Guaranteed Final Expense Insurance | Secure Your Future
Thinking about your final expenses is one of the common things that you do as soon as you hit a certain age. It may sound sad but it is the reality. You start to plan your final expenses. You want to take the financial responsibility. Also, you do not want to leave behind a pile of bills for your family to pay.
You can buy final expense insurance to cover your final expenses and medical bills. Final expense insurance has many types and guaranteed issue is one of them. Guaranteed final expense insurance covers your final expenses and medical bills. It is best for seniors as it offers guaranteed acceptance. You can secure your future with this life insurance. Let’s discuss guaranteed final expense insurance in detail in this blog.
Final Expense Life Insurance
Final expense insurance, as the name suggests, is a life insurance that covers your funeral expenses. This whole life insurance covers end-to-life services. If you have this life insurance, you do not need to worry about your funeral and burial expenses. It eases the financial burden for your family. Your loved ones do not have to pay for medical and burial expenses from their pockets.
Your medical and other legal bills may put financial pressure on your family. If your loved ones do not have any resources to cover your bills, they may face financial challenges. Without final expense life insurance, you may leave behind a debt for your family.
Final expense life insurance is there for you to cover all those bills. It is a whole life insurance that covers your funeral and burial expenses. It also takes care of your medical bills and outstanding debts. You can secure your future with final expense life insurance.
Types of Final Expense Life Insurance
Final expense life insurance is mainly divided into two types:
- Term life insurance
- Whole life insurance
Term life insurance
Term life insurance is temporary life insurance. It covers your final expense but it is not permanent. There is a time limit on this life insurance. You will only receive the benefits if you die during that specific period.
Moreover, the benefits are limited. An adult can receive limited benefits for a limited time. Also, it does not include cash accumulation like whole life insurance. Some people prefer this life insurance as they seek temporary life insurance. However, it is not best for seniors who want a permanent life insurance.
Whole life insurance
This life insurance provides permanent coverage. Unlike term life insurance, it does not have any expiry date. You can receive benefits for an unlimited time.
Whole life insurance covers your funeral and burial services. It also includes a cash value. You can withdraw this cash value during your lifetime. You can spend this money on your healthcare or to cover your debts.
Whole life insurance has further types such as:
- Guaranteed life insurance
- Simplified life insurance
- Universal life insurance
- Traditional life insurance
- Variable universal life

Guaranteed Final Expense Insurance
Guaranteed final expense insurance is a whole life insurance. It covers you for your entire life. Guaranteed final expense insurance is also called guaranteed issue. This life insurance is one of the best life insurance for seniors.
Guaranteed final expense insurance offers lifetime coverage. Even though you have serious health issues, guaranteed final expense insurance will accept your application. It will provide you coverage as long as you are paying the premiums.
You have to pay the monthly premiums on time. When you pay the premiums, you will receive the benefits. However, there is an age requirement. People aged 50 to 80 are eligible to apply for this insurance. It accepts your application regardless of your gender and health status.
Furthermore, guaranteed final expense insurance does not need a medical exam. Without taking any medical exam, you can apply for this life insurance. The application also does not ask any health-related questions. This makes guaranteed final expense insurance simple and easy for seniors.
Why Guaranteed Final Expense Insurance Is Best For Seniors?
There are few options in life insurance for seniors since they are high-risk applicants. Older adults usually face difficulties finding a life insurance that covers them guaranteed. Seniors do not get guaranteed acceptance. Their age and health conditions prevent them from getting life insurance. The more they get old, the more it becomes difficult to find the best life insurance.
Moreover, traditional life insurance policies need medical exams. They include health-related questions. Seniors are assessed based on their medical exam and answers to those questions. Not every senior gets acceptance for those insurances.
However, this is not the case in guaranteed final expense insurance. This life insurance is best for seniors because they do not have to take any medical exam. Regardless of health status, older adults get guaranteed acceptance.
Even if you have a terminal health problem, you get a guaranteed acceptance. However, the benefits you will receive are minimal. The death benefits depend on the premiums you pay.
Health conditions covered
Most of the time, life insurance policies reject seniors after their medical evaluation. Still, they can apply for guaranteed final expense insurance as it offers guaranteed coverage. Even though you have a serious illness, it will provide coverage. Guaranteed final expense insurance includes the following critical health conditions.
- Cancer
- Diabetes
- Cardiovascular disease
- AIDS
- Dementia
- Kidney disease
- Tissues or organ transplant
How Much Guaranteed Final Expense Insurance Cost?
As long as you pay the premiums, you will receive the benefits. Guaranteed final expense insurance can be expensive. You have to pay the premiums every month. The premiums must be paid on time.
Guaranteed final expense insurance has high premiums but the death benefits are small. It offers coverage up to $25,000. This amount is enough to pay for your burial and funeral services. But the good news is, the premium amount does not change. It does not increase. Also, guaranteed final expense insurance has a cash value component.
How Does Guaranteed Final Expense Insurance Work?
Simple application process
Unlike traditional insurance policies, guaranteed final expense insurance is simple and easy. You do not have to take any medical exam. You are not assessed through a medical exam. Also, it does not include any medical evaluation process.
Usually, applicants have to go through a medical exam in traditional insurance. You have to give your blood and other biological samples. Your medical history determines whether you are eligible for life insurance. This takes time as well.
However, in guaranteed final expense insurance you do not have to worry about the medical evaluation. The application process for guaranteed final expense insurance is simple. You receive guaranteed acceptance no matter what your health status is or how it was in the past.
Premiums
Guaranteed final expense insurance also has an underwriting policy. The underwriters of the company check your information. After reviewing your application, they approve your application. When approved, they then decide the premium amount.
Guaranteed final expense insurance accepts applicants regardless of their health status. But your health decides the premium amount. If you have any health issues, you have to pay higher premiums. And, if you are healthy and do not have any health issues, you have to pay small premiums.
There is no medical underwriting process. The company decides the premiums based on your age. Guaranteed final expense insurance also has a few rider options.
How Guaranteed Final Expense Insurance Secures Your Future?

Getting old means, having regular hospital visits. As you get old, you become prone to sickness. You are more vulnerable to health issues. You also develop age-related diseases. Common diseases that occur in older adults are diabetes, cardiovascular disease and arthritis.
Treating these health conditions is expensive. Older adults also develop chronic conditions. These factors lead to more medical bills. Covering these medical bills can be challenging for families if they lack resources.
Covering your funeral expenses becomes another financial responsibility for your family. Burial and funeral expenses are stressful. This makes the funeral day even more hectic. Medical bills, final expenses and other legal bills may overwhelm your loved ones.
In such situations, guaranteed final expense insurance plays a vital role. It covers funeral and burial services. It secures your family’s future. With this life insurance, your loved ones do not have to pay for final expenses and medical bills.
Guaranteed final expense insurance also helps to cover your debts. It will protect your loved ones from financial pressures. Your future is more secured with guaranteed final expense insurance than any other life insurance.
Benefits of Guaranteed Final Expense Insurance
Losing someone you love is devastating. It becomes more devastating when you have to arrange a funeral and burial for them. The financial pressure makes you overwhelmed and full of emotions. Guaranteed final expense insurance is there to ease the financial burden. Some of the benefits of guaranteed final expense insurance are.
No medical exam
As mentioned above, guaranteed final expense insurance does not need a medical exam. You do not have to take any medical exam to qualify for this life insurance. Guaranteed final expense insurance offers guaranteed acceptance even though you have serious illnesses.
No health-related questions
The application process for guaranteed final expense insurance does not include any health-related questions. Other traditional policies mandate health-related questionnaires. But, guaranteed final expense insurance does not. Hence, the application process is easy and simple.
Applicants are qualified easily
Since it does not include any medical evaluation, applicants get instant approval. There is only an age requirement. The age criteria is 50 to 80. If you are 50 or older, you are eligible for guaranteed final expense insurance.
Premiums are returned in case of natural death
If the policyholder dies because of a natural death within two years of the policy, the beneficiary will receive the premium amount. The premium amount will be returned to the beneficiary. However, if the policyholder dies after two years of policy issues, the beneficiary will not receive the paid premium amount.
This amount also includes the interest rate. Keep in mind that every company has its interest rates. The rates vary from company to company.
Disadvantages Of Guaranteed Final Expense Insurance
Although there are many benefits of guaranteed final expense insurance, it has some disadvantages. Find some of the disadvantages below.
Limited coverage
Guaranteed final expense insurance offers limited coverage. The coverage amount is low if we compare it with the premium amount. Remember, the coverage amount varies from company to company.
Some companies may offer a high coverage amount. Still, it is not more than $25,000. Guaranteed final expense insurance offers $20,000 to $25,000 amount to the insured.
Expensive insurance
The premium amount of the guaranteed final expense insurance is high. The high amount of the premium makes guaranteed final expense insurance an expensive life insurance. It is expensive for its limited coverage.
The reason why it is expensive is because it includes high-risk applicants. Since it does not include health evaluation, the premiums are set high.
Graded death benefit
The beneficiary will only get the premium amount if you die because of any non-accidental incident. Also, graded benefit plans offer non-accidental death benefits of 30 per cent in the first year. The beneficiary will receive 70 per cent death benefits if you die in the second year.
There are modified plans as well. But, they are for serious health conditions. Also, their policies are more expensive.
Alternatives To Guaranteed Final Expense Insurance
The premiums you pay for your life insurance depend on your gender, age, health and weight. The policy type also determines the monthly premium amount. Different companies are offering different policies. However, different companies might assign different risk categories for serious health conditions.
Companies do offer better policies but they do so when a person has serious health issues. He believes he cannot qualify for medical underwriting-based life insurance. However, the insurer and the health condition of the insured matter.
If you want better life insurance with better rates and coverage, research life insurance policies. Consider as many policies as you can. Other policies may offer enough coverage with a minimum rate. Some alternatives that you can seek are:
- Guaranteed universal life insurance
- Variable life insurance
- Simplified life insurance
The Best Guaranteed Final Expense Insurance Companies
Ethos
Ethos is known for its “no-exam life insurance.” It offers term and whole-life policies. The coverage ranges from $20,000 to $2 million, with underwriting requiring an MIB report.
With no medical exam, it offers guaranteed final expense insurance. However, the age criteria is 66 to 85 years. This company offers coverage up to $30,000.
TruStage
This company offer both term and whole life insurance. The whole life insurance policies include guaranteed final expense insurance. TruStage also does not need a medical exam.
Bestow life insurance
Bestow life insurance does not need a medical exam. It offers a guaranteed final expanse life insurance. The application process is simple. You receive instant approval. However, the age criteria are not favourable for seniors aged over 70. The age criteria of bestow life insurance is 60.
Mutual of Omaha
Mutual of Omaha is one of the top companies to offer guaranteed final expense insurance. It has strong financial strength. Its user-friendly website makes it easy for seniors to apply. You can apply for guaranteed life insurance online. It also includes benefit riders.
Fidelity life
Fidelity Life is one of the best companies for seniors. Seniors with terminal health issues should choose fidelity life. It offers permanent coverage with no medical exam. Fidelity Life offers guaranteed final expense insurance.
Fidelity life has strong financial strength. It includes a death benefit policy. It offers coverage up to $25,000.
Conclusion
Guaranteed final expense insurance ensures financial security for your loved ones. It helps to secure your future. With no medical exam, you can get death benefits. This life insurance is a valuable asset for seniors. Even if the applicants have serious health problems, guaranteed final expense insurance will accept their application. However, the premiums are expensive and the coverage is low.
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