Final Expense Life Insurance Policies
Final expense insurance is a great economical way to make sure that when the time comes, you wont be a burden to your family.
Final expense insurance, is sometimes known as burial insurance or funeral insurance. It is a life insurance policy with a low confront value, usually between $5,000.00 and $25,000.00. There are certain life insurance companies that specialize in these types of policies.
Most final expense policies are whole life. This policy will cover you for life. They are guaranteed replaceable (as long as you pay the premium). The premium is also guaranteed. The price will keep continued for the life of the policy.
Most of these policies are simplified issue policies. This method that you are asked several medical questions, but you dont have to take a medical exam. There is also usually a phone interview involved with most companies today.
If you have a medical condition that will prohibit your qualification (such as Diabetes), you may qualify for a Graded or alternation assistance. With this kind of policy, the death assistance is phased in over time (usually two years).
There are some serious medical conditions that would prohibit you from obtaining already the alternation assistance. In this case, you can get a guaranteed issue policy. These policies will be issued to anyone who applies (as long as you are within the age limits). These policies will be issued to anyone, as long as they are not diagnosed as terminal. The guarantee issue policies work like the graded policies, phasing in the death assistance over time. Of course, the guarantee issue policies are the most expensive, but are nevertheless a great different to no life insurance at all.
As with anything else, price can vary from company to company. Another thing that you need to be aware of, especially in todays economy, is the financial strength of the company that you are dealing with. An independent insurance agent can be a big help in finding the right company and policy for you.
Bạn phải đăng nhập để gửi phản hồi.