Final Expense
Is final expense life insurance worth it?
It’s a great option to have if you have pre-existing conditions that prevent you from getting any other traditional life insurance policy.
Why should I get final expense insurance?
It allows your beneficiaries to pay for expenses such as some debt, burial, medical, or other types of expenses.
Start with our application process
We’ll require some basic information from you for the underwriting process.
What To Expect
Underwriting Process
- Information submitted to underwriters
- Process can take 1 to 3 weeks based on medical history
- Underwriters determine health rating
- Rating provided by insurance company based on age and health
Living Benefits Coverage
- Living benefits that are paid out while your alive help to cover:
- Terminal illness
- Chronic illness
- Critical illness
- Critical injury
Frequently Asked Questions
What is final expense life insurance?
Final expense insurance is also referred to as funeral insurance or burial insurance. The simplified issue life insurance policy is generally a whole or modified life insurance. The death benefit is typically under $50,000. There is no difference between final expense insurance and life insurance. The beneficiaries can use the death benefit any way they please, from paying debts, property taxes or taking a vacation.
What can living benefits be used for?
Since the benefit is unrestricted, once you qualify, you can use the benefit for any reason. Benefits might be used for, but are not limited to:
• Household expenses
• Adult Day Care
• Home modifications
• Regular bills
• Nursing home care
• Quality of life expenditures
Do I qualify for living benefits with a chronic illness?
A doctor has certified, within the past 12 months, that you are unable to perform two out of six “activities of daily living” for a period of at least 90 consecutive days without assistance, or that you are cognitively impaired.
Activities of Daily Living
- Bathing
- Continence
- Dressing
- Eating
- Toileting
- Transferring
Generally, the rider needs to be in force for a period of two years. There is an annual limit on the amount of benefits you can receive. There is also a lifetime limit on the amount of benefits you can receive across all Accelerated Benefits Riders.
How do I receive living benefits with a terminal illness?
Generally, if you have been diagnosed with a terminal illness that will result in death within 24 months of certification of the illness by a physician.
The benefit payment will be a lump sum. There is no waiting period or annual benefit limit, but there is a lifetime limit on the amount of benefits you can receive across all Accelerated Benefits Riders. Here if you need it You can elect to either:
- Request the full acceleration, on a discounted basis, and use the lump sum as you wish.
- Choose to leave a portion of the policy’s death benefit intact and receive a partial benefit.
- Choose to leave the entire policy intact for your beneficiary.
What qualifies for living benefits with a critical illness or injury?
Critical Illness includes:
- ALS (Lou Gehrig’s disease)
- Aorta Graft Surgery
- Aplastic Anemia
- Blindness
- Cancer
- Cystic Fibrosis
- End Stage Renal Failure
- Heart Attack
- Heart Valve Replacement
- Major Organ Transplant
- Motor Neuron Disease
- Stroke
- Sudden Cardiac Arrest
Critical Injury includes:
- Coma
- Paralysis
- Severe Burns
- Traumatic Brain Injury
Will I receive the full death benefit if I receive the living benefits?
No. The actual payment you receive will be less than the portion of the death benefit accelerated because the benefits are paid prior to death. Values are based on current interest rates, the age of the policy, and your age and health.
No Medical Exam
Convenience
Disclose any medical conditions up front and the process is pretty easy to apply.
Quick Approval
Get your insurance rating and policy without having to see a nurse or doctor.
Coverage with health issues
Designed to help people who may not qualify for traditional policies get the coverage they need.
Receiving your benefits with critical illness or injury
Receiving your benefit
The discounted benefit you receive for the critical illness or critical injury rider takes into consideration four different categories depending on the severity of the illness:
- Minor
- Moderate
- Severe
- Life Threatening
Life Threatening Categories
The highest payout will result from the Life Threatening category. Generally, the rider needs to be in force for 30 days prior to diagnosis in order to accelerate. There is no annual limit, but there is a lifetime limit on the amount of benefits you can receive from all Accelerated Benefits Riders.
Electing options
- Request the full acceleration, on a discounted basis, and use the lump sum
as you wish. - Choose to leave a portion of the policy’s death benefit intact and receive
a partial benefit. - Choose to leave the entire policy intact for your beneficiary.