Final Expense

As you get older, it often gets harder to qualify for traditional life insurance policies due to age, pre-existing conditions and other factors. Plus, many older Americans don’t feel the need for a full-fledged policy simply because they don’t have as many financial obligations anymore.

Final expense insurance will allow them the flexibility to still qualify for a life insurance policy that will be a support system for their loved ones. Though it is not as expansive as traditional life insurance, a final expense plan is still going to be available to help them settle expenses after your death.

Final expense insurance works just like traditional life insurance in most ways. Upon the insured party’s death, the policy will pay a death benefit to the designated beneficiary.  

This money is primarily designed to be used for the deceased’s funeral costs and similar expenses related to the death (though the beneficiary has no obligation to put the money toward that cost). However, final expense coverage is not designed to offer the large financial settlement that a traditional term- or whole-life plan might. 

There are several factors that make final expense insurance unique: 

• Generally, final expense insurance is offered only to individuals over the age of 50.  
• Some insurers institute maximum application ages (such as 75 or 80) after which an individual cannot apply for coverage. 
• Certain final expense policies offer cash value benefits, which the insured can draw on during their lifetime as a source of income. 

There are two primary types of final expense insurance: 

• Simplified Issue: Most traditional life insurance plans require medical exams from applicants, which is why seniors often find it hard to qualify for this coverage. However, a simplified issue final expense plan will only ask generalized health questions without subjecting the applicant to a full health exam, which increases most applicants’ chances of qualification. 
• Guaranteed Issue: Under guaranteed issue plans, there is no medical exam requirement. Therefore, individuals with high health risks should be able to enroll in this coverage. However, guaranteed issue plans generally offer lower death benefit options than simplified issue plans. 
  

Numerous factors will influence the cost of your final expense plan, and even if two people buy identical products, they might pay different prices for them. 

Our commitment to every customer is to ensure that they get the perfect balance of benefits and cost value when buying final expense coverage. You can rely on us to walk with you through the enrollment process, and help you determine exactly which policy will be the best investment for your future.