Frequently Asked Questions
Many people do not think of Final Expense insurance when they are young and healthy. Most people do not like the prospect of paying premiums for life. However, life insurance is something you should look into as soon as possible since you will qualify more easily and your premium will be lower. Funeral insurance.
The best time to find an affordable final expense plan is in your 50s but with that said, you can still apply for final expense insurance up to a maximum age of 85. Beyond 85, you are not eligible for life insurance.
If you or your parents are 85 and healthy, congratulations your genes and lifestyle have gotten you this far without any major health issues.
If you have no medical issues and accurately answer all questions on the application, you will have no problem getting instant coverage after your policy is approved. If you were to die any time thereafter, the beneficiaries would get the full death benefit.
Never lie on an insurance applications. If you are asked about any medical issues and do not disclose it, your beneficiaries receive nothing but the premiums paid. So it’s very important to be honest on your application. Here at burial insurance pros we pride ourselves in being able to find a life insurance policy for just about any health issues. Even if this means paying higher premiums do it. You will, at least, have the peace of mind that the insurance company will pay your beneficiaries when they need it most.
If you or your parents are like most 85-year olds and have less than perfect health. The good news is you can still get a final expense life insurance policy.
With major medical issues you would qualify for what is called a graded benefits policy or guaranteed issue life insurance. Should you pass away in the first or second year of your policy, your beneficiaries will receive the amount you have paid in premiums plus interest. After two years, most guaranteed plans pay your beneficiaries the full life insurance death benefit.
To qualify for Final Expense Insurance you will only have to fill out a quick application either over the phone or on paper. (No Health Exam needed). Chances are great that you would qualify for one of the plans we offer. Here at burial insurance pros we are the best at finding final expense, and burial insurance plans that will fit your specific needs. The main reasons most people don’t qualify for other life insurance plans is that they don’t pass the medical exam or there is something in the medical records that the insurance company doesn’t like. If you have things like heart conditions, Type 1 diabetes or other preexisting medical issues getting life insurance with a traditional policy is going to be tuff. The insurance company may not provide you with life insurance coverage. The reason the insurance company will do this is simple, it’s because the risk of you dying sooner rather than later is too high. The company needs you to live a long happy life to make the most profit off the plan. Life insurance companies are in business to make money for their shareholders and are good at what they do.
However, with final expense life insurance or a burial insurance plan, there is no medical exam required. This is a great reason to use this type of insurance for you final expense plans even if you do not qualify for traditional forms of life insurance.
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Seniors today are concerned about getting denied life Insurance because of age and health issues. The good news is, you can qualify for Burial Insurance and final expense plans with great rates if you have minor health problems that can be controlled with medications. An example would be, if you have high blood pressure and high cholesterol, you would have no problem getting coverage. You would also be eligible for the full day one death benefit disbursement the day after you pay your first premium.
History of heart attacks, stroke or cancer in the last two years, will likely qualify you for Burial Insurance but with graded benefits or guaranteed issue where you get partial coverage for the first two years, and payment of the full coverage amount after two years is up.
Final Expense insurance for people with a history of diabetes is available with day one coverage as long as you don’t have any major diabetic complications. Even with a history of Type 1 or Type 2 Diabetes you would qualify for a burial insurance plan.
What does all of this mean? In short, it means that you will qualify for final life policies even if you do not qualify for other types of life insurance. This could be just what you need to hear to get the coverage you need and the peace of mind you deserve. Let the Burial insurance pros help!
All states are required to guarantee the payment will be made by the insurance provider should you die while the insurance coverage is in effect. This will help ensure that you don’t end up paying into a policy that your family will never benefit from. Most are surprised by the fact that insurance company failures actually falls into the hands of the individual states and not a federal agency. So individual state insurance regulators are responsible for monitoring the financial wellbeing of the insurance companies that are licensed to conduct business in their respective states. If a Life Insurance company were to go belly up let’s say, it's the job of the state's to step up and guarantee the policyholders. If a life insurance company goes bankrupt, the state's insurance guarantee fund will protect the state's policyholders. When possible, the guarantee fund will transfer policies to other more stable insurance companies to manage; if that doesn’t work, the insurance plan will be administered by the guarantee fund. If a state guarantee fund takes over an insurance policy, it is subject to the coverage limitations set by each state.
For example, in Florida the guaranteed limits for life insurance death benefits are as follows:
Death Benefit: $300,000 per insured life Maximum life insurance benefit guarantee.
No Medical Exams for Burial Insurance or Final Expense life insurance plans
Today more seniors are opting for a Burial Insurance plan. You can apply for it between the ages of 50 and 85, and apply for anywhere from $2,500 to $50,000 in life insurance coverage. Moreover, life insurers are doing away with many of the old medical examination requirements, making the application process faster and simpler.
Even though life insurance companies no longer require a medical exam for burial insurance or final expense, they still get a fairly accurate picture of your medical history current health conditions. Instead of conducting a costly medical examination, they now rely on improved technology in record-keeping, quick reports from your healthcare providers. A quick check of your MIB report and a Pharmaceutical history check will give them all the information they need to make an accurate assessment of your health. Along with your health answers on your application they will have everything they need.
Medical History Screening
Insurers learn a lot from the health questions on the life insurance application alone. Final expense Insurance applications ask health questions such as
Any possible diseases that you or family members might have had?
Even exercise habits, and driving history.
They often also check your medical history through prescription history databases and the Medical Information Bureau or MIB report. Sometimes, they may even contact your doctor to request information and answer questions. Life insurance companies can do all this without the need for a medical exam.
Final Expense Planning For your Parents
Many seniors have the means and the willingness to do their own final expense planning, such as getting Burial Insurance, leaving no financial liabilities for their family and loved ones. However, parents may not always be in the best financial
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position to purchase the life insurance they need themselves. It’s likely that they may be afflicted by a severe disease or simply not able to pay the insurance premiums themselves. In such circumstances, you, as the beneficiary may be able to purchase a final expense insurance plan that covers your financial expenses upon the passing of your parents.
Significant expenses are associated with the burial, unpaid bills, and legal expenses
related to wills and property after the passing of a loved one. An example, burial expenses such as caskets, vault, body preparation for viewing, and a funeral service, can easily exceed $10,000. Fees and other expenses could take the cost well above $15,000. Therefore, purchasing life insurance for your parents to cover such expenses makes sense. All you will have to do is prove that you will be financially responsible for such expenses upon the passing of your parents. In other words you just have to prove that there is an insurable interest between you and the insured (your parent) and the policy owner (you).
You have several burial insurance options to choose from, it will all be based primarily on the health of your parents. Our Burial Insurance Pros will guide you to the provider that will be best for you.
Final Expense Planning You Can’t Afford Not To
The Idea of life insurance causes many people to hold back on purchasing it. However, life insurance companies have made final expense life insurance very easy to obtain. Since the face value of the policy is much smaller than a traditional life insurance policy no exam is required. The direct result of this is a lower, more affordable premium payments. Therefore, if you feel that you cannot afford traditional life insurance, you will find the affordability and ease of final expense policies helpful. This is a type of life insurance plan you can afford to meet your final expense needs.
Just about anyone is able to afford and qualify for final expense life insurance. In fact, most people will find, this policy provides all of the coverage they will ever need to protect their family. Although with final expense insurance you can buy a large amount of insurance and leave a lasting legacy for your family. You may just want the basics covered and choose a lower death benefit to provide your family with the ability to pay the funeral bills associated with your death. The choice is yours to make and we can help.