Many people seek final expense insurance because they do not qualify for traditional life insurance plans due to their health status. But did you know that if you have adverse health conditions, you may still be able to qualify for a final expense insurance policy? Here is what you need to know about getting final expense insurance with health issues.
How Does Final Expense Insurance Work?
Final expense insurance functions much like any other life insurance policy; you make premium payments in exchange for a death benefit payout when you die. This benefit is given to your chosen beneficiary upon your death. The money can be used for a variety of purposes, including paying for your funeral and any medical bills that are left over after you pass.
How To Get Final Expense Insurance
To sign up for a final expense insurance policy, you will need to get in touch with a licensed insurance agent or broker. They will advise you on which plan best fits your needs and help you compare prices for different final expense policies in your area. Throughout the process, you will need to answer questions about your health status in order for the insurance companies to identify whether you qualify for their plans. The underwriting process will help the insurer understand how much to charge you for coverage and what amount of death benefits you can be awarded.
Getting Final Expense With Health Conditions
Unlike traditional life insurance policies, like whole life and universal life, final expense insurance has minimal underwriting requirements. Therefore, it is often easier to qualify for final expense insurance than it is to qualify for other types of life insurance. While your prospective insurer may ask you medical questions to determine your fitness for coverage, they will not conduct any medical exams. This means you can qualify even if you have moderate to severe health conditions.
Guaranteed Issue Final Expense Insurance
If you are unable to acquire final expense insurance after answering a full health questionnaire, you also have the option to skip the exam and questionnaire entirely. Guaranteed issue final expense policies are more expensive, but you are guaranteed to be accepted to them. The tradeoff in this case is higher costs tied to lower coverage, so before applying for this type of coverage, make sure that you are not eligible for any other type of final expense insurance.
Enroll In Final Expense Insurance In Your Area
If you want to ensure that your funeral costs are covered, enroll in final expense insurance today. The insurance experts at Final Expense Direct will help you find a policy that fits your unique needs. All you have to do is call 1-877-674-0236 for a free quote.