Final expense insurance is a kind of whole life insurance designed to cover medical bills and funeral expenses after you die. A final expense policy is also known as burial or funeral insurance and is popular with seniors.
Once you get good insurance like John Hancock final expense life insurance, you can get the best features that the policy offers.
Common Features of a Reliable Final Expense Insurance Policy
A good final expense life insurance policy offers your family the peace of mind to know that your funeral costs will be taken care of after your death. Following are some of the standard features that a reliable finance policy has:
Whole Life Insurance
With nearly no exception, final expense insurance is a kind of permanent life insurance. Different from term life insurance which pays out only a death benefit if you die during the policy term, like ten or twenty years, a whole life insurance policy will stay in effect as long as you pay your premiums every month.
It means that your final expense policy will have all of the features of whole life insurance. For example, it has a cash value, that means it is suitable for you to take loans or even surrender the policy to get its value before death.
Final Expense Insurance Without Any Medical Exam
Most of the insurance companies do not need you to get a medical exam to buy the policy. However, most of these will have applications with different health questions. If you have good health, you can qualify for a final insurance policy that pays the policy’s whole amount from the time it gets issued.
Moreover, final expense policies are usually managed with simplified underwriting, and you (candidate) will only need to answer a few basic questions about your health. Still, you will not be subject to a medical exam.
Since no medical exam is there, it means nearly everyone can qualify for final expense coverage. For this reason, the cost of final expense insurance may be as high as 10 to 20 times the sum of a fully guaranteed term life insurance policy.
So, if you do not have any deadly ailment, you must look for a reliable and suitable policy like John Hancock final expense life insurance as suggested by independent agents like Gary Cubeta of Insurance from Final Expense. For now, let’s look at the four chief types of ‘no medical exam insurance’ below:
Simplified Issue Insurance
This policy is referred to as ‘no medical exam insurance’. It possesses strict underwriting, so you must be healthy to get in.
Guaranteed Issue
It is an insurance type without any exam, and you do not even need to answer any questions. The policy is issued, guaranteed. And anybody in a particular age range can get it.
Level Final Expense
It is a whole life insurance final expense policy. You will pay a stable premium for the rest of your life to cover any final costs.
Graded Death Benefit
This policy gets you graded protection, and it means the full death benefit does not get sent out in an initial couple of years. However, it may gradually increase over time.
To sum up, reliable final expense insurance with all the important features is a must-buy item for you and your family. This way, you can be sure that your family members do not suffer after you are gone.
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