Final Expense Life Insurance is insurance that is used to cover the final expenses you will leave after you pass away. Certainly, everyone who passes away will leave final expenses like funeral costs to their surviving loved ones. Purchasing a final expense insurance policy allows you to cover these expenses in advance and take this stressful burden off of your family members or friends.
Is there an Advantage to Using Whole Life Insurance?
Since low-cost term insurance is not guaranteed to cover you for a lifetime, using permanent whole life insurance makes much more sense for your final expense insurance coverage. Whole life insurance provides certain guarantees that allow you the peace of mind knowing your coverage will be there when it’s needed:
- Guaranteed Coverage for Life – Since the insurance company cannot cancel your policy for any reason other than non-payment, you’ll have the benefit of knowing your coverage will remain in force.
- Level Premiums for Life – With whole life final expense insurance, once your policy is issued, the insurer cannot raise your monthly premiums, even if you become terminally ill or have to live in a nursing home or hospice facility.
- Cash Value – As you pay your premiums over time, your policy will build cash value that can be accessed through policy loans or withdrawals. This offers peace of mind knowing that there is some cash in your policy in case of a financial emergency.
What is Considered a Final Expense?
Final expenses are generally expenses that must be paid in the event of your death. Certainly, funeral and burial expenses are at the top of that list. However, in many cases, seniors may have outstanding medical expenses that Medicare did not pay or nursing home bills that have gone unpaid as well. With a final expense insurance policy in place, these lingering expenses will be paid with your death benefit rather than get passed on to family members who are grieving their loss.
For most people, unless they’ve been involved with arranging or helping to pay for a funeral, they are caught off-guard when they find out how expensive a funeral and burial can be. Parting.com, a national website that monitors the costs of funerals across the country, published an article recently explaining that in today’s economy an average funeral and burial is likely to cost between $8,000 and $10,000.
I'm not very Healthy, Will I qualify for Coverage?
It should ease your mind to know that companies who offer whole life final expense insurance have fairly liberal underwriting guidelines. This means that they understand most seniors are not in perfect health and so they are willing to accept applicants who may be dealing with normal health issues that typically affect senior citizens.
In fact, medical exams and blood/urine tests are typically never required. Most companies will go by the information that you offer about your health and lifestyle on the insurance application. If, however, you answer in the affirmative to questions regarding serious illnesses, you may be denied coverage.
Fortunately for seniors, there are certain independent insurance brokerages like Life Policy Shopper who specialize in life insurance for seniors. These brokers make a point of finding those insurance carriers who offer traditional final expense insurance (level benefits and first-day coverage) to individuals who may have severe illnesses that are common in the senior citizen population.
Here is an example of an Applicant who got Level Benefits with First-Day Coverage:
Harry is looking for a $19,000 final expense quote. He is currently being treated for Hepatitis C and is expected to be cured in several months.
In Harry’s case, he may not qualify for a level benefit first-day coverage final expense policy with many companies and other independent agents because they have not identified a company who is willing to insure individuals with Hepatitis C. However, Life Policy Shopper can offer an amazing $19,000 Final Expense Quote from a carrier we have identified that will accept Harry's condition.
Although Harry was diagnosed about 15 years ago, he was unable to complete his treatment of Interferon while he was working because of the side effects of the drug. Now, Harry can get treatment with Harvoni, a drug that cures Hepatitis C in most people within a few months.
Here are our amazing $19,000 final expense insurance quotes for Harry:
As you can see from the above rate chart, Life Policy Shopper represents the companies who are willing to offer level benefit policies that offer first-day coverage. When other agents have to go to the guaranteed issue market, we are able to find affordable final expense insurance for seniors, even when your being treated for Hepatitis C.
To get amazing $19,000 Final Expense Insurance quotes even when you may be suffering from serious illnesses like Hepatitis C or COPD, contact the professionals at Life Policy Shopper at (540) 226-8715 during normal business hours or you can contact us through our website at your convenience.