Final Expense Insurance For Seniors
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What is Final Expense Insurance?
- Final Expense Insurance is a specific type of life insurance that is meant to cover your burial expenses.
- These are small, affordable, whole life plans that typically range between $3,000 and $30,000.
- Very lenient underwriting allows even high-risk individuals to qualify for final expense insurance.
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How Do These Plans Work?
Unlike traditional life insurance, burial plans have simplified underwriting that don’t require a visit to the doctor for a medical exam. This is useful for those that may have some underlying medical issues or that would be considered high-risk if applying for another type of life insurance.
Whole life policies are permanent life insurance that never expire. Unlike a term policy, a whole life policy doesn’t expire after a certain age.
Once you have been approved for your final expense policy, the insurance company can never increase your rate as long as you continue to make payments on your policy.
Once you have decided how much coverage you need, your death benefit can never decrease. In fact, a whole life policy can accumulate cash value that you can borrow against or use to increase your death benefit.
How Can I Qualify For Final Expense?
Final Expense Insurance has been designed by insurance companies for a very specific type of customer. Often these customers have been declined for other types of insurance due to their age or pre-existing health conditions.
Final Expense Insurance takes the hassle out of the underwriting process by qualifying applicants without medical examinations. Typically all that is required is that you answer a few health questions, provide a list of medications you are taking and select the coverage and premium that fits your budget.
Focus On Seniors can find coverage for folks age 0-89 through our network of specialized insurance carriers. However, our typical customer is between the ages of 50 and 85 years old.
Some carriers specialize in approving customers with certain health conditions. Other carriers may only require health information within the last two years to qualify. This can be helpful if someone was hospitalized for a serious health condition in the past but has recovered and is doing well.
Final Expense Options
Final Expense Insurance comes in two basic forms: Simplified Issue and Guaranteed Issue. Neither of these plans require a medical examination. In order to determine which type of plan you qualify for, you need to answer a few simple questions about yourself and your medical history:
- Date of Birth
- Tobacco use
- Medical history
- Medication you are currently taking
1.) Simplified Issue Policies
You may qualify for a Simplified Issue policy if your answers to these questions fit the underwriting guidelines of the insurance carrier. Certain health conditions are considered “knock-out” conditions and can potentially disqualify you for a Simplified Issue policy.
Simplified issue policies are further broken down into three types of plans: Level Coverage, Graded Coverage and Modified Coverage. This allows the insurance company to still provide you with some type of coverage depending upon your health. The main difference between these three plans is how your death benefit is paid and when.
30-70% of Death Benefit
Return of Premium
2.) Guaranteed Issue Policies
Guaranteed Issue Final Expense plans are the simplest to qualify for, but are also the most expensive. These plans are usually reserved for those that have health conditions that fall outside of the Simplified Issue underwriting guidelines.
A Guaranteed Issue policy is similar to a Modified plan in that if you die of natural causes with year 1 or year 2, you will receive a return of your premium payment, plus a percentage (10-20%). If you die due to an accident, you will receive 100% of your death benefit.
What makes Guaranteed Issue policies unique is that there is no medical review and no prescription check. These policies are usually capped at a max death benefit of around $25,000 and are typically more expensive than Simplified Issue plans.
But, if you or someone you love has serious health conditions that would otherwise prevent them from being approved for life insurance, Guaranteed Issue plans can provide the coverage you need.
Tip: When purchasing final expense insurance, be sure that you are working with an Agent who is knowledgable and professional, and who understands the difference between Simplified Issue and Guaranteed Issue plans. Just because you can easily qualify for a Guaranteed Issue plan, doesn’t mean it is the best fit for you. Make sure your agent takes the time to fully review your medical history so you can be absolutely sure that you are getting the best plan at the lowest rate.
Who Needs Burial Insurance?
Many of our customers come to us because they don’t want to leave their families with the burden of paying for their funeral.
But this isn’t the only reason someone may want to purchase a final expense plan. Often, there are other expenses that they don’t want to leave behind such as mortgage payments, credit card debt or perhaps they have a favorite charity that they would like to donate to when they pass.
Everyone’s situation is different, but what remains the same is that we all want to be remembered as someone who cares.
Your beneficiaries can be whomever you choose and upon your death, they will receive a tax-free payment from your insurance company to spend however they see fit.
We understand that many of our customers are seniors that live on a fixed income. That is why it is our mission to do everything we can to find you the lowest rate for the most amount of coverage.
We work with over 15 different insurance carriers that all have different underwriting requirements. As Final Expense Specialists, we simplify the application process and take the confusion out of qualifying for the right burial plan.
If you or a loved one are not covered by life insurance, we urge you to give us a call today to find out what your options are.
Our experienced agents are here to serve you. Call us today! (816) 312-3070
As part of Focus Financial Group, Dalan is a licensed Life Insurance Broker specializing in securing Final Expense coverage for seniors. He has helped hundreds of clients find great coverage at an affordable rate.
What our customers say?
I've had some health problems in the past and after my term policy expired, my insurance company wanted to charge me $600 per month to renew my policy. Focus On Seniors helped me find affordable coverage and I never had to see a doctor to get approved.
I've had life insurance in the past and as I've grown older, it kept getting more and more expensive. Each time I would have to go see a doctor and take a medical exam before I could get approved because of my diabetes. It got to the point where I just couldn't afford it anymore. When my brother died last year, I saw how difficult it was for his wife to find the money to pay for his funeral. I didn't want to leave that kind of burden on my family so I started looking for a burial plan. These guys at Focus On Seniors not only helped me find a policy I could afford, but they did it all over the phone and I had coverage that same day! I had no idea it would be that easy. Thanks again guys.
Call me old fashioned, but I don't usually do business over the phone. I like to look a person in the eye so I know I can trust them. It didn't take long before I felt comfortable dealing with Dalan. When I asked him for his license number he gave it to me right away and told me where I could go to verify it. The company he recommended for my policy was one I had heard of before and I knew they were a good company. The rate he quoted me was $25 dollars less than the last quote I received for the same amount of coverage. All in all, I am very pleased with my experience and have recommended these guys to my family and friends.