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When you apply for life insurance, companies check your medical background and records using online databases to determine yourrisk class and whether to approve or deny coverage. The Medical Information Bureau (MIB) is a data warehouse underwriters use to confirm your application answers and responses to underwriting telephone interviews. They will also conduct a prescription check to verify any prescriptions you’re currently taking or recently stopped.
It’s easy to qualify for
Most life insurance companies are hesitant to award policies to older individuals. It only makes sense because life insurance companies insure policyholders in good faith that the policyholders will be able to make enough premium payments so that the company will remain afloat.
Final expense insurance is different – when others turn you away, final expense insurance takes you in. You can get a policy up until the age of 80, and some even provide policies to those who are 85 years old.
No medical exams
Typical life insurance policies require appointments at health clinics. After spending time in a waiting room, you’ll first be called in for an interview consisting of questions about your health and lifestyle. You provide information about your medications, and then they’ll take your blood pressure and draw blood from you. You’ll also have to provide a urine sample.
Final expense insurance doesn’t do anything beyond asking questions. It’s the least invasive way to assess your medical history and current state. This process is also the least time-consuming.
If you are in very poor health and are at an advanced age, you can get a policy that doesn’t require answering any medical questions at all. The catch is, these types of final expense policies often require waiting periods of 2-3 years before allowing your loved ones to receive the death benefit.
Low premiums
The lower premiums are in part due to the relatively low death benefit. Usually, policyholders choose a $10,000 death benefit policy. If you are at the minimum age requirement (which is around 45 to 50 years old, depending on the company you purchase a plan from), your payments will typically be no more than $30 per month, which is equivalent to just $1 a day.
For a policy that can leave up to $50,000 to your loved ones upon your passing, its monthly payments are a minimal sacrifice for you.
The death benefit can be used for anything
The death benefit you sign up for is exactly the amount your loved ones will get. While final expense policies are purchasedwith the intention of covering funeral costs, your loved ones can use them in any way they choose. These funds are also not subject to taxes.
It’s a Policy You Can Get Today
At Final Expense Direct, we can find you a final expense policy that offers these advantages. You may not be able to leave your loved ones with a death benefit now, but that can change when you call us today.
