How Do I Qualify for Final Expense?

Pre-Existing Conditions Don't Matter

If you do not qualify for a traditional life insurance policy, you may be considering final expense insurance instead. For people researching this type of coverage, it helps to understand the application process. Overton Agency is here to make it fast and easy.

What Is Final Expense?

Final expense is a form of permanent life insurance. Although these plans cover you for the rest of your life, much like whole life insurance, the benefits are significantly lower. This is because final expense plans are only meant to cover end-of-life expenses, such as burial, cremation, and funerals.

How to Qualify

There are 2 types of final expense insurance: simplified issue and guaranteed issue life insurance. Those with certain medical conditions and/or limited budgets may conclude that guaranteed issue coverage is for them—typically between $10,000 and $25,000.

To qualify, you may be asked to answer a health questionnaire. These questions are used by the insurance underwriter to determine how much it will cost to insure you. If you are seen as higher risk, your premiums will be higher. Individuals with lower risk pay less. 

However, a medical exam is not required to determined your eligibility.

What About Death Benefits?

Final expense plans have smaller death benefits, making the premiums (in most cases) more affordable than traditional life insurance. No matter when you die, as long as you paid your premiums, your beneficiaries will receive the full death benefit. This amount will help them handle your end-of-life expenses. It’s important because, if you die unexpectedly, your family likely has bills of their own—and they may struggle to pay the sudden cost of an expensive funeral bill.

How Does the Process Work?

First, you contact an insurance agent to start the application process. This includes answering the aforementioned health questions and selecting your death benefit. Even if you were unable to qualify for other life insurance plans due to prior health conditions, you still have a shot at getting covered by final expense providers. That’s because final expense plans are built to absorb the risk of certain medical issues—even if the applicant has been diagnosed with diabetes, cancer, or Parkinson’s disease.

See if You Qualify for Final Expense

Licensed agents are standing by ready to help you. After determining your eligibility, we’ll  identify how much coverage is right for you and your financial situation, and then shop carriers for the lowest rates. Don’t wait! Call today.