Final Expense Insurance Policy | Lifease Health
Introduction
After retirement, people start to think about their families. Everyone wants their loved ones to live peacefully. You can now protect your family with a final expense insurance policy. This policy supports your family financially. It ensures to cover your final and other related expenses.
The final expense insurance policy is one of affordable life insurance. The premium amount is low, making it convenient for everyone. Stick to this blog and learn more about end-of-life insurance policies, rates and their benefits.
Affordable Final Expense Insurance
Funeral and burial expenses are costly. Some families cannot afford the cost of final expenses. To help your family with the expenses, you can buy a final expense insurance policy. Purchasing this insurance will help your family financially in the most challenging times of their lives.
Final expense insurance policy has low premium rates. Anyone can afford this life insurance because of these low-cost premiums. Pay the premiums every month, and your final insurance will never expire. Additionally, it has a maximum coverage amount. The coverage amount ranges from $30,000 to $40,000.
Final Expense Policy Rates
The rate of the final expense insurance policy depends on the premium rates. Every policy has different premium rates. Some policies have small premiums. Whereas, others have higher premiums.
Monthly premiums
It is essential to keep up with your monthly premiums. You can only receive the insurance benefits if you are regular with the premiums. If you are not regular with the premiums, the insurer will terminate your final expense insurance.
The premium amount of the final insurance depends on a few factors such as:
- Age
- Gender
- Health status
- Location
- Policy type
The older you are, the higher premiums you have to pay. Younger applicants have to pay less premiums than seniors. Since seniors are prone to diseases, they have to pay more. The health status of applicants is also examined during the application process. You do not have to take any medical exam, but you may have to answer some health questions.
Moreover, your gender also decides the premiums. Males have to pay higher premiums than females. Your location also matters. Every state has different laws, final expenses, and medical costs. The insurer offers benefits based on the state you are living in.
Your policy type is another factor that is linked to the premium rate. Some policy types offer maximum death benefits and some offer average coverage. If you want maximum to provide maximum benefits to your loved one, you have to pay a higher premium. But, if you want average coverage, the premium rate is low.
Final Expense Coverage Options
The final expense insurance policy covers many services besides final expenses. It covers:
- Burial services
- Hospital bills
- Outstanding debts
- Mortgage
- Residential care
- Other additional funeral-related expenses
Furthermore, the final expense insurance policy has flexible coverage options. It gives level, graded, modified and guaranteed plans to meet your needs.
Level Plans
The applicants with good health are eligible for the level plan. Level plans accept people with excellent health conditions. If you have any medical condition and you are not in good health, you cannot apply for it.
Level plans check the health conditions of the insured and select accordingly. It will cover the final expenses of the insured immediately after his death. This plan is known for immediate funds and full death benefits.
Additionally, the level plan is low-cost. The premium amount is small. The low cost of the plan makes it an affordable plan. Keep in mind that the premium amount and death benefits depend on your age.
Graded plans
Unlike level plans, graded plans offer benefits to insured with minor health problems. It does not matter if you have a minor medical condition. Certain medical conditions are acceptable in graded plans.
Nevertheless, there is a waiting period. The beneficiary does not get the immediate benefits. He has to wait for two years. After two years of insurance, the beneficiary receives death benefits. Yet, it depends on the companies. Also, there are exceptions when graded plans offer benefits before two years.
For example, the beneficiary will receive 30% of the benefits if you die in year one. The beneficiary can receive 70% of the death benefits if your death is non-accidental.
When it comes to the cost of the plan, it is medium. The cost is not as much as the level plan. You may have to pay a little higher premium than level plans.
Modified Plans
Modified plans are for applicants with serious health issues like cancer or respiratory disease. If you have any critical health condition, a modified plan is the best option for you. The beneficiary receives the entire death benefit. However, there is a two-year waiting period.
The cost of the plan is higher than the level and modified plans. But, it gives full death benefits if death occurs after two years. And, if your death occurs in the first year of the insurance, it will return your premiums. Thus, it is worth buying.
Guaranteed plans
Guaranteed plans offer guaranteed coverage to applicants regardless of health status. This plan does not reject applicants. Everyone can apply for the plan. The beneficiary receives the maximum benefits. But, the cost of the plan is high.
The graded plan is one of the most expensive plans. It is like a modified plan but more costly. The plan does not have health underwriting, making it more expensive.
How Does Final Expense Insurance Policy Work?
The final expense insurance policy aims to cover your final expenses. It also covers other essential expenses like medical bills, debts and legal bills. Most people buy this life insurance to provide financial protection for families.
You can apply for this insurance policy easily as it has simple steps. The steps include:
- Make a list of the final services you wish on your final day. Calculate your budget and search for an insurance policy that fits your budget.
- Make sure to select an insurer with strong financial strength. Check their policy rates and choose accordingly.
- Then start your application online. You can also apply through an agent. If it is not possible for you then you can apply through your phone.
- The next step is to answer some questions and choose a beneficiary.
- Pay the premium and activate your final expense insurance policy.
The application process for final expense insurance is simple. The simple steps make it easy for everyone, especially seniors, to apply.
Final expense Insurance Benefits
When it comes to the benefits of final insurance, there are plenty. This life insurance will cover the expensive rituals of funeral day. Besides its final expense coverage, it covers your hospice cost, residential care and medical bills. Moreover, if you have any outstanding debt, the final expense will cover it. Let’s discuss some of the crucial benefits in detail.
No medical exam
The final expense insurance policy does not require a medical exam. Without taking any medical tests, you can apply for the final expense. Answer the health-related questions and that is all.
Affordable plan
Final expense insurance is one of the affordable plans. The cost of the plan is low as the premium rates are low.
Immediate fund
Sometimes, families pay from their pockets for the final services as they do not receive the funds. But, your family does not have to wait to get the money in final expense insurance. After your death, the final expense insurance policy will give immediate funds to the beneficiary.
Guaranteed death benefits
The final expense insurance policy provides guaranteed death benefits. In case of accidental death, families receive additional benefits.
Financial support
Your family is secured with funeral insurance. Since it covers burial and funeral costs, the burden on your family is lessened. With death benefits, they can cover medical and legal bills. Additionally, if there are any other expenses, the final expense insurance policy covers them.
Peace of mind
Most importantly, final expense insurance gives you peace of mind. Your loved ones are also at peace, knowing that you have taken care of your final expenses. With funeral insurance, you protect their future.
To sum up, final expense insurance is an affordable policy with maximum coverage. You can buy this life insurance and protect your family’s future. Think about the services you want on your final day. Calculate your expenses and cost of the plan and then buy a plan accordingly.
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We Are Here To Help With Your queries !
Yes, seniors over 70 can apply for final expense insurance. But, the premium rate is different for seniors. Seniors have to pay higher premiums than younger applicants.
Yes, the application process for final insurance is easy. You can apply online or even through your phone.
People with critical health conditions can purchase guaranteed policies. These plans offer coverage regardless of your health status. It gives guaranteed benefits.