How Does the Process of Buying a Final Expense Insurance Policy Work?

The process of applying for and obtaining a Final Expense Insurance Policy begins with a phone conversation, during which I gather essential information, including health diagnoses, prescription medications, and other relevant personal details.

Next, I submit this information to a database of insurance carriers.

Once I identify the companies that can offer approval, I discuss the monthly premiums and coverage options with the client. Together, we determine the plan that best fits their needs and budget.

Once the client selects their preferred option, we submit the application to the insurance carrier, either over the phone or online.

The entire process is efficient, typically taking less than an hour to apply for and issue the policy, ensuring that you receive the coverage you need promptly.

Benefits of Final Expense Life Insurance:

Final expense insurance is a whole life insurance – rates never go up, the policy cannot be canceled by the insurance company, only by you and you are under no contractual obligation to keep the policy for any length of time. The policy lasts for your entire life, rather than for a certain period.

While a term policy could possibly provide your beneficiaries with a larger amount of money, when the term expires and you are at an older age and, possibly, likely, with more health concerns, you may be uninsurable at an affordable rate.

No health exam is required in most cases.

A policy decision is typically made instantly by the insurance carrier and the policy is issued the same day. Policy decisions are often made immediately, with the potential for same-day issuance, allowing you to secure coverage without delay.

Final Expense Insurance policies can be applied for and approved over the phone or a computer, which is more convenient for many people.

A Couple of Facts About Final Expense Life Insurance:

Lifetime Coverage: As a Whole Life Insurance policy, Final Expense Insurance remains in force for your entire life, unlike term insurance, which expires after a specified period.

Final Expense Insurance is considered to be “Simplified Issue”, meaning that these policies typically do not require a medical exam.

Guaranteed Issue Options: For those with health concerns, certain plans may offer guaranteed acceptance. While these policies may come with a higher premium and a two-year waiting period for full benefits, they ensure coverage for those who might otherwise be ineligible.

Importantly, should you pass away within the first two years of issuance of a Guaranteed Issue Final Expense Policy, all premiums paid will be refunded to your beneficiary, plus interest.

Additionally, if death occurs due to an accident during the 1st 2 years of issuance of a Guaranteed Issue Insurance Policy, the full death benefit is typically still payable.