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Final expense insurance is one of the best ways to get the coverage you need towards the end of your life. But, like anything, there are a few pros and cons you should be aware of.
Virtually anyone can qualify for final expense. There are two types of policies—simplified issue and guaranteed issue.
Unlike other life insurance policies such as whole or term life, your health plays a much smaller role in your eligibility. With either of those policies, you will need a full medical examination by a doctor before you can qualify. With simplified issue final expense, all you have to do is fill out a simple medical questionnaire. As long as you have no immediate, life-threatening conditions, you will easily qualify—much easier than you would with whole or term life.
Are you in too poor of health to even be able to pass the questionnaire? You will qualify for a guaranteed issue final expense policy. If simplified issue is easy to qualify for, guaranteed issue is the easiest. With no medical exam or questionnaire, guaranteed issue typically provides guaranteed approval.
And, you can be as old or older than 85 and still qualify, unlike other life insurance policies, which may not accept individuals after a certain age.
Final expense is the easiest life insurance to qualify for, which is a major pro. A con, however, that goes hand-in-hand is cost.
When you sign on to a whole or term life policy, they know everything about your health. This means that they can give you a price based on knowing that you are in good shape. Plus, you’ll be young, which means more time to pay premiums.
With final expense, they expect your health and age to be outside of the range for a whole or term life policy. Because of this, you will likely be paying more in premiums.
They also know less about your health with final expense. Not knowing your full condition means more risk the insurance company is taking on by insuring you.
Despite this, final expense covers extremely important costs. Almost all final expense policies are used, for example, to cover funeral arrangements.
Funerals can cost up to $10,000, so having money to cover it is vital for you and your loved ones. You can also use it for anything you want, such as credit card payments, estate taxes, and more, relieving a huge financial burden.
Final expense policies can range anywhere from $2,000 to $50,000. Compared to other life insurance policies, this is notably smaller. However, you’re only paying for what you need.
Expense Mutual will walk you through your coverage to a reliable destination. To learn more, call 888-280-2825 or email info@expensemutual.com
Expense Mutual is a licensed Independent Insurance Agency licensed to sell insurance in Georgia. Expense Mutual does not underwrite any insurance that appears on our website. Please note that Insurance cannot be bound, canceled or installed on the website. While Expense Mutual has done everything to ensure that all rates are accurate in the event, we made an error regarding pricing, the carrier’s rates will always supersede whatever rate appears on our website. All plans with no waiting period require an applicant to be medically approved by the insuring company and are subject to the incontestability period. All guaranteed acceptance plans that have no health questions will be subject to the insurer’s defined waiting period before benefits become payable under the policy provisions. Whole Life Final Expense Insurance available through JN Solutions LLC dba Expense Mutual may be underwritten by any of the following insurance companies, Americo, Foresters, Gerber Life, Met Life or Mutual of Omaha. Under no circumstances will Expense Mutual share or sell your information with a third party without your consent. No part of this website may be copied, published, faxed, mailed or distributed in any manner without the prior written consent from the website owner. Representation Any views or opinions represented on the Website are personal and belong solely to the Operator and do not represent those of people, institutions or organizations that the Operator may or may not be associated with in professional or personal capacity unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Changes and amendments. We reserve the right to modify this Disclaimer or its terms relating to the Website and Services at any time, effective upon posting of an updated version of this Disclaimer on the Website. When we do, we will revise the updated date at the bottom of this page. Continued use of the Website and Services after any such changes shall constitute your consent to such changes. Acceptance of this disclaimer. You acknowledge that you have read this Disclaimer and agree to all its terms and conditions. By accessing and using the Website and Services you agree to be bound by this Disclaimer. If you do not agree to abide by the terms of this Disclaimer, you are not authorized to access or use the Website and Services. Contacting usIf you would like to contact us to understand more about this Disclaimer or wish to contact us concerning any matter relating to it, you may send an email to info@expensemutual.com.