No, most providers don’t have requirements to get a final expense policy. There are certain limits to consider, but you’ll almost certainly be eligible for one.
Requirements for Final Expense
The requirements for final expense are very minimal. The only thing you have to worry about, however, is age—most policies require you to be within the age range of 45-85 when purchasing coverage. Any earlier would mean that you’re paying more premiums than the payout is worth, and any later would mean you aren’t paying enough.
This, however, isn’t an unheard-of requirement for life insurance policies—in fact, final expense is significantly more flexible than other policies. You can enroll much later in life than usual, making for an incredibly easy application.
Health isn’t something that most final expense providers require on your application. So, the good news is that you shouldn’t have to worry about it on your list of requirements.
Medical Underwriting
Some final expense plans, however, do ask certain health questions on the application. This is known as medical underwriting. Rather than using this to disqualify you, however, plans use it to determine your rates. Almost all plans even allow for pre-existing conditions. Even with medical underwriting, then, health is not typically a requirement for final expense insurance.
How Your Health Affects Your Acceptance
If you do have serious health issues, you may want to look for a specific type of final expense known as guaranteed issue. These plans skip the underwriting process altogether.
The other option, simplified issue, does use medical underwriting, and they can legally turn you down for coverage if they see fit. However, if this does happen, there are plenty of guaranteed issue options available instead.
How Your Health Affects Your Costs
Such a small list of requirements may result in higher payments. Say you have a pre-existing condition and enroll in a guaranteed issue final expense plan. Because they didn’t ask about your health for acceptance, they have to account for the potential risk. This means that your payments on the plan may be a bit higher.
On the other hand, say you are 70 years old with no major health concerns and sign up for a simplified issue final expense plan. You disclosed your health to them, so the provider is able to offer a lower cost than it would be with a guaranteed issue policy.
Good health isn’t required for a final expense plan, and you can still sign up for one even with a pre-existing condition.
Call Final Expense Direct!
Final expense policies are easy to qualify for and even easier to enroll in—but with so many providers in Houston, how do you choose the right one? Final Expense Direct will do the hard work for you. When we work with you, we’ll determine your exact needs and get you the coverage you’re looking for. When you’re ready to get started, call 1-877-674-0236.
