Learn more about your options for final expense insurance.
What is final expense insurance?
Also referred to as burial insurance or funeral insurance, final expense insurance is a type of life insurance intended to cover end-of-life expenses. These expenses can include the cost of a funeral, credit card debt, medical bills or any other debt you don’t want to leave your family and loved ones with.
1. Simplified Issue Whole Life Insurance
Simplified issue whole life insurance can be a good option if you’re between the ages of 45-85 with policies up to $40,000 available. As the name insinuates, the process of getting covered by a simplified issue policy is much easier than a traditional term or whole policy as there’s no medical exam required. Instead, you only need to answer a questionnaire that includes questions about your medical history, health and lifestyle.
2. Guaranteed Issue Whole Life Insurance
With guaranteed issue whole life insurance, you are guaranteed coverage, making this a good option for those between the ages of 45-85 with face amounts up to $25,000. Just like simplified issue, guaranteed issue does not require a medical exam, but it also doesn’t require medical records, a database check or an additional questionnaire. Only a basic application is required to obtain guaranteed issue whole life insurance.
It’s important to note that while guaranteed issue covers accidental death from day one, it does not cover death by natural causes within the first two years of coverage. In the event of a natural death within the first two years, your premiums should be paid back to your beneficiaries.
3. Critical Illness Insurance
Critical illness insurance can cover you despite future serious health issues—such as cancer, heart attacks or strokes—and there are specially designed policies for different conditions. Critical illness insurance doesn’t require a medical exam and can give you lifetime coverage, regardless of a future diagnosis. Your pay out following a diagnosis or serious health issue can help replace a regular income, pay for medical bills and more.
Learn more about your insurance options today.
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* $5/week example policy is for female age 45, $7k policy which is $240,96 annually or $21.45 for a monthly premium. This policy is a United of Omaha: living Promise WL and is a non-participating whole life insurance to age 100, policy form ICC12L080P, underwritten by Omaha Life Insurance Company, Omaha, NE 68175. The premium is guaranteed to age 100. Minimum issue amount is $2000, maximum issue amount is $40,000 for the level benefit policy and $20,000 for the graded benefit policy. Premiums include a $36 annual policy fee. For the graded benefit policy, if the insured dies due to natural causes in the first or second policy year, the death benefit will be 110% of the premiums paid. In the third policy year or later, the full death benefit will be paid for death due to all causes Forms and plan provisions may vary by state. Plan not available in all states. Suicide and other limits may apply. Rates effective as of 1/2020. SelectQuote Insurance Services, SelectQuote Insurance Agency. ©2020 SelectQuote Insurance Services. All rights reserved.
AIG Companies policies issued by American General Life Insurance Company (AGL). Issuing company AGL is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG).