Final Expense Life Insurance is a type of whole life insurance designed to cover end-of-life costs such as funeral expenses, medical bills, and other final expenses. It typically offers smaller coverage amounts and is easier to qualify for compared to traditional life insurance.
Coverage amounts typically range from $1,000 to $50,000, depending on the policy and the insurer. The amount you choose should reflect the cost of your funeral, medical bills, and other final expenses.
No, most Final Expense policies do not require a medical exam. However, you will need to answer a few health-related questions, and some insurers may review your medical history electronically.
Yes, most customers can qualify for immediate coverage if they meet the health requirements. However, some high-risk health conditions may require a waiting period before full benefits are available.
If you don’t qualify for immediate coverage, you may still be eligible for graded or guaranteed issue policies, which provide coverage with a waiting period before full benefits are paid.
The waiting period typically ranges from 2 to 3 years for graded or guaranteed issue policies. During this time, the death benefit may be reduced or paid out at a smaller amount if the policyholder passes away due to a natural cause.
Yes, premiums for Final Expense policies are typically fixed, meaning your premium will not increase as you age or if your health changes, as long as you continue to make timely payments.
Yes, you can cancel your policy at any time. However, some policies may have a surrender value or a cash value that you can access if you decide to cancel.
Yes, you can change the beneficiary of your policy at any time, as long as you follow the process outlined by your insurer. It’s important to keep your beneficiary information up to date.
If you stop paying your premiums, your Final Expense policy may lapse, and you could lose your coverage. However, some policies have a grace period or cash value that could be used to keep the policy active for a while.