Getting Ready To Apply For Final Expense Insurance? Here’s What You Need To Know

Written by Ross Quade Published: / Last updated:

Thinking about applying for final expense insurance?

If so, you likely have quite a few questions on your mind. From the costs you can expect to pay to the value coverage provides, it’s common to be a little overwhelmed when first evaluating the idea of seeking burial insurance.

How Final Expense Insurance Works

First things first, let’s get down to the basics.

So, what is the purpose of final expense insurance? Essentially, final expense insurance policies are designed to help cover the final costs in the event of your passing. Coverage can offset final expenses such as the funeral service, casket, plot, etc.

Typically purchased by those between the ages of 50 and 85, although some providers do offer coverage to those over the age of 85, burial insurance can help offset final expenses for remaining family members and loved ones.

Unlike term life insurance policies, final expenses insurance policies are permanent. Meaning, as long as premiums are paid in a timely fashion, coverage will not expire. In other words, burial insurance does not come with a timeline, allowing individuals to capitalize on tax-deferred savings over time.

What will Insurers want to Know?

So, what will insurers want to know?

While there will be no medical exam required, which can be great news for those with certain health conditions, there are a few factors that insurers will want to be aware of.

Although providers will ask a variety of questions from applicants, some of the most common include:

  • Age
  • Gender
  • Weight
  • Tobacco Usage
  • Alcohol Usage
  • Occupation
  • Income
  • Lifestyle
  • Hobbies

Why are insurance providers asking for so much information? Due to the fact that no medical exam is required, insurers want to evaluate your current risk status. For example, if you’re a nonsmoker who is in good health, you’ll likely be able to qualify for lower premiums. However, if you’re a smoker who also participates in dangerous hobbies such as skydiving, you’re likely going to be paying higher premiums.

There is some good news, though. Due to the fact that no medical exam is required, applications are typically processed promptly. Meaning, you won’t have to wait around forever to start investing in coverage.

How to Find Affordable Coverage?

When shopping for a policy, it’s important to compare your options. No single provider is exactly the same, thus you’ll want to compare quotes before settling on a final option.

So, what should you look for in a policy? Ideally, it’s in your best industry to evaluate each policy by considering the following:

  • Is there a waiting period for the policy? If so, how long?
  • How challenging will it be to qualify for this policy?
  • What is the maximum amount of coverage this policy offers?
  • What is the minimum amount of coverage this policy offers?
  • What is my initial premium with this policy?
  • Will my premiums be subject to change over time?

In addition, always be sure to evaluate the credibility of the provider as well. While a policy may look great on paper, it’s in your best interest to check a provider’s reviews before signing off on anything. Otherwise, you could end up with a less than desirable policy on your hands

Need some help getting started?

No matter what your health condition is or how old you are, we can help. Navigating the funeral life insurance industry can be a nightmare and very confusing. Fortunately, FinalExpenseInsurance.com makes comparing policies and prices easy.

Get started today by entering your zip code to begin comparing the best quotes from the best providers.

Featured image via Batesville

About Prime Mutual
About Prime Mutual

Prime Mutual has been helping seniors compare the best final expense insurance companies throughout the United States since 2016. We believe in educating our clients, building trust, and assisting them plan for end of life expenses. With a growing population of seniors in retirement, it is more important than ever to have a financial plan in place to help struggling families honor their loved ones.

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