Are you interested in adding on a life insurance policy to provide some financial security for your loved ones, but you don’t seem to qualify for any type of policy? Are you considered a high risk to insurance companies because of your health or age? Then a final expense policy might be for you!
Final expense insurance is a type of whole life policy that offers a smaller death benefit but is easier to be approved for. This type of insurance is typically referred to as funeral or burial insurance as it was designed to provide coverage for those end-of-life expenses.
While traditional life insurance policies can provide up to hundreds of thousands of dollars as a death benefit, a final expense policy will only provide up to $50,000.
There are two common types of final expense insurance. The first type of final expense is guaranteed issue. Guaranteed issue policies are a good option for those who pose a high risk to insurance companies because of health or age reasons. These policies will typically offer near-certain approval, but since insurance companies are taking on a higher risk of insuring you without knowledge of your medical history, they will cost more than simplified issue.
Guaranteed issue policies also offer coverage amounts up to $25,000.
The second type of final expense is simplified issue. Simplified issue is a good option for those who do not qualify for traditional life insurance, but do not pose as high of a risk to insurance companies as those who qualify for guaranteed issue.
To have a simplified issue policy, you will need to answer a medical questionnaire, but you won’t need to have a medical exam to determine your eligibility. If you are eligible for a simplified issue policy, you can get a policy with coverage up to $50,000.
From Medicare to Life Insurance, you are guaranteed to find a policy that provides you with the coverage you need.
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