Almost anyone can qualify for a final expense plan—they are among the easiest to qualify for than other insurance options, regardless of age or health status.
However, just because it’s easy to qualify for doesn’t mean that you should jump into the first plan that accepts your application. You must first understand who qualifies for final expense insurance and if it is right for you.
Medical Underwriting for Final Expense Insurance
With other life insurance policies, you would have to undergo a medical underwriting and examination process. It sounds like a scary endeavor, and for some individuals, it is—you’ll get asked various questions about your current and past health condition, as well as have a full medical exam to determine your eligibility.
It’s scary because, for many people, they can’t meet all of these requirements and will likely not qualify for the policy. With final expense, however, you can immensely simplify this process or skip it entirely.
Guaranteed vs. Simplified Issue Final Expense Insurance
Within final expense insurance, there are two types of plans—simplified issue and guaranteed issue. Simplified issue completely throws out the medical examination process. Instead, you’ll only have to fill out a short current health questionnaire.
However, some still may not meet this plan’s requirements either. In that case, you may opt for a guaranteed issue plan, which skips both the medical exam and the health questionnaire.
Overall, in terms of health history, final expense insurance is one of the easiest and best plans on the market to qualify for.
Your Age Is Likely Not a Problem for Qualifying
Some plans have certain age caps that will stop individuals from enrolling. With simplified issue insurance, you may be anywhere between 45 and 80 years old, with payout benefits as high as $40,000.
You can be even older and still qualify for a guaranteed issue plan. This plan’s age requirement is between 50 and 85, with payouts still as high as $25,000 despite the easy qualification process.
However, you should be aware that the older you are, the higher your premium will be. Many people will say that final expense insurance is far more expensive than other life insurance (whole of term life). This is because the overall average of those enrolled in final expense is much older than those in whole life or term life plans.
Get an Affordable, Quick, and Easy Final Expense Policy
You deserve the best insurance out there. If you’re worried about whether you or your loved one qualifies for a final expense plan, don’t settle—with the right guidance, you can get not just the insurance you think you can get, but what you actually need.
To speak with a licensed agent and get a quick and FREE quote, call Senior Life Services at (800) 548-3249.