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Explore Final Expense Insurance During Life Insurance Awareness Month
Life insurance is an easy way to provide a financial safety net for your loved ones if you pass away unexpectedly. But did you know that 106 million adults in the U.S. lack life insurance or adequate coverage?
September is Life Insurance Awareness Month, an annual campaign that encourages people to learn about the benefits and importance of having life insurance coverage. If you’ve been thinking about purchasing a life insurance policy or switching to a different type of coverage, now is the perfect time. In this article, we’ll help you explore one of the most common types of life insurance, final expense insurance, so you can decide if it’s the right fit for your needs.
What is final expense insurance?
Final expense insurance is a type of life insurance that helps cover end-of-life costs, like funeral expenses, medical bills, credit card debt and other debts you don’t want to leave to your loved ones. Final expense insurance differs from traditional term or permanent life insurance because no medical exam is required to purchase it and it’s generally more affordable. However, the trade-off for that affordability is that coverage limits are often lower for final expense policies than traditional ones.
There are three main types of final expense insurance:
- Simplified issue: Coverage is issued based on a questionnaire about your health and lifestyle. You forgo a traditional medical exam and don’t have to supply medical records. People between the ages of 45-85 can get simplified issue coverage up to $100,000.
- Guaranteed issue: As the name suggests, this type of coverage is guaranteed for those ages 45-85. Guaranteed issue policies offer up to $25,000 in coverage, and you don’t need to answer any health qualification questions in order to qualify.
- Critical illness: This type of policy is designed to cover future medical expenses if you are diagnosed with a serious illness, like cancer, or have a medical event like a heart attack or stroke. Critical illness life insurance provides lifetime coverage, and benefits take the form of a lump-sum payment upon your diagnosis.
Benefits of Final Expense Insurance
Trying to decide if final expense insurance is right for you? There are many benefits to this type of coverage, including:
- No medical exam: You don’t need to undergo a medical exam to qualify for final expense insurance. If you have health issues that could affect your eligibility for other types of coverage, a final expense policy may be a good alternative.
- Accessibility: Unlike traditional policies, which can disqualify you from coverage based on a variety of factors, approval for final expense insurance is almost always guaranteed for people ages 45-85. This makes it more accessible for people who may have trouble qualifying for traditional policies, like older people or those with certain health conditions.
- Affordability: Final expense coverage is one of the most affordable types of life insurance available, with premiums averaging between $30-$70 a month.
- Estate planning: Final expense insurance can be used as an estate planning tool, providing additional peace of mind as you plan for the division of your assets among your loved ones after you pass away.
Let SelectQuote Help You Find Final Expense Coverage This Life Insurance Awareness Month
When it comes to life insurance, there’s never a better time to purchase it than right now. If you’re interested in purchasing final expense insurance, SelectQuote can help. Our shopping process is done in just minutes, taking the complicated guesswork out of your hands to quickly and easily find you a variety of quotes. Let us help you find the right final expense policy for your needs.
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