Types of Final Expense: Guaranteed Issue Life Insurance

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Final expense provides quality coverage for you and your loved ones. Guaranteed issue life insurance is a type of final expense that is easy to qualify for and great for those who need quality insurance.

What is Final Expense?

To fully understand guaranteed issue, you need to understand final expense insurance as a whole. Final expense is a type of permanent life insurance. This means that your coverage will continue until you pass away as long as you keep up with your payments.

As a permanent life insurance policy, final expense provides a payout, or death benefit. This will be anywhere from $2,000 to $50,000 depending on a number of factors, including age, health, insurance provider, type of plan (i.e., guaranteed or simplified issue), and the amount of coverage you feel comfortable purchasing.

This death benefit is smaller than other life insurance policies, but for good reason—you may be able to purchase one of these policies much later in life than all other life insurance policies. With final expense, you can be up to 85.

What is Guaranteed Issue Life Insurance?

Guaranteed issue is the easiest life insurance policy you can qualify for. This is because your health is not taken into account. When you enroll in a policy, they will not ask about any medical conditions, and will only take your age into consideration for cost, rarely eligibility. So, in a way, you are “guaranteed” to qualify, even with terminal or preexisting conditions.

Guaranteed Issue vs. Simplified Issue

Compare this to a simplified issue policy. Simplified issue, relative to other life insurance policies, is still much easier to qualify for. But, unlike guaranteed issue, you must answer a medical questionnaire.

As long as you have no serious health conditions and are within the plan’s age range, you should qualify.

Who Benefits from Guaranteed Issue

If you have a serious health condition or are much older, guaranteed issue is for you. It is the perfect plan for those who need coverage but don’t qualify for traditional life insurance policies.

Keep in mind that there will be some natural limitations to a guaranteed issue policy due to its easy eligibility. If the plan knows nothing about your health, they’re assuming that you have considerable concerns. For that reason, you will pay a bit more than a simplified issue policy. The amount of coverage you can purchase may also be limited up to $25,000.

Coverage from the Specialists—Call Expense Mutual

We will find the final expense policy that works for you and your loved ones. For more information, call Expense Mutual at 888-280-2825 or email info@expensemutual.com.