Final expense insurance is worth buying if you have serious health issues, are older and not accepted by other plans, and/or want to help your loved ones with small expenses.
Final Expense for People with Serious Health Problems
Most people with serious health concerns are considered ineligible for a life insurance policy. That isn’t the case with final expense—unlike most life insurance, it is an incredibly easy policy to qualify for.
This is one of the greatest qualities of final expense insurance. Most providers even allow for pre-existing conditions, often not requiring you to disclose them at all.
A common practice of life insurance providers is a process known as medical underwriting—when you apply, you will have to answer questions about your past and current health condition. If they decide that you do not meet their specific qualifications, you will not be eligible for coverage.
This is a serious issue for those who aren’t in the greatest health condition, but still want life insurance. Final expense offers a solution with guaranteed and simplified issue applications.
Simplified issue uses a “bare bones” form of medical underwriting—only a very select few issues are disqualifiers, and any other potential issues are used only as means of determining your premium.
Guaranteed issue, on the other hand, skips the underwriting process altogether. You can be eligible no matter your health.
Final Expense for Older Individuals
Age is another huge barrier for life insurance eligibility. Typical policies have a limit for eligible age, often around 50 years old or less. What happens, then, when you pass the “right age?”
Final expense is one of the few life insurance plans that allow older individuals to enroll. Most plans allow for people between 45 and as high as 80 years old. This means that final expense may not be worth purchasing if you are younger and interested in other insurance.
However, if you aren’t eligible for other plans based on age, final expense may be absolutely worth buying. With payouts ranging as high as $50,000, you can get a great death benefit to use as you like.
Final Expense for Small Expenses
An important factor of final expense to keep in mind is this payout—because of its easy eligibility and projected smaller window of time to make payments, the death benefit is smaller than other types of life insurance.
But sometimes, less is more. Now, if you’re eligible for other policies and want a higher payout, final expense may not be right for you. However, if you are interested in final expense, it is absolutely worth purchasing, and can cover small expenses such as your funeral, remaining medical bills, estate taxes, and more.
Interested in Final Expense Insurance? Call Final Expense Direct
Final expense may be the perfect life insurance policy for you—but you’re going to need help. You can count on our expertise and 10+ providers to get you the best coverage you can imagine. If you’re ready to get started, call us at 1-877-674-0236.