Final expense insurance questions
We’ve answered some common questions people ask us when they’re shopping for a final expense policy.
What health questions will I be asked?
When you apply for a final expense life policy, the insurance provider will ask you a series of health questions. This is to determine what type of final expense you will qualify for. The health questions are very simple and straightforward, such may include, but are not limited to:
- Do you use nicotine products?
- Are you currently confined to a wheelchair, hospitalized, receiving hospice care?
- In the past 18 months, were you diagnosed or treated for: aneurysm, heart attack or failure, stroke, chest pain?
- In the past 2 years, were you diagnosed or treated for: cancer, chronic kidney disease, tuberculosis, liver disease?
It’s important to note that regardless of how you answer these questions, you can get insured. However, if you are applying for a level final expense policy (the best price), and you do have a lot of health problems, you won’t qualify for that product and price. Instead, you may qualify for graded or guaranteed, which costs more.
It is for this very reason that you should always use a brokerage, such as True Blue Life Insurance, instead of applying to the company directly. When you get a quote and submit an application request, we’ll talk to you before we actually send your application in. This way, we can ask what health conditions you have, and any other variables that will affect the outcome. We do this, so you have the best chance of applying, for the best price.
How long before my final expense policy goes into effect?
Once you get a final expense quote and submit your application request, a friendly, licensed, True Blue agent will contact you. They will answer any questions you have, as well as make sure you found the best policy. If we find a lower price policy that will be better for you, we’ll present it to you.
Once you apply, you simply have to answer a dozen or so health questions, provided by the insurance carrier. Depending on the carrier, it could take a few days, to as little as 15 minutes, to get your policy in force.
Again, if time is of the essence, simply contact us. We know what companies are the fastest, and most lenient.
Why do I need final expense insurance?
With the cost of funeral expenses soaring, final expense insurance can help cover costs incurred during the end of life, such as medical bills and other expenses. Although that is the ideal reason to use this type of coverage, beneficiaries can use the death benefit payout however they want.
Who needs final expense insurance?
This coverage is best suited for individuals over the age of 50 who are looking for a very small policy with the intention of using the proceeds to help protect the surviving family members’ responsibility for funeral arrangements. However, the payout can be used by the beneficiaries as they see fit.
Which final expense insurance companies have the best rates?
Insurance rates are constantly changing. Each final expense insurance company sets its rates based on the company’s underwriting criteria, and that can change from month to month or year to year.
The best way to figure out which of the final expense insurance companies is right for you is to reach out to an independent agency like True Blue and let an agent there shop the insurance companies for the policy that makes the most sense for your current needs.
Is a final expense life insurance policy right for me?
Depending on your current age and medical situation, a final expense policy may be beneficial for those who are simply looking to have some extra coverage for when they pass and a term life insurance policy with a larger death benefit is not currently offered to them or too expensive.
In some cases, this may be all the coverage someone can afford or qualify for.
If you are unable to qualify for a policy that has more or better benefits due to age or other disqualifying circumstance, a final expense life insurance policy could be exactly what you need to ensure your expenses are covered in the event you pass, allowing your family to have a more stress-free transition.