When To Shop For Final Expense Insurance?

The earlier you apply for final expense insurance, the lower your monthly premiums will be. Most final expense policyholders apply between ages 50 and 85. We can find coverage for people with health concerns, and even those with the most serious health conditions can still apply for guaranteed issue policies to secure coverage.

When Should You Apply for Final Expense?

You should apply for final expense when you’re 50 or older and start thinking about planning your final arrangements or leaving money to your beneficiaries. Final expense insurance is for people who want to make sure their loved ones aren’t left with a funeral bill when they pass away.

It’s best to apply before you develop serious health concerns, if possible. With age, you may develop more serious conditions and have a greater likelihood of experiencing a heart attack or stroke. The better health you are in when you apply, the lower your rates will be.

How Does My Health Rating Impact My Benefits?

Your final expense insurance costs will mostly be determined by your age and health condition when you apply. There are three rate classes based on your health, which are a major factor in the cost of your policy.

Level death benefits are available for people who answer “no” to each of the health questions. These seniors have the highest health rating and can access the best prices. They are also able to access the full benefit with no waiting period.

Graded death benefits are for people with medium risk. In the first year of the policy, beneficiaries will be able to access 25–45% of the death benefit, which increases to 50–75% during the second year. After two years, they can access the full death benefit.

Modified death benefits are for people who answer “yes” to certain critical health questions. Within the first two years of holding the policy, your beneficiaries will only receive the premiums you paid plus 10% interest.

Who Can Apply for Final Expense?

Final expense is mainly designed for seniors. The range in size for death benefits allows seniors to purchase as little as $2,000 in coverage or up to $50,000, depending on the maximum allowed by a particular carrier.

The medical underwriting is so minimal that it’s intended to help people with high-risk medical conditions obtain insurance. We can get you insured even if you have one of the following health conditions:

• Anxiety Medications
• Arthritis
• Asthma
• Atrial Fibrillation
• Bi-Polar Disorder
• Blindness
• Blood Clots
• Blood Thinners
• Cancer More Than 2 Years Ago
• Cholesterol Issues
• COPD, Chronic Bronchitis, & Emphysema
• Cystic Fibrosis
• Defibrillator/Pacemaker
• DepressionDiabetes Type I, Type II
• Diabetes/Nephropathy
• Diabetes/Retinopathy
• Down’s Syndrome
• Epilepsy
• Fibromyalgia
• Heart Attack
• Hepatitis A/B/C
• High Blood Pressure
• Hospitalized, Home Health Care, Hospice, Bedridden
• Insulin 
• Liver Disease
• Morbid Obesity
• Multiple Sclerosis
• Non-Cancerous Tumors
• Parkinson’s Disease
• Schizophrenia
• Seizures
• Sleep Apnea
• Spina Bifida
• Stroke
• Tuberculosis

What If You Have Serious Medical Concerns?

Guaranteed-issue policies are best for people with the most serious health conditions. These policies have no health questions and no medical underwriting. People with the following conditions are good candidates for guaranteed issue policies:

• Alzheimer’s/Dementia/Lou Gehrig’s (ALS)
•  Aids/HIV
•  Hospitalized, Bedridden, Hospice
•  Dialysis
•  Oxygen Use
•  Mini Stroke/TIA (less than 2 years ago)
•  Terminal Illness

With a guaranteed issue policy, your beneficiaries will not receive the death benefit if you pass away within two years of buying the policy. They will instead receive the amount you have paid in premiums, with an additional 10% interest. You will have to pay higher premiums for a guaranteed issue policy because the insurer is taking on a higher risk, but you have the assurance that this money will be paid back with interest.

The associates of Final Expense of America are experts in securing you the coverage you need. Contact an agent to find out what coverage you qualify for.