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Right Final Expense Policy Insurance?
Are you worried about the burden and expenses that your family may have to bear after your death? Unfortunately, the expenses are not less and may go up to thousands. The deat benefit will cover final medical bills and other expenses such as cremation or burial, caskets, etc.
Final expense insurance remains active as long as the premiums are paid on time. However, this insurance doesn’t require you
1. Guaranteed Life Issue Insurance
The questionnaire of several insurance companies providing final expense insurance asks about terminal illnesses, which tends to disqualify some people. However, there are insurance providers that offer to insure your irrespective of how your health condition may be. This guarantee they offer is what gives this type of insurance the name of Guarantee Life Issue Insurance. The premium of this type of insurance is high, and the coverage is less.
2. Simplified Issue Life Insurance
This type of final expense insurance is best for people who are not qualifying for life insurance but fall under moderate risk. There is a medical questionnaire that needs to be filled, but they would be exempted from medical examinations. The coverage is almost double than that of Guaranteed Issue Life Insurance. One of our expert employees will guide you about the entire process and help you get the insurance from the best provider that meets your requirement and your budget.
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Most final expense plans have these features
- Whole life insurance – no expiration if premiums are paid
- Cash value – insured may be able to take out a policy loan
- Fixed premiums as long as they’re paid
- Simplified issue – usually no medical exam (also called a life insurance exam) is required, just health questions on the application
- Easy application process
- Fast approvals – coverage can often be issued in days
- Affordable rates
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The Cost of Final Expense Insurance
The exact cost of your final expense insurance will depend on your age. Unfortunately, the older you are, the larger the premiums. This is because insurance companies take on more risk when insuring older folks, given the fact that they’re statistically closer to death. If you buy final expense insurance when you’re 45, you’ll pay less each month than if you wait to purchase until you’re 75.