Easy qualification is what makes final expense such an appealing option for anyone looking for an insurance policy that will leave something behind for their loved ones.
Despite the easy qualification, not everyone can get the same premiums. And some will be subject to waiting periods while others won’t. Here, the question is not whether you can qualify, but how you can qualify for the best version of final expense insurance.
Who qualifies for lower premiums?
Like any life insurance policy, youth and health are tantamount to getting low premiums. Gender also factors in because of the difference between life expectancy in men and women.
Minimum age requirements generally begin between 45-50 years. At this point, the premiums for women amount to roughly $25 per month, whereas men will have payments of around $30 per month. This is based on a policy with a $10,000 death benefit.
Tobacco use, alcoholism, or past medical issues increase premiums. However, a younger person with these issues will still have an advantage over an older person with serious medical issues.
Final expense insurance doesn’t have a medical exam, only a survey with medical questions. But the company has a way of confirming that your answers are honest, as they’ll have access to your medical records.
Can I get final expense insurance if I’m older and in poor health?
The short answer is yes. This is an advantage and a disadvantage at the same time. If you’re closer to the maximum age (typically 85 years, though some policies allow people to join at 100) and you’ve gotten rejected because of your age and adverse health circumstances, then final expense insurance is one of the few options you have. This is the advantage.
The disadvantage in this is that because of older age and/or serious health problems, you will have to pay higher premiums and will be subject to a waiting period. A waiting period can be 24 months up to 36 months. At this time, you’re paying the higher premiums, but your loved ones will not get the death benefit if you pass away during the waiting period.
Even with that, you can opt for a graded benefit policy in which your final expense death benefit is disbursed as a percentage of the total death benefit if you die within the waiting period. For example, your loved ones can get 30% if you pass away during the first year, and then 70% if you die within the final year of the waiting period.
Why is final expense easy to qualify for?
Easy enrollment makes final expense insurance sound like it’s too good to be true. While death benefits that can reach $50,000 makes this a great option for providing financial relief, it’s actually quite small compared to other types of life insurance policies. In the majority of cases, policyholders elect for death benefits in the $10,000 to $20,000 range. This is not a major sacrifice for life insurance companies, as other types of life insurance policies offer death benefits over $1 million with the ability to withdraw accumulating funds.
Are you ready to join?
Final expense insurance is a great plan no matter who you are. It’s affordable, the death benefit is enough to cover your funeral expenses and give your loved ones extra funds for their own necessities, and today when you contact Final Expense Direct, it can be yours. Call us today at 1-877-674-0236.