Coping with the loss of a loved one is something almost everyone will have to deal with at one point in their life. When it does happen, it can be an extremely difficult experience to manage from an emotional standpoint. If you add a financial burden to the situation—oftentimes involving thousands of dollars in expenses—the whole event can become devastating.
A Final Expense Insurance policy can ease the financial burden by covering the costs involved with funeral services and burial expenses. Here are the different types of Final Expense Insurance policies you should consider.
Final Expense Insurance
Before we get into the different types of Final Expense Insurance—and which policy might be right for you—let’s first define what a Final Expense Insurance policy is.
Final Expense Insurance—which is also commonly known as Burial Insurance—is a policy whose proceeds are used to pay for funeral services and burial expenses after you die. It’s a form of basic life insurance that is both more affordable and easier to obtain than the traditional forms of insurance, like whole or term life policies. Plus it will cover those who are over the age limit on a traditional life insurance policy, and at a much lower cost as well.
Some of the expenses covered could include the funeral service itself, the cemetery plot and headstone or marker, the casket, the costs associated with the funeral procession, and any other miscellaneous costs. This type of policy helps to ease the financial burden that is placed on a family when a loved one dies.
The features of a Final Expense Insurance policy include:
- No medical exam required.
- $2,500 – $100,000 in coverage.
- Typically issued either immediately, or within 48 hours.
- Premiums will never increase.
- Beneficiaries can use the proceeds for any purpose.
To get an instant quote online—without having to speak to anyone—visit the True Blue Life Insurance Final Expense quote page.
Now, here are four different types of Final Expense Insurance policies for you to consider.
A Level Policy is the most basic and straightforward of the Final Expense policies. A Level Policy is issued to applicants who are in excellent health or those who may have some minor health issues that are controlled with medications. The full amount of the policy will be in effect the day the application is approved. As soon as the insured dies, the named beneficiaries can receive the full death benefit.
A Graded Policy should be considered if your health is a concern. Coverage will vary depending on what insurance company is chosen.
For example, if you have Parkinson’s disease or a medically manageable disease where ongoing treatment can help the condition, a Graded plan might be right for you. Graded Policy benefits usually have a two-year waiting period before the entire death benefit can be paid to a beneficiary. If a non-accidental death occurs prior to that two-year time frame, the policy will only pay a percentage of the total death benefit. During the third year and beyond, the entire death benefit will be paid.
A Modified Policy is very similar to a Graded Policy except that it involves a serious illness, like cancer, instead of a more manageable ailment. Modified Policy benefits usually have a two-year waiting period before the entire death benefit can be paid to a beneficiary. If a non-accidental death occurs prior to that two-year time frame, the policy will only pay a return of the paid premiums plus a small percentage of the total death benefit. During the third year and beyond, however, the entire death benefit will be paid.
Guaranteed Issue Policy
A Guaranteed Issue Policy doesn’t factor in any of your health concerns, if any exist, so it’s typically more expensive than the other Final Expense policies. Guaranteed Issue Policy benefits usually have a two-year waiting period before the entire death benefit can be paid to a beneficiary. If a non-accidental death occurs prior to that two-year time frame, the policy will only pay a return of the paid premiums plus a percentage of the total death benefit. During the third year and beyond, the entire death benefit will be paid.
Get a Quote on Your Final Expense Insurance
Life insurance policies in this category are called Final Expense or Burial insurance, but True Blue Life Insurance provides these no medical exam polices as traditional life insurance policies, where the named beneficiary could use the proceeds for any purpose.
Let’s say you are a 43-year-old man living in California and you are a non-smoker. You could get $10,000 of coverage in a Level policy for as low as $22.73 per month. If you had some health concerns and you chose a Graded or Modified policy, you would pay roughly $10 more per month for the same amount of coverage. These figures are approximate and vary depending on a number of factors, including what life insurance company you select.
To get an instant quote online—without having to speak to anyone—visit our Final Expense quote page.
When you are ready to apply, simply pick up the phone and call 1-866-816-2100 to speak with a licensed True Blue insurance agent, who will guide you through the process.
Our dedicated department has over 33 years of experience issuing Final Expense polices. Plus, as an independent insurance agency, we deal with all of the top Final Expense insurance companies, so we will work to get the best price for you and answer any questions you may have. We deal with the insurance companies on your behalf, and policies are issued immediately or within 48 hours, depending on the insurance provider you ultimately choose.