Final expense is a viable alternative to other forms of life insurance. It is both inexpensive and inclusive. The enrollment process is simple, and it allows for you to provide for your loved ones when other policies are hard to qualify for.
How Does Final Expense Work?
When you join a final expense policy, you can get one with a death benefit up to $50,000.
It’s called final expense because of the reason why most purchase it – to cover funeral costs. Without final expense insurance, your loved ones would have to pay anywhere between $7,000 to $12,000 out-of-pocket for your funeral. Final expense insurance alleviates this burden.
However, your loved ones can use the death benefit for any purpose. The death benefit is also tax-free. Other uses include covering personal expenses (e.g. student loans, living expenses, credit card debt, etc.), and using the funds for activities your loved ones enjoy, such as vacations.
What Is The Enrollment Process Like?
Final expense requires minimal medical underwriting. This makes final expense’s enrollment process among the least invasive.
The extent of medical underwriting depends on the type of final expense insurance you choose. There’s simplified issue and guaranteed issue.
Simplified issue requires answering a medical questionnaire, which mainly consists of yes-or-no questions. This is the better choice if you’re younger and in better health because the premiums are more inexpensive than guaranteed issue.
Guaranteed issue doesn’t have any medical underwriting – no questions, no exams. The signup process is immediate. If you’re older and have serious health issues, this is the better choice.
Who Is Final Expense Ideal For?
Many individuals can enjoy the benefits of buying final expense.
It’s great for older individuals who need life insurance but are at risk of getting turned down from other policies due to age. Some companies allow people up to the age of 80 to enroll in final expense insurance.
Those with serious conditions who run the same risk of rejection are also prime candidates for final expense policies. A guaranteed issue policy is tailor-made for individuals in this situation because health does not factor into whether that person can be insured.
This policy can be an addition to the life insurance you already carry. Even if you enroll at the age of 50, you can get a $10,000 policy for less than $2 per day. This way, your loved ones will not have to use the funds from the larger policy, as they’ll be able to cover your funeral costs with the final expense death benefit.
Get Your Final Expense Policy Today
At Senior Health Solutions, we can provide you with the best final expense insurance on the market. With our help, you’ll be able to make sure that your loved ones will not have to worry about covering funeral costs, or other personal expenses. The sooner you enroll, the lower your costs will be. Call us today at (636) 244-4415 to learn more.