Is Final Expense Hard To Qualify For?

Final expense is the easiest-to-qualify-for life insurance policy. It’s not at all hard to qualify for. Here’s what to know about qualifying for final expense.

What is Final Expense?

Final expense is a type of permanent life insurance policy. So, when you enroll, it will cover you until you pass away as long as you keep up with your monthly payments. The coverage you receive is called the death benefit, and it is a sum of money ranging anywhere from $2,000 to $50,000.

There are two different types of final expense policies — simplified issue and guaranteed issue. The one you choose determines how you qualify.

How to Qualify for Final Expense

To recap, there are two types of final expense policies, thus two different ways to qualify — simplified issue and guaranteed issue.

Simplified issue is available to individuals typically up to 70 years old. To qualify, all you have to do is answer a short questionnaire about your health. This includes short “yes” or “no” questions such as, “do you or have you had heart disease?” and “do you or have you had cancer?” Once you answer “no” to these 10-15 questions, you will qualify.

Guaranteed issue final expense policies skip this questionnaire. Instead, you are automatically eligible no matter your age or health. Because they are so easy to qualify for, these policies have a bit higher premium than simplified issue, and death benefits up to about $12,000.

Why Final Expense is so Easy To Qualify for

As you can see, final expense is incredibly easy to qualify for, no matter the type of policy you choose. Anyone, regardless of health or age, can qualify.

Compare this to other life insurance policies like traditional or term life insurance. For these policies, you must be younger and in practically perfect health to qualify. You will have to undergo an in-person medical exam, and may be turned down due to things like family medical history or credit score.

Part of why final expense is so much easier to qualify for is due to the death benefit. Policies max out at $50,000, while whole and term life can range into the millions. However, choosing to avoid these other policies in favor of final expense will save you from paying premiums over a longer premium, and still receive a low price tag for more than enough coverage to take care of costs such as funeral planning.

Work with People Who Care

At Expense Mutual, we provide quality quotes and savings with help every step of the way. Learn more about your final expense options by calling us at 470-761-4652.

Give Your Loved Ones Peace Of Mind​

At Expense Mutual we want you to be able to take care of the ones who mean the most to you. Call us today at 888-280-2825.