Can I Obtain Final Expense Insurance If I Have Health Issues?

Can I Obtain Final Expense Insurance If I Have Health Issues?

Some of the important questions you might have to answer on the final expense insurance application form revolve around the last two years of your health. These questions include (but are not limited to):

  • Currently, are you bedridden, in a care facility, hospitalized, or getting sanatorium care?
  • Have you been tested positive for AIDS or HIV?
  • Do you have any heart disease, including heart surgery or heart attack?
  • Do you have any circulatory system diseases such as stroke?
  • Do you have heart failure (congestive)?
  • Do you have cancer?
  • Do you have dementia or Alzheimer’s disease?
  • Have you had drug abuse or alcohol abuse?
  • Are you taking any medication, or has a physician treated you for any conditions above in the previous two years?

The good news for you is that even if your answer is “yes” to any of the questions above, you might still be eligible for final expense insurance coverage. With this insurance, most individuals can receive coverage even if they have serious health concerns.

The majority of the final expense insurance policy amounts are less than 50000 dollars. That said, the average policy an individual takes out is between 12000 and 20000 dollars. The precise amount will be contingent on the status of your health and what to seek to protect. Keep in mind that if you can qualify for a modified final expense insurance plan, your amount of coverage might be lower than a conventional final expense official policy.

Such modified final expense insurance plans are issued to individuals with greater health risks and often have a waiting period of 2 to 3 years. These plans are generally issued to folks who have one or more health-related issues or conditions or take particular medical prescriptions. If the insured individual dies during this period, their beneficiary will most likely get all the premiums adjusted in the final expense policy and a small extra percentage.

Be Honest!

It is vital to honestly answer all the health-related questions when filling out the final expense insurance form. If you hide or withhold anything regarding your health, your benefit can likely be canceled when your family members require it the most.

Some of the folks make the mistake of thinking that since most of the final expense insurance policies do not need a medical exam, they can easily lie regarding their health, and the insurance organization will never find out. However, such insurance companies usually ask for medical records for the previous several years when their insured passes away during the insurance policy’s contestability period. The insurance claim is usually denied if there are any differences between the medical records and their application answers.