Final Expense, Burial Expense, or Funeral Expense - Life Insurance
You have probably came across some Facebook ads or TV ads illustrating Final Expense Life Insurance policies or plans, and wondered what does that mean??
Simply, a Final Expense Life Insurance is a Whole Life policy meant to cover the expenses of the insured funeral costs or burial costs. Most major and top rated carriers have a special "Final Expense" plan for individuals who would like to leave money for their last expense.
Who can apply to Final Expense Life Insurance? Eligibility:
Commonly among most insurance carriers, the ages to apply for the Final Expense Life Insurance ranges between 50 - 85. Some few carriers would insure individuals up to age 90. It depends on the insurance carrier and varies from one state to another.
Application and Process:
Most of Final Expense Life Insurance polices are simplified issue or easy issue. This means that you can apply over the phone, in person, or via e-App. You agent, or broker would advise you the methods of application the carrier offers.
With most carriers, the decision is usually made instantly at the time of application. See below more information about the underwriting criteria to determine the approval, premium and coverage.
How Much Coverage can i get for Final Expense Life Insurance?
Normally, the Final Expense Life Insurance plans run from $2,000 to $35,000 depends on age, and the state you reside in, as well as the insurance carrier you are applying with. Your agent should be able to advise you on the carriers available in your state and for your age at the time of application. Call us today to speak with an expert.
Underwriting Criteria: Do i need a medical Exam?
No. Most final expense life insurance policies are issued without a medical exam or blood work. The underwriting would be solely reliant on the insured age, medications, current chronic diseases, recent surgeries or hospitalizations. During the application, and with your consent for sure, the insurance company will run a prescription check and MIB request (Medical Insurance Bureau).
Based on the outcome, the underwriter will confirm with the insured the medication they take and to treat what. At the end of this short interview, a determination is made with approval to the coverage amount or denial. Or in other instances whether the policy will be issued as graded or level.