Who Can Get Final Expense Life Insurance?
Final expense life insurance is a specific form of life insurance. Although the type of policy is quite similar in that it pays out a death payment to your listed beneficiary after you die, there are differences in this policy from other types. Specifically, it has a design to provide your listed beneficiary with a near immediate payment. This is a type of life insurance that most people can qualify for, too. With a number of other benefits, keep in mind that this type of insurance is one that you should not avoid. The question you may ask, though, is can you afford it and qualify for it?
Qualifying For Final Expense Life Insurance
Do you qualify for this type of life insurance? Chances are good that you do qualify. One of the main reasons that some people do not qualify for other types of life insurance is that they do not pass the necessary medical exams. If you have things like heart conditions or pre existing conditions, the insurance company may not provide you with life insurance coverage. The reason for doing this is simple: the risk of you dying sooner rather than later is too high.
However, with final expense life insurance, there is no medical exam required. This is an excellent reason to invest in this type of insurance even if you do not qualify for traditional forms of life insurance. Some states do require a guaranteed payment to be made by the insurance provider should you die before the policy matures. This helps ensure that you are not paying into a policy that your family will not benefit from.
What does all of this mean? In short, it means that it is highly likely that you will qualify for final life policies even if you do not qualify for other types of life insurance. That could be just what you need to hear.
You Can Afford It
The other aspect of life insurance that causes some people to hold back on purchasing it is the cost. There is no doubt that a large insurance policy will be costly to you since it needs to pay out much more at the time of your death. However, with final expense life insurance, the face value of the policy is much smaller than traditional life insurance policies. The direct result of this is a lower, more affordable premium payment. Therefore, if you feel that you cannot afford traditional life insurance, do not discount the affordability of final expense policies. It is very possible that this is a type of policy that you can afford.
Most people are able to afford and qualify for final expense life insurance. In fact, many people will find that this policy provides them with all of the coverage they need later in life to protect their family. If it comes down to it, you may want to choose a lower end face value amount just to provide your family with the ability to pay the funeral bills associated with your death.
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