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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.