Final Expense Life Insurance
There are three types of final expense life insurance policies and understanding what each offers will insure that you have the best policy for your needs at the right monthly premium. Don’t automatically seek or accept a policy that “guarantees your acceptance” or has “no health questions to answer”. While this may seem attractive and convenient, you may pay a much higher cost for these policies and the death benefit will be limited to a return of premium plus interest if death occurs in the first 2 policy years. If you don’t currently have very serious health issues, such as cancer, Alzheimer’s or kidney failure, then you will qualify for less expensive plans with immediate payout upon your death.
The word level is used to indicate that the policy payout is the same for all years. These plans will pay 100% of your death benefit without a 2 year waiting period. Level also indicates that the premium is the same for all years. This is our most popular plan and most people will qualify for this coverage. These plans will accept clients with a history of heart attack, stroke, cancer, insulin dependent diabetes and many other issues. Level plans are very affordable and are available without an exam. Use our final expense calculator above to compare rates from top rated carriers.
Designed for clients that have experienced more severe recent health events such as heart attack, stroke, circulatory surgery or cancer in the past 2 years. During the first two policy years the death benefit will be less than the full policy face amount. As an example, a graded policy may pay 40% of the death benefit in year 1 and 75% in year 2. At the beginning of policy year three the full death benefit, 100% is payable to your beneficiary.
Guaranteed Issue Policies
There are no health questions to answer to qualify for these plans. The benefit paid in years one and two are limited to a return of all premiums paid plus additional interest that will range from 10% to 20%. At the end of year 2 the policy will pay 100% of your death benefit and will continue to do this for the remainder of the policy. Ideal for clients that are currently dealing with major health issues such as kidney disease with dialysis, cancer or that have had organ transplants.
Most Final Expense plans are offered on a non-exam basis without the need for blood or urine testing. To determine your eligibility a carrier will want to know your height and weight, smoking status and general health history. The underwriting on these policies is very liberal and most of our clients will qualify for level plans with no waiting period and very affordable rates.
- No Exams
- Lifetime Coverage
- Guaranteed Cash Value
- Premiums Never Increase
- Any pre-existing condition
- $5,000 – $50,000 of Coverage