How to Get Final Expense Insurance

Final expense policies are offered by more than one company and they are all pretty much the same. What sets them apart is where they get their funds. Some companies use their own money, while others use a company's money. It may sound confusing but really it's not. There are a few things to consider when choosing final expense insurance policies and this article will give you all the information you need to make the right decision.

The main difference between final expense policies and other types is the cash value. Most other policies pay out only what the policy owner pays into the policy over the guaranteed issue period. Final expense policies are a non-guaranteed issue life policy and as such they do not pay out anything until the policy owner makes their initial payment. This initial payment can be a lump sum or a line of credit. Many times the company will allow you to make additional payments as long as it is within the waiting period and up to the amount of your initial payment.

One of the benefits of final expense insurance over other types is that they generally have a smaller death benefit. An insurance agent will help you get coverage in the event of your death within the waiting period. They do not pay out any additional benefits and often only pay out the amount of your premium for that year.

Another thing to think about is whether or not you will need to submit to a medical exam before the final expense policies can pay out. With other types of policies, like term, most people will not have to submit to a medical exam. With final expense policies however, you will be subject to a medical exam. This means that if you have a pre-existing medical condition then you may not be able to purchase the policy.

There are two different ways to qualify for final expense insurance. First, you can buy it based on your current health conditions. This is the most expensive way to qualify, but you will be eligible for the highest premiums. Second, you can apply for coverage based on the value of your life. If you have more value than the premiums you will qualify for a lower premium and vice versa.

As long as you have at least $1k in the account when you die then your death benefit will be paid to your beneficiaries. The main thing to remember is that final expense insurance policies do not pay out the whole death benefit. What they will do is take over your remaining premiums and pay out the balance. So it is important to add in extra premiums to the amount you expect to be paid out so you don't drain your account too fast. Check out this post for more content related to this article: https://en.wikipedia.org/wiki/Insurance.