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There are a number of quality insurance co’s that offer Final Expense or Burial life insurance at amounts from $5k and up. Currently, this type of life insurance coverage is available to people up to age 85 and the coverage available is Whole Life insurance that will also build a cash value.
Final expenses can vary greatly, but the amount of life insurance that’s purchased the most for this purpose is between $10k- $20k.
The companies that offer this type of coverage do not require any blood test or insurance exam, but they do ask health questions on their applications and they do a pharmacy records search, motor vehicle report and MIB search (www.mib.com) on all applicants which helps these companies to prevent fraud and to verify some information provided on the applications.
Like all life insurance rates, these final expense rates are based on age and health. So the younger and healthier you are when you purchase, the more cost effective the rate will be.
There are also guaranteed acceptance life insurance policies that are more expensive than the final expense or burial insurance plans mentioned above. These guaranteed acceptance plans should only be looked at as an absolute last resort for people that cannot qualify for the better final expense life rates.
REASON: Guaranteed acceptance life insurance will cover everyone and there are no health questions to be answered to qualify. Since the insurance co’s that offer this type of coverage know that they’ll get mostly unhealthy people buying this coverage, they charge a high premium for this coverage. These co’s also have a 2 or 3 year period, after coverage is paid for and placed in force, before they’ll pay the full insurance amount to the insured’s beneficiary.
If you’d like to get quotes for final expense or burial life insurance, please call us at toll free # at top of the page or just make a quote request to the upper right of this page and provide your email and we’ll email you with some information.
