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Final expense insurance can be great for those who cannot purchase standard life insurance policies due to age or health. There are two types of final expense policies you can qualify for: simplified issue and guaranteed issue.
As a type of permanent whole life insurance, final expense ensures that your coverage will last your entire lifetime as long as you keep up with your premium payments. After your passing, your final expense policy will provide a payout known as a death benefit to your beneficiaries, which can be anywhere from $2,000 to $50,000.
Compared to other life insurance policies, final expense is much easier to qualify for, which will be explained more in-depth in the following sections.
Almost all life insurance policies require a process known as medical underwriting to qualify. In most cases, this means a full medical exam performed by a doctor with clean results. If you fail, you will not qualify.
However, with simplified issue, you’ll only be required to fill out a simple “yes” or “no” questionnaire about your general health. As long as you don’t have any serious terminal or preexisting conditions, you should qualify.
Because simplified issue takes your basic health information into consideration, it will cost less than guaranteed issue, which leaves a certain risk without any knowledge of your medical condition.
For this reason, simplified issue benefits virtually anyone who qualifies. It specifically benefits those who may not qualify for another, more rigorous application process for a different policy but are not in poor enough health to justify a guaranteed issue policy. Simplified issue is also beneficial if you already have a larger life insurance policy but want extra coverage for specific final expenses like funeral arrangements, estate taxes, and more.
We provide the highest quality detail to all of our customers and their coverage. To learn more, call Expense Mutual at 888-280-2825 or email email@example.com.