Final Expense Life Insurance
Final expense life insurance is a type of permanent life insurance. This insurance provides coverage for funeral costs up to the date of death. If you have no life insurance and need life coverage, a final expense policy is the best option for you. The policy is designed to provide coverage beyond your death benefits. The policy will pay for any expenses that are not covered by the insurance policy such as funeral costs, debts, and credit card costs.
With final expense life insurance, you are not required to undergo a medical exam to get coverage. No matter your medical history, you are approved for this kind of life insurance regardless of your age. Application can start as soon as the day you apply. It takes about twenty-four hours from the time you request the quote until you receive it in the mail. You do not have to fax the medical exam certificate in when applying, but you must still send in any records that you may need to verify your medical history.
There are many different types of policies available through final expense life insurance companies. Each of the policies are designed to offer you the protection you need at a price you can afford. These policies also come in a large number of different policies to choose from so you are sure to find a policy that meets your needs. They are especially helpful when combined with term policies.
One of the things you can do to lower your final expense life insurance premium is to increase your death benefit. Increasing your death benefit can reduce the amount of money you pay in premiums over the life of the policy. If you want to get more life coverage, consider raising your annual deductible. Another thing you can do to reduce your premiums is to increase your credit rating. In general, the higher your credit rating, the lower your premiums.
To get quotes and learn more about final expense life insurance, visit the websites of various insurance companies. Look for information about the types of policies, as well as what kinds of discounts you may qualify for. Some companies may give you a discount if you are a non-smoker, if you are over the age of 50, and if you meet certain other requirements. Certain medical conditions can also qualify you for a discount. Many insurance companies will provide discounts if you apply for multiple policies with them.
If you are planning to purchase a final expense life insurance policy, but you do not qualify for a universal or whole life policy, there is another type of final expense life insurance policy that might be a better fit. Known as universal or whole life policies, these policies allow you to build cash value throughout your lifetime, even when you are not working. A final expense life insurance policy is considered “guaranteed renewable.” With this type of policy, your premium stays the same no matter what. This makes it a great option for many people who are healthy and do not plan to work very long.
Another advantage of a final expense life insurance policy is that the death benefit is generally only a few thousand dollars, or even just a few hundred dollars. This means that you will not have to pay medical expenses, or funeral costs, and funeral costs can run into the thousands with a traditional final expense life insurance policy. The funeral would have to be paid for by your family, which may make it impossible to afford. There are many people who choose not to have any funeral expense insurance because they simply do not believe that they will need to pay for any funeral costs in the future. A final expense insurance policy gives you peace of mind because your family will receive the money for your funeral from the insurance company.
While the paperwork for a final expense life insurance policy may seem a little daunting, if you have any questions or concerns, you can contact your broker or company. Your broker or company can answer all of your questions concerning this type of insurance. If you decide to purchase a final expense life insurance policy, then you should carefully review the application process for one to ensure that you are indeed getting your life insured while keeping your premiums down. Final expense policies generally take a little longer to process than other types of policies, but if you research the policy thoroughly before applying, it should not take long at all to get an application approved and your policy active. Be sure to purchase enough coverage to meet your needs, but do not let the cost keep you from buying a policy.