Final Expense Insurance
A guaranteed payout to your family, all done for you!
Perhaps for most of your life you have had the luxury of a steady income from your daily job. The company provided you with the works! Good pay, health insurance, life insurance, and a retirement plan. With all that came a sense of security and peace of mind for your future and the future of your family.
As you’ve gotten older retirement may no longer seem like a distant dream over the horizon. These days retirement is staring you right in the face and you’re caught wondering, “What about my life insurance?" “What about my health insurance?” “Wil my retirement be enough?”
All of these questions are valid. You want to make sure you and your family are taken care of if something unexpected happens. You want something with guarantees, but it’s hard to see past the wall of fine print and salespeople pushing their products. All you need is something to cover your burial and funeral when your company's life insurance plan ends at retirement.
We have spoken to over one thousand people who have expressed that they just needed an easy, affordable life insurance plan to pay for their funeral expenses. Almost every person had put it off for years because they couldn’t be sure they were getting the right policy. They were often promised super low monthly payments to find out later that the payment would change or the policy only covered accidents.
We understood that these people, like you, just needed a simple affordable policy with guarantees attached. You need the guarantee that the policy will be paid to your family. You need the guarantee that the monthly payment won’t change. You need the guarantee that the coverage will start right away. With that in mind, we started using a system that allows us to do just this.
With our technology we can search all of the best carriers. We simply plug in your age, coverage amount, and any medical conditions you may have. With this information we can search all the companies you would qualify for and provide you with the best one.
With us, you will bypass all of the confusing legal terminology. You will be approved right away in almost all cases. We can provide a clear explanation of the plan and give you the guarantees you need. In many cases you can advance money from the coverage amount to pay for medical bills if necessary.
You will receive:
- A level payment
- A level coverage amount
- Immediate coverage
- Clear guarantees
- A customized explanation
- An agent to help assist you
- Living benefits
Let us take the worry away and get you exactly what you need right away. Fill out the form on the right or give us a call.
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How soon can you get coverage?
Level benefit: This type of death benefit (or amount to be paid to beneficiary upon death) will go into force immediately after a policy is issued. It is important to recognize that not all plans have this feature, and more times than not individuals think they have a level plan when it may not be the case. A level plan will ensure that the person purchasing the policy has coverage right away. Whether someone qualifies for this type of plan is largely dependent on health, but then the question becomes how healthy? Well, to put it into context, we have options that provide level benefits for individuals with COPD, Diabetes, High Blood Pressure, and most critical illnesses as long as they occurred more than three years ago. It is most likely the case that you can qualify for some level plan, so be sure to reach out to us to make sure you are getting the best plan and rates possible.
Graded benefit: These policies are the “middle ground” policies in the final expense insurance world. Usually, these policies will be provided to those applicants that submitted for level coverage, but the insurance carrier did not feel comfortable accepting the risk to the full extent. To be considered a graded policy, a plan will start with a lower death benefit during the first two or three years and rise until it matches the full death benefit. If the insured individual passes during the first couple years, the family will receive the amount specified for that year. It could be 30%, 50%, or 70%, but it will not be the full amount. After those first years, if the insured person passes, the family is entitled to the full amount.
Modified benefit: A policy that has a modified death benefit is typically for individuals who are very ill. This type of plan may be recommended to someone who will not be able to qualify for coverage elsewhere. The policy has a death benefit that is not fully accessible until a period of time has passed, typically two years. If the person purchasing the policy passes in the first two years, the family will likely be entitled to a premium refund in the amount equal to the payments toward the policy plus a predetermined amount of interest on the sum. It should be noted that this will only happen if the death came as a result of poor health. An accidental death in the first two years will still provide the full amount of coverage to the family.h
What are these living benefits?
When an agent simply states that there are living benefits attached the policy as well, they are most likely referring to what is called an accelerated death benefit. Since it is usually the case that individuals become ill before they die, insurance carriers build these accelerated death benefits into the policies. This benefit allows a person to access a portion or all of the death benefit to pay for medical bills or other expenses in dire situations. There are three cases in which an individual can apply for this benefit.
Chronic Illness
When someone who is insured comes down with an ailment that prevents them from taking care of themselves or performing normal daily activities, they are chronically ill. The policies will lay out the guidelines for what exactly qualifies a person, but it is typically when a person cannot complete two of the six activities of daily living. These “ADL”’s are the usual things that come to mind and most times it must be expected that at least one of the two will be permanent.
Critical Illness
In a severe situation where an insured comes down with an ailment that is life threatening such as a heart attack or stroke, they are said to have had a “critical illness.” In the policy you receive, it will clearly identify the cases that you may apply for an accelerated death benefit using this as justification. In most policies there are about ten illnesses identified and the amount the insured can qualify for is determinant by the amount that it affected their life expectancy. This subset of the accelerated death benefit may not be as common as the other two, so make sure to ask us if your policy has it.
Terminal Illness
The last situation an insured individual may be able to qualify for an accelerated death benefit is if they were diagnosed with an illness that no longer has any treatment options. If the insured has a life expectancy of less than 12 months in most cases, then they would be entitled to a portion of their coverage amount.
What do most final expense plans have in common?
Simplified Underwriting: Most of the time these plans can be put into effect simply by answering a series of medical questions and consenting to a quick prescription check which can be done automatically through an online database called the Medical Information Bureau. In some cases additionally questions may need to be answered, but it is not usually the case.
Cash Value Accumulation: Since these policies are permanent and last until the insured dies, they do have a cash value component attached to them. It is important to point out that these policies are not designed to build a lot of cash value over time, but it is a component to them.
Small Coverage Amounts: Final expense insurance plans are not meant to replace an income or pay off a house; rather, they are predominantly for those who want to cover funeral, burial, and cremation expenses. As a result, there coverage amounts are low relative to other types of policies. Among all of our partners, the highest coverage level for this type of policy is $50,000 and the lowest is $2,000.
Level Premium Payments: These policies fall into the whole life insurance group and that being the case their premiums never change over time. You can expect the same amount to come out every month or year depending on how frequently you pay the bill.
Now that you understand the ins and outs of what a final expense insurance plan is and what it can do for you. Please reach out and we can get your final expense insurance quotes today.