Final Expense in
Virginia
Do not fear the financial outcomes of your death. You can prepare in advance to ensure that the process goes smoothly for your family and other loved ones. With final expense insurance, you gain access to death benefits that will provide income to your beneficiaries, ensuring that your funeral is properly paid for.
This can bring significant peace of mind in your final days. It can also keep your family from worrying as you pass away. To learn what final expense options include, keep reading.
Final Expense Plans in Virginia
In Virginia, there are hundreds of different final expense plans. Each one may be slightly different, but they all work mostly the same. With final expense insurance, you purchase modified whole life insurance policy that provides ample benefits. Though, the benefits are not as large as those offered by traditional whole life insurance plans.
Instead, expect benefits ranging between $5,000 and $25,000. These benefits do not go to you — instead they are funded to your beneficiaries when you or another insured person dies while covered. If you stop paying your premiums, coverage stops, and if the insured person dies after coverage stops, no benefits will be paid out.
Qualifying for Final Expense
You do not qualify for final expense in the same way you would qualify for other life insurance plans. While most traditional plans require you to complete a medical exam, final expense only requires applicants to answer some medical questions and other personal questions. Like the medical exam, these medical questions are used to identify how much risk is involved with insuring your life.
If you are unable to provide sufficient answers to the questions, you may be denied by some final expense companies. Fortunately, people who get denied under these circumstances can still find qualifying final expense insurance through guaranteed issue final expense plans. These plans accept all applicants, but have higher prices. They are a fine option if you are otherwise unable to qualify for life coverage.
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