If you are worried about burdening your family with the burden of additional expenses, then final expense insurance is something you may want to consider. Final expense insurance covers final disposition expenses, final legal expenses, burial expenses, and the like.
Insurance expert Gary P. Cubeta of Insurance for final expenses elucidates that policies like the Mutual of Omaha Final Expense insurance policy aim to provide for burial and other related costs of the insured and are beneficial, especially if the survivors have financial problems.
Final expense insurance coverage will give your family one less thing to worry about when dealing with your loss.
Table of Contents
Final Expense Insurance Is Easy to Qualify For.
Unlike whole life insurance policies, final expense insurance comes with lower coverage limits. The purpose of this policy is to cover the final costs of the insured, unlike whole life insurance, which seeks to protect the family of the insured after his/her death. So, insurance companies are not very strict with their qualification criteria.
Anyone can qualify for this insurance provided they continue to pay premiums on time. There are no stringent medical examinations involved, and final expense insurance is available even if you have preexisting conditions. Final expense insurance is easy to buy even if the person is above 80.
What Is Covered in Final Expense Insurance?
Final expense insurance policies like the Mutual of Omaha final expense cover more than just funeral expenses. It also provides a cash benefit to the survivors. The recipient can use the amount for any expense they choose. Final expense insurance is best for:
- People who have reason to believe that the economic status of their families may not be enough to bear the burden of final expenses;
- People who have preexisting conditions. This type of insurance requires no medical examination;
- People who are looking for short-term, affordable coverage.
Benefits of Final Expense Insurance
Final expenses insurance comes with a few benefits besides giving your family the financial support they need.
Not Based on Medical History
Final expense insurance is not based on your medical history and bills. Other insurance policies may require you to go through detailed checkups and examinations. You don’t have to keep track of your medical bills or prove you are healthy to qualify for this type of insurance.
It helps pay off funeral costs.
The costs may include the casket price, the service, the headstone, and all other related expenses. You can arrange with the insurance company to work directly with the funeral home. The insurance is meant to cover most of the average funeral costs. The cover may be as high as $10000 depending on the scheme you choose.
Little or No Waiting Period
The policies are issued in less than 48 hours sometimes. The insured is not required to go through strenuous procedures to get coverage. The only condition imposed by the insurance company is the timely payment of the premium. The approval is almost instant.
Guaranteed Death Benefit
The benefit will indeed be made available to the survivors on the death of the insured. There are no conditions that have to be met. Since the policy is for a specific purpose, nominees don’t have to submit documents or prove the cause of death.
Premium Payments Are Fixed.
The premium payments are fixed. The rates don’t change with market rates or with rising inflation rates. The policy is also short-term, so you won’t have to worry about funds to pay a premium for long periods. The death benefits are definite and not based on complex computations like other insurance policies.
Seniors Can Qualify With No Difficulty
Final expense insurance aims to provide service for older people. Even seniors over 80 years of age can qualify with no difficulty. It will accord seniors with the peace in knowing that their loved ones won’t be overburdened.
Details About Final Expense Insurance
- The payout or benefit usually ranges between $2000 and $25000
- It provides for funeral and related costs but is not a scheme of ongoing support for families
- The death benefit is usually guaranteed, and coverage is available even for people with critical health conditions
However, it may be essential to note that even the “guaranteed coverage” part of final expense insurance comes with some built-in preconditions. If death occurs within two years since the commencement of the policy, the insurance company has the right to investigate the reasons for death. Also, if the company has reason to believe the policyholder didn’t submit an open application, the company may deny the payout.
Final Expense Insurance Can Alleviate the Stress of Your Loved Ones.
Final expense insurance can free your loved ones from the stress of arranging funds for your final costs. Buying a policy will assure you that you support your family and not leave them any dues to deal with.