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When you’re looking to get life insurance protection, it can be a long and confusing process. There are dozens of different kinds of plans that you can choose from. Each kind of plan has its own advantages and disadvantages that you’ll need to consider when you’re looking to get the best plan to meet your needs.
While just about every household needs life insurance coverage, there is a demographic that could benefit from having a final expense insurance plan instead. There is a lot of confusion surrounding these policies, but it’s vital that you understand all your options to ensure that you’re getting the best plan to meet your need.
What Is A Final Expense Insurance Policy?
Final expense insurance policies are just a small version of life insurance that you can purchase to give your family the protection that they need. These plans work just like any other traditional kind of life insurance, except they tend to be $30,000 or less. There are several advantages to purchasing a final expense insurance policy instead of a traditional plan.
The obvious advantage is that these policies are going to be much cheaper than a life insurance policy. The main factor that is used to calculate monthly premiums is the amount of life insurance that you’re buying. The smaller the policy, the cheaper the premiums are going to be. If you want to save money, but still want to give your family insurance coverage, these could be a perfect option for you.
Another advantage of these policies is that they don’t require you to take the medical exam before you can get coverage. With a traditional life insurance plan, you’re required to take an exam to give the exam company a picture of your overall health. If you’re in poor health or you have several pre-existing health conditions, the insurance company can decline your application for coverage, but with a final expense policy, they won’t be able to.
Another significant advantage to a final expenses plan is that you can get protection much quicker than you would be able to with a traditional life insurance policy. With a normal plan, you’ll have to wait while the company schedules the medical exam, and then wait for the company to review the results from the policy. The whole process can take up to a month. With one of these plans, you can purchase coverage in a matter of days. If you want to get life insurance protection as quickly as possible, these final expenses plans are the best option.
Who Should Get A Final Expense Insurance Policy?
These plans are not a great option for everyone, and it’s vital that you get the perfect coverage for your loved ones. Not having the right kind of life insurance is one of the worst mistakes for your family. There are several broad examples of people that could benefit from have a final expense policy, but these are not all of them.
The first demographic of people is retired applicants that no longer have a massive amount of debt or anyone that relies on their income. The main goal of a life insurance policy is to get your loved ones the money that they need to pay off your debts and other final expenses. More than likely, one of these small final expense plans aren’t going to give you the coverage that your family needs to pay off those bills. If you don’t have enough life insurance coverage, you could leave your family with hundreds of thousands of dollars of debt. That will make an already difficult situation a thousand times worse. These people don’t have any debts, but still, want to give their loved one’s money to pay for funeral expenses and any other related costs that they would be responsible for.
Another demographic that should take advantage of these policies is anyone that’s been declined for a traditional plan that requires that you take a medical exam. Because these plans don’t have an exam, anyone can purchase one of them, regardless of your health or medical records.
Working With An Independent Insurance Agent
If you’re looking to get life insurance, we know that it can be difficult to find the best plan to give your family the perfect protection that they deserve. Luckily, our agents are here to help make the process as quick and simple as possible.
Unlike a traditional insurance agent, our independent insurance agents don’t only work with one single company. Instead, we represent dozens of highly rated insurance companies across the nation, and we have years of experience working with various kinds of applicants. Because we work with so many companies, we can bring all of the best insurance policy rates directly to you. There are thousands and thousands of different companies on the market, which means that you could spend weeks calling agents to find the best rates, or you can let us do all of that work for you.
Additionally, aside from finding the best rates, we can also help you decide which plan is going to meet your needs the best. We can ask you several questions to determine if a final expense policy is going to be the best option, or if you should apply for a traditional life insurance policy.
Even if you’ve been declined for a life insurance policy in the past, we can find you an insurance company that will approve your application and give you an affordable life insurance policy. Each insurance company is different, it’s vital that you find one that will look at your application favorably, and we can help.
If you have any questions about final expense insurance plans, or about the other options available to you, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best plan to meet your needs.