Final Expense Insurance

Final Expense whole life insurance policies are offered through many insurance companies. A basic whole life insurance policy is designed to last the entire life of the insured and has a level premium. The policy will build cash value over time that can be borrowed against later if needed. Most whole life insurance policies today are simplified issue meaning that an applicant is approved based on a short list of health questions and a prescription check. In the end these policies are very affordable and offer great locked in rates.

 Many whole life insurance policies are labeled as final expense insurance by insurance companies. A final expense policy is simply a whole life insurance policy designed to pay for an insureds final expenses. These are great policies and allow a client to have a policy that can work at any funeral home because their insurance policy is portable. If a person receives a plan through a funeral home they are sometimes concerned about the longevity of that funeral home. Many have gone out of business over the years. Having a final expense insurance policy from a top rated insurance company guarantees your beneficiary will receive the proceeds.

The simplified issued whole life insurance polices are separated into two main types of polices; level benefit and graded death benefit. Graded death benefit polices are for clients that have some health condition that don’t allow them to be approved on a better policy. The graded benefit means that the policy has either a 2 or 3 year waiting period until the coverage is the full ultimate face amount. Some are only worth 10% - 30% the first year. A level benefit has full coverage from day 1 with no waiting period.

Each Life Insurance company asks different health questions on their application. Some companies will give you a higher rate if your overweight, while one or two do not. Also many companies have different underweighting standards on diabetes including insulin use and age of onset.  Another issue that can be accepted by a few companies is COPD and Parkinson’s disease. Some insurance companies even offer a guarantee issued final expense whole life insurance policy that has no health questions and still offers a reasonable rate.

In the end final expense and whole life insurance policies are very affordable and offers great coverage at a locked in rate. With a whole life policy the rate is locked in from day 1 so the rate never increases. Some clients get a Term Life insurance policy for cheaper that ends at a certain age and builds no cash value.  Most whole life policies are $50,000 or less.  Most policies are between $10,000 to $20,000 and are designated for final expenses to cover funeral costs, unpaid debts, and leave a little money for the beneficiary.

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