Insurance for final expense is a policy that has been around for quite some time. Many seniors have taken a step toward the right direction by applying for it.
As per research, approximately half of the senior citizen population in America has applied for it.
Are you an aged individual? Are you looking for a reason to apply for one too? Here is one: It covers the charges of your final plans once you pass away. Still not enough? Keep reading for more!
Types of Insurance for Final Expense
There are two kinds of Insurance for final expense policy such as Simplified Issue Life Insurance and Guaranteed Issue Life Insurance.
Simplified Issue Life Insurance policy is designed to cover final arrangements for you, specifically, if you may not pass a medical examination for standard life insurance.
If you do not have any serious health issues and can pass a medical questionnaire, you could qualify for a policy of at least $50,000.
Guaranteed Issue Life Insurance policy is an excellent choice for you if you don’t have a terminal sickness. You can easily receive coverage.
That also includes coverage for individuals with high-risk illnesses, but not necessarily terminal. Guaranteed policy has higher premiums and lower coverage amounts (a maximum of $25,000) due to its risk.
Here are some of their benefits:
- Your beneficiaries could receive any remaining funds
- Your coverage remains the same
- Qualification is simple
- They are affordable
- Premiums are constant
- They are permanent
- They provide your family with financial peace
- They cover funeral charges
Sounds great? If you’re now wondering how to apply for insurance for final expense, wonder no more!
How to Apply for Insurance for Final Expense Policy
Here is a step-by-step guide on how you can go about the process:
- Receive Your Free Quote
You can get your insurance for final expense online. Since it’s so simple, it shouldn’t take you long. Hunt for an independent life insurance agency website that can offer you a quote from various insurance carriers.
Working with an independent agency is a good idea. It saves you the headache of receiving a quote from each organization individually.
By receiving the quotes, you get to know how much you will pay for the various policies.
- Pick Which Policy Best Suits Your Budget
You have the prices. Now you have to select the most affordable alternative. We already looked at the two types of insurance for final expense above.
As long as you fall in the age bracket specified by the company and the policy is available in your state of residence, you will definitely get the policy of your choice.
After settling for your preferred policy and getting the charges from the instant quote tool, you then have to decide on the carrier to apply.
- Complete an Application Form
Moving on swiftly, with your mind made up on your ideal insurance for final expense, next up is application.
Application takes three forms: Online application, paper form, and telephone application. Please be sure to have crucial details such as your physician’s contact details, social security number, contingent beneficiary information, driver’s license number, and beneficiary details.
On average, the application procedure takes 10-20 minutes.
- Phone Discussion
If you select a guaranteed issue life insurance policy, you won’t have to undergo this step. It is for simplified issue life insurance policies.
The purpose of the discussion with an insurance for final expense company’s underwriting staff is to clarify a couple of queries you answered on your application.
The next step is to wait for an underwriting. Your insurance carrier handles everything here. The insurance company reviews your application and gains access to your medical information and personal history to determine your risk level.
They also determine if you qualify and at what price.
- Acquire Your Offer and Receive Your Policy
Once the insurance company has decided about your application and gives you a rate, they contact you either by email or phone.