Buying final expense insurance depends on a number of factors. Deciding when to officially enroll is one of the biggest ones. While the time you decide to buy may be more personal, here are some ideas to get you on track.
How to Qualify for Final Expense
The first part of knowing when to buy final expense is eligibility. After all, you can’t buy a policy if you don’t qualify for it. The good news is that final expense is the easiest life insurance policy to qualify for.
There are two types of final expense insurance — simplified issue and guaranteed issue. To qualify for simplified issue, you have to fill out a short 10-15 questionnaire about your health. It includes questions like, “do you or have you had heart disease?” and “do you or have you had cancer?” So, as long as you can answer “no” and are under roughly 70-years-old, you can qualify for simplified issue.
If you can’t pass this questionnaire or you’re over age 70, you qualify for a guaranteed issue final expense policy. You get to skip the questionnaire entirely, and can enroll up to age 85. When considering eligibility for the best time to buy final expense, you shouldn’t have to worry.
Deciding When to Buy
Now let’s move on to other factors in deciding when to buy. First, keep in mind that this is, at the end of the day, a personal decision. Because qualifying is so simple, you can buy final expense practically anytime it works for you.
First, consider what you will use the coverage for. If you want coverage for your funeral costs, now is the perfect time for a final expense policy. If you are focusing on getting your house paid off, now may not be the time for final expense.
However, if you are worried about your end-of-life costs, you should seriously considering buying final expense. That way, you’re sure you and your loved ones are covered.
It’s also important to consider who you will trust with your death benefit. You will have to entrust one or more people with the payout from your final expense policy, called your beneficiaries. They will use it on your behalf, but they aren’t legally obligated to follow through with your wishes in the same way as a will. So, before you buy a policy, make sure you can choose the right beneficiaires to do the job.
Need Insurance? Expense Mutual Can Help
We will help you navigate every step of the final expense purchase, finding you your most affordable policy. To get started, call Expense Mutual at 470-761-4652.