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What Is Final Expense Life Insurance?
Final expense is life insurance that is typically for men and women between ages 50-85 who are looking to buy a policy to cover final expenses.
This can include outstanding debt, final health care expenses, funeral expenses and maybe a financial legacy gift. You can also get what is called a burial policy or even a cremation policy. Whatever you want to call your coverage – final expense, burial policy or cremation policy – all coverage options are whole life insurance plans for seniors differing only by face amount.
The 5 Guarantees of Final Expense Life Insurance
Regardless of what plan you’re offered, there are 5 guarantees that are characteristic to each plan as long as premiums are paid as agreed.
Your Policy Cannot Be Canceled
by the insurance carrier – Some insurance coverage (home, renters, auto, health) can be canceled at the carrier’s discretion for any number of factors. With this type of coverage comes a guarantee of always being there no matter what.
Your Policy Does Not Expire
Certain types of insurance here again (term) expires at a future date. Whole life plans like these have no expiration date. They’re good for your whole life.
No Medical Exam
is necessary to apply – have you ever applied for a traditional life insurance policy and been required to give a blood and urine sample? Maybe even a more involved exam resulted depending on the face amount you were trying to be approved for? Not so with final expense whole life plans. No medical exam is required.
Policy Benefit Will Never Decrease
Once you lock in a face amount along with the premium, this is another piece of the policy that will never change. Guaranteed.
Premiums Never Increase
With whole life insurance, once you lock in a premium it can never increase. If for some reason the policy lapses and you reinstate it at a later date then the new (higher) premium would be calculated on the attained age and present health factors.
Who Needs Final Expense Life Insurance?
Good question! Since you’re reading here, you probably need coverage or you’re looking into purchasing coverage for someone else. In a perfect world, we’d all be debt free and either pay in advance or have plenty of money set aside to cover our funerals and leave a hefty legacy gift to our family or favorite charity. Since that’s not always the case, most of us need to purchase a policy that will take care of our final expenses and not leave our family with a financial burden.
What Does Final Life Expense Insurance Cover?
In a word, anything. Since a final expense coverage is a whole life policy that provides a benefit check to your beneficiary upon your death, they can actually use those proceeds for whatever they wish. To keep them from using the funds for their wishes it’s a good idea to have your final wishes spelled out in a Will. Typically though, a policy of this type will be large enough to include any financial debts the deceased still had at the time of death (credit card debt, loans, etc), any final hospital or hospice costs, burial costs (funeral or cremation) and a possible legacy gift to family and/or friends.
How Much Does Final Expense Coverage Cost?
For a good idea on costs and plan pricing review our plan examples below.
Level or preferred plans are the best of the best and if you fall into this category – and many seniors do – then congratulations! At this level, smaller amounts of premium buy the highest amounts per thousand dollars of coverage. Also, if death occurs at any time while the policy is in force, 100% of the death benefit is immediately payable. As you know, health issues can appear from nowhere so you should get coverage in place as quickly as you can before a diagnosis of something is presented to you that will bump you up to a higher risk category. Coverage amounts at this risk level tend to be anywhere from $1,000 to $50,000 and higher depending on the carrier you’re shopping.
Age 60 – Preferred/Level (Sample Quote)
Graded plans are still good although your premium dollar doesn’t go as far as with a level/preferred plan. If you had to answer “yes” to one or more of the health questions from the insurance company or you’re taking some potent prescription drugs, you’ll be bumped up to a graded plan. Slightly more expensive than preferred plans per thousand dollars of death benefit they also carry some restrictions on payout of death benefit. For instance, if death occurs within the first 2 years after policy issue then 25% to 30% of the death benefit will b paid out. If death occurs in year 3 then maybe 65% to 75% will be paid out and so on. The payout depends on what company you’re signing up with but you get the general idea. However, if death occurs at any time by accident then 100% of the death benefit is immediately payable. Coverage amounts are also similar to preferred plans in that they tend to be anywhere from o$1,000 to $50,000 depending on the carrier.
Age 60 – Graded (Sample Quote)
Guaranteed Issue plans are very good in that they involve all the 5 guarantees of final expense insurance coverage as well as one more – no health questions. It is guaranteed that you’ll be issued a policy unless you’re outside the age requirements. This is the highest cost plan available with the lowest face amounts but as long as you can afford the premium it’s good to have something in place if you can’t otherwise qualify for a level or graded plan. Policy benefits are paid out a little differently here as well. If the insured passes away within 2 years of the policy being issued, the insurance company will then refund all premiums paid and usually include interest (from 10% to 25% depending on the carrier). If death happens after the 2-year period then 100% of the policy death benefit is immediately payable. If death occurs at any time the policy is in force (within the 2-year period or after) as a result of an accident then the death benefit is payable immediately at 100%. Coverage amounts are slightly more restricted here since the carrier is assuming more risk because they are not asking any health questions. But you can still get a policy from $1,000 to $50,000.
Age 60 Guaranteed Issue (Sample Quote)
Alzheimer’s, Hospice Care Patients, Kidney Dialysis, Dementia, In the Hospital Or Nursing Facility, Terminal Illness Diagnosis,Seniors that are currently facing a diagnosis or situation mentioned below are still eligible for a Guaranteed Issue Policy:
Free Final Expense Quotes
How Do I Qualify for Final Expense Life Insurance?
To qualify you need a quote to have an idea of what you’ll be paying for the amount of coverage you’re looking for; you’ll need to answer health questions before applying for actual coverage to determine where you’ll probably end up with regard to level, graded, or guaranteed; then speak with an insurance agent to sign you up with the company of your choosing.
Let’s take a look at 6 of the factors Insurance carriers look at to judge your specific level of risk:
Your Home State
Not all insurance carriers offer policies in every State. Also, there are certain risks associated with living in one State vs another. Population, traffic, crime rate, environmental concerns such as weather and pollution are all factors in determining a risk factor by State. No matter what State you live in however, there are usually plenty of insurance carriers offering policies at affordable rates. We can comparison shop with you and easily show you several attractive choices.
Coverage Amount Requested
Policies are offered with coverage amounts anywhere from as little as $1,000 up to $50,000 in some cases. Depending on what your final wishes are – cremation, burial, legacy gift, etc. – will be a determining factor in how much coverage you want. Overall health (next point) will also help determine the face amount of the policy.
The healthier you are the better rates and more coverage you’re going to qualify for. But one of the ways this segment of senior life insurance is unique is that underwriting is more lenient compared to traditional life insurance; more pre-existing conditions are acceptable. Of course, the more complex the health issue the higher the rate. But even given that rates could be higher than what you were expecting, we can evaluate what your final wishes are and show you some very good options for affordable, guaranteed coverage.
Final expense insurance is typically for anyone aged 50-85. If you have an upcoming birthday and are looking into some level of coverage, be sure to get something in place before your next birthday and lock in the lower rate. Once the next birthday is here, rates go up. Once locked in though, rates never increase as long as premiums are paid.
Insurance rates are lower for women than men because women tend to live longer and have less risk of dying while coverage is in place.
Non-smokers tend to live longer than smokers so their rates for most any type of coverage is cheaper.
How Do You Get Coverage?
Your Personalized Quote
The first step is going to have to be determining how much coverage you want/need and how much it will cost. Are you planning to be cremated? Are you going with a traditional funeral? These may be questions you don’t quite have definite answers to yet but let’s look at both. For those who plan to be cremated, you can get adequate coverage with a policy of around $5,000 or less. For those who are planning to have the traditional funeral and burial then $12,000 would be the average cost. You can get by with less in some areas but this is a fairly standard amount to start with. The only other pieces of the puzzle are the other things you want the policy to pay for – legacy gift, debt, medical bills, etc. Click here for a quick quote on the level of coverage you want.
In most cases, the quote you receive will be for level/preferred coverage. To find out which risk category you’ll be in you’ll need to answer some health questions (about 15) that will help us give you the proper expectation from the carrier. Call us and we can walk you through the health questions of if you’d rather have them emailed to you to answer on your own time just send us an email and we’ll get a personalized link to you as soon as possible.
Where You Can Save On Your Policy
Have you thought about the difference between going with an independent agent vs what is called a captive agent that works with a Big-Name Insurance Company? The main difference that you as a consumer should be concerned with is that an independent agency like ours can (as eluded to above) shop the market with many different carriers and present you with multiple affordable options. This is to your advantage because we see multiple quotes from multiple carriers that all have different policy features and are competing with one another for your business. That can result in significant cost savings for you and also get you higher policy amounts for the best value. The captive agents have one product line they sell and are forbidden to sign you up with a policy from any company other than the one they represent. They may have advantages in certain areas by bundling coverage for discounts but that doesn’t typically apply to life insurance. It pays to go with an independent.
Applying for Final Expense Coverage
There are 3 main ways to get the application done and this is where you need to speak directly to an agent.
My advice is to go with an independent agency like we are because we can shop the market on your behalf and talk you through the pros and cons that apply to different policies and different situations. You can go with a captive agent at most any Big-Name Insurance Company but they’re bound to only one product line. Compared to them we really don’t have a limit yet we choose to limit ourselves to only the best.
What You Need to Know…
this is one of my favorite ways to get a policy in place. After we help you decide on the policy amount, probable risk category, and company, we’ll conference in the insurance carrier for a 15-20-minute conversation. You’ll be asked the carrier-specific health questions and get an underwriting determination on the phone. Once you give your voice authorization and submit payment information, the actual policy is sent to you through the mail.
What You Need to Know…
My second-best favored option is completing an application via email. With this option we ask the carrier-specific health questions while in the system of the specific carrier we’ve chosen, submit the payment information and then send the application electronically to the carrier for approval by underwriting. You also receive emails to electronically sign the application in real time. This process takes slightly longer but still a preferred method.
What You Need to Know…
yes, paper applications are here and will probably never go away although the insurance market is making more and more options available to get transactions completed. With the paper application process there’s a lot of waiting due to the time it takes for pieces of mail to move through the system, trips to the post office, and then the time it takes to review actual paperwork and make the proper filings. We rarely do paper applications.
Final Expense Life Insurance Is Our Specialty
Quality, Service, Understanding and Trust are the among the most important components when considering a purchase of any kind – especially something as important as final expense insurance. Policies that fall into this category are different from what we would call traditional life insurance for many different reasons. For the most part, they are a fairly straight-forward product yet, things can get tricky when someone’s age or complex health issues like the ones mentioned above become a factor. You’ve absolutely come to the right place though, because at Final Expense Resource our only product is Final Expense Whole Life Insurance Plans. By focusing on this one area, we know the specific ins-and-outs to make you aware of to help you get the highest amount of coverage for the best possible price.
Insurance Carriers We Represent
There are hundreds of companies that offer final expense insurance but they’re not all represented here. We only represent the best. In order to make things as simple as possible, you can see by the section near the top of this page, the names we represent are rated “A” or better by AM Best. These insurance carriers represented by Final Expense Resource offer varied rates and levels of coverage depending on what your needs happen to be. In working together, we’ll walk you through the pros and cons of different options and help you get the maximum amount of coverage for the best possible price.
Free Final Expense Quotes
What You Need to Know…
Our Strengths In Final Expense Life Insurance Are Your Advantage
At Final Expense Resource, we only write one product: Final Expense Insurance. That puts us in the unique position of working only with one group of people and the life insurance needs that are associated where we are uniquely more qualified than that of a general practitioner. We are very aware of the needs of the Senior market which makes talking to us like talking to an old friend. We understand.
Licensed in all 50 States and D.C. and representing only the best Final Expense Carriers available, we can help anyone anywhere with shopping and applying for coverage. Use the quote form on your left to input your name and contact information so you can get an idea of what your costs would be and I’ll call you back shortly. If you’d rather not wait, feel free to call me right now at 888-531-8220 to discuss options. If I’m away from the phone please leave a message and I’ll call back right away. A third option is to schedule a time that works best for you and click here to schedule a free 15-minute consultation.
Final Expense Resource
Qualify Today for Affordable, Guaranteed Final Expense Insurance, Burial Coverage, or Cremation Insurance
321 S Boston Ave #300, Tulsa, OK. 74103
Toll Free: (888) 531-8220
Local: (918) 203-4900