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- Why do I need final expense life insurance
Pay final expenses:
The current average cost for an adult funeral are the third most expensive purchases your heirs must make. Funeral costs average over $10,000
Replace income for your dependents:
If people depend on your income, life insurance can replace that income for them if you die. Add up all of your monthly bills and imagine who is going to pay them. Your Spouse will only receive a portion of your social security after your death.
Create an inheritance for your heirs
Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
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- How much final expense life insurance do I need?
If you want enough to simply cover your funeral cost and debt: you will need at least $10,000 plus your existing debt medical bills, auto, loans.
If you need to replace your income for a spouse: Advisors recommend anywhere from 5 to 20 times your annual salary. At the very least you should provide enough to cover your annual income so you spouse can maintain there current lifestyle.
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- Do I have to meet with an insurance agent to get a final expense Policy?
No,You can apply online or complete a quote request form. An agent can quote you via email or by phone. We can take your application by phone or simply email the application and brochure to you as it is rather simple application with a few medical history questions.Yuo can mail or email it back to us. We will review then schedule a PHI- Personal History Interview by phone.
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- What are the eligibility requirements for final expense whole life?
Level Benefit Whole Life is a non-participating whole life insurance policy with level, guaranteed level premiums through maturity at age 121. This policy provides the full death benefit from the first day the policy is issued.
Face Amounts $5,000 - $50,000 Ages 20 through 65: Male/Female - Select Non-Tobacco, Tobacco
Graded Benefit Whole Life is a non-participating whole life insurance policy with level, guaranteed level premiums through maturity at age 121. This graded policy is for those who may have more serious health issues and are unable to qualify for level benefit. The Graded Death Benefit plan has a reduced death benefit for the first two years the policy is in force. If death due to natural causes occurs during the first year of coverage, the benefit is limited to 40 percent of the face amount. If death due to natural causes occurs during the second year of coverage, the benefit is limited to 75 percent of the face amount. After the second year, the full face amount of the policy is payable
Face Amounts $5,000-$25,000 Ages 66 through 80: Male/Female - Select Non-Tobacco, Tobacco To qualify for the Select Non-Tobacco class, the proposed insured must not have used any form of tobacco or nicotine-based products within the last 12 months
Face Amounts $5,000-$35,000 Ages 40 through 65: Male/Female - Select Non-Tobacco, Tobacco
Face Amounts $5,000-$25,000 Ages 66 through 80: Male/Female - Select Non-Tobacco, Tobacco
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- What is the underwriting process to get approved?
The insurance company's primary objective is to underwrite and issue simplified issue final expense whole life by simply using the application, medical information bureau, prescription drug check, and a personal history phone interview at the time of sale. There are no mandatory medical requirements such as paramedical or medical examinations, home office specimens, electrocardiograms, etc. Whenever possible, the company will underwrite and issue the insurance based on the answers on the application as confirmed during the personal history interview.
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- Who actually receives the proceeds from the policy?
The benefit amount will go to your chosen beneficiary. Typically a spouse, familiy member, child or friend.
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- Will my rates increase each year?
No, You premiums are guaranteed for the life of the policy as long as you continue to pay them.
The premium you pay for this coverage will not increase. The rate when you first become insured is the same rate you will pay for the life of the policy.
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- Can my death benefit change?
The death benefit purchaseed will not decrease due to age or declining health.
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- Do The insurance carriers provide a guarantee of satisfaction?
Most carriers will offer a 10-30 day free look provision. There's no risk or obligation for you in applying for coverage. Once accepted, your final expense whole life insurance policy will be sent for you to inspect. Take 15-30 days to review it carefully. If you decide that if for any reason it is unsatisfactory simply return it to the insurance company within specified return period for a full refund your entire initial premium payment. We only offer those companies that offer the right product's to meet your final expense needs.
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- Are the carriers stable? Where can I learn more?
visit our carrier link. or visit AM BEST one of the insurance industry's leading independent analysts. For more information about this rating,
please visit www.ambest.com to research carrier ratings reflecting thier financial strength and ability meet claims.
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