.
The insurance company will then perform a MIB (Medical Information Bureau) prescription history check on you to verify the validity of the questions that were answered on the application.
If everything checks out, then the policy is set to issue. That’s the extent of the underwriting for an immediate death benefit final expense plan.
Though questions differ from insurer-to-insurer, most applications ask some variation of:
- Do you use tobacco?
- Do you have a terminal illness?
- Have you been diagnosed with HIV or AIDS?
- Do you have any heart conditions?
- Have you had a stroke?
You are generally disqualified from purchasing a simplified-issue final expense policy if you answer yes to one or more of these questions (excluding tobacco use).
Ultimately, it depends on the criteria of the insurer.
Because of this less-intensive underwriting process, the premiums of a simplified-issue final expense insurance policy are usually lower than a comparable guaranteed-issue policy.
But, they’re still usually higher than that of a comparable fully-underwritten policy.
The benefits are always level.
With simplified-issue final expense insurance, the insurance company must pay your beneficiary the full death benefit as soon as the policy is in force.
Additionally, the death benefit stays level throughout the entire time the policy remains active.
If you purchase a simplified-issue final expense policy with a $10,000 death benefit and unfortunately passed away the next day, your beneficiary would receive the full $10,000 as long as you were honest with your answers to the application’s health questions.
Now, you may think “What happens if I am unable to get through the yes or no health questions?” or “What happens if I am declined? Does this mean that I have no chance of getting approved for coverage?” The answer is absolutely not!
For this situation, there are plenty of carriers that offer what is called a guaranteed issue final expense plan.
Guaranteed issue means that they are automatically accepted regardless of any health conditions.
These plans have an automatic 2-year limited death benefit where, if death occurs in the first 2 policy years, the death benefit will return of all premiums plus 10% interest.
If death occurs after the first 2 policy years, then the full death benefit will be paid out. Most guaranteed issue plans offer coverage amounts that range between $5,000 and $25,000.
Why is Final Expense Insurance so important?
Where will the money come from to pay for burial expenses?
Social Security: pays only a $255 lump-sum death benefit and only to qualified dependents. Also, Social Security income may be reduced by as much as 50% with the death of a spouse.
Veteran’s Administration: may pay a $300 burial allowance under certain circumstances. See the U.S. Department of Veteran Affairs Burial Benefits page for more details.
Savings: Do you have the funds necessary to cover such costly expenses?
Loved Ones: Do your children have the funds necessary to cover such costly expenses? Do you want to leave this burden to them?
What Happens If The Family Can’t Pay For A Funeral?
When a person dies, a member of the family or a close friend usually claims the body.
They are then responsible for making burial or cremation arrangements.
If there isn’t anyone who has the financial means to pay for the associated costs, the body goes unclaimed and the state must make arrangements for burial.
Today’s Choice, Tomorrow’s Peace of Mind – Best Final Expense Insurance Quotes Online
Final expense life insurance is the most affordable method to prepay your final/funeral expenses.
As Baby Boomers age, many realize they haven’t taken care of life insurance in time to qualify for a larger term or whole life policy – for some, health issues have made that difficult or impossible.
With little to no underwriting and no need for a medical exam, final expense insurance is an affordable option for many people.
Issue ages are from age 40 to 89.
Some carriers offer a terminal and chronic illness rider so you can access a percentage of these funds if you are diagnosed as such.
We represent many final expense life insurance companies such as Americo, Assurity, Cigna, Humana, Mutual Of Omaha, Settlers Life, Transamerica and many more.
If you or a loved one needs final expense coverage we are here to help.
Feel free to use our no cost instant final expense burial insurance quoting tool to compare the companies we represent as much as you like.
There is no need to meet with us in person.
Everything can be done over the phone and by email.