Final Expense Insurance

Benefits of Final Expense Insurance:

Primarily used to pay for burial, funeral, cremation, and any expenses associated with a loved one passing.  The insurance company will provide your designated beneficiary with a check that can be used for any expenses based on your instructions.  

Final expense insurance is a type of life insurance that is designed to cover the cost of a person’s funeral and other end-of-life expenses. Here are some benefits of final expense insurance:

Financial protection for loved ones: Final expense insurance can provide financial protection for loved ones who may struggle to pay for funeral expenses, outstanding debts, and other expenses after a person’s death.

Affordable premiums: Final expense insurance typically has lower premiums compared to traditional life insurance policies, making it a more affordable option for many individuals.

No medical exam required: Final expense insurance policies typically do not require a medical exam, making it easier for people with pre-existing health conditions to obtain coverage.

Guaranteed acceptance: Many final expense insurance policies offer guaranteed acceptance, which means that anyone can get coverage regardless of their health status.

Cash value accumulation: Some final expense insurance policies may accumulate cash value over time, which can be used to supplement retirement income or pay for unexpected expenses.

Overall, final expense insurance can provide peace of mind for both the policyholder and their loved ones by helping to cover the cost of final expenses and easing the financial burden during a difficult time.

If you would like no hassle quote to see what options are best for you send a message through chat or chat with a live agent now.  

We offer all the top-rated carriers and can provide you with the best rate and coverage for you and your loved ones.

When shopping for Final Expense Insurance here are some key points to keep in mind. 

1. Make sure you are working with a licensed agent who is very knowledgeable and specializes in final expense insurance.  Just because an agent is licensed does mean they have the experience or offer a good selection of carriers to provide you with the best rate and best coverage based on your unique circumstances. 
2. Make sure you are working with an independent agent who has several companies to offer.  Each insurance company has different underwriting guidelines and some insurance carriers are okay with certain health issues like diabetes and others are not.  A good insurance agent will ask you the right questions before choosing a company to place you with.  
3. Let your insurance agent know of all the medications and health concerns you have.  The agent is on your side and does not make any underwriting decisions.  The more they know about your health issues it allows them to find the right company based on your health to get you approved and covered.  Which is why you need to work with an independent agent.  Your car insurance company typically doesn’t offer the best final expense insurance and if you have health issues you will most likely get declined. 
4. Choose a monthly premium that is affordable for you.  If you want higher coverage but can’t afford it you may end up canceling or risk the policy lapsing if you miss a payment.  

In most cases Yes you can still get coverage.  At Retire Happy we have several carriers that will approve you for various health issues.  Just let your agent know so they can select the right insurance company that will approve you with the health your health concerns. 

Common health issues are: 

• Diabetes
• COPD
• Heart issues
• Cancer
• HIV

The first step is to speak with a licensed agent, who is licensed in your state, about how much coverage you want and your health. 

Based on your age and health the agent will run a few options for you and allow you to choose the best option for yourself.

Once you decide which option that licensed agent will write up the application online with you on the phone or a video call.  There are approximately 15 questions they are required to ask.  On the application, the agent will ask health care questions, including address, place of birth, beneficiaries, phone and email address, social security number, and checking account number used for the payment.  All insurance carriers require this information.  

Once the application is completed it you will be required to sign using a digital online signature and then the application gets submitted to the insurance carrier.  In many cases, after a few minutes the carrier will approve the application and you are covered.  Don’t be alarmed if it does not come back with immediate approval.  Typically the underwriter wants to clarify the information on the application before they approve.  

If the application is declined, then work with your agent to determine why the application was declined so you and your agent can explore another carrier that will accept your health risk. 

Upon approval, the insurance carrier will send a you copy of the policy electronically and / or by mail.   

Most final expense insurance carriers are designed to cover you for your whole life and will go to least age 100 and some will go longer.  When choosing a carrier ask the agent what age the insurance expires. 

Anything you want it to cover.  The insurance company when you pass will send a check to your designated beneficiaries.  They can use the money for any expenses.  

We recommend that you provide instructions on how the money is to be used.  

For example:

• Pay for funeral and burial expenses.  
• Pay for house or rent payment for surviving spouse.
• Cover daily living expenses such as food, utilities, gas, credit cards, and car payment.
• Leave extra money for your loved ones. 

If you have been declined in the past we recommend that you let our team review your case.  We have a team of final expense specialists that can find you one of our top carriers that will approve you. 

Schedule an appointment with us to review.  

Each insurance carrier has its own application with different questions.  

Here’s an example of the most common questions asked.

1. Have You used any nicotine products (including, but not limited to, cigarettes, cigars, pipes, chewing tobacco, snuff, alternative nicotine delivery devices such as nicotine chewing gum or lozenges, nicotine patches or e-cigarettes or any device used for the vaporization of liquid nicotine) within the last 12 months?

2. Height?

3. Weight?

4. Have You EVER been: diagnosed, treated, tested positive, or been given medical advice, or prescribed medication by a licensed member of the medical profession for:
a. Alzheimer’s disease, dementia, memory loss, muscular dystrophy, or ALS (Lou Gehrig’s disease)?
b. Congestive heart failure, defibrillator placement, cardiomyopathy, chronic kidney disease or kidney failure, or received kidney dialysis?
c. Cirrhosis of the liver, Hepatitis (all forms, excluding recovered Hepatitis A), or liver failure?
d. Emphysema, chronic obstructive pulmonary disease (COPD), or any other chronic respiratory or lung problem, excluding allergies or asthma?
e. Metastatic cancer (cancer that has spread to other parts of the body)?
f. Two or more occurrences of cancer of any kind or a reoccurrence of a previous cancer?
g. AIDS, ARC, or HIV?

5. In the PAST 24 months, have You been: diagnosed, treated, tested positive, or been given medical advice by a licensed member of the medical profession for:
a. Internal cancer, brain tumor, or malignant melanoma (excluding basal cell skin cancer)?
b. Complications of diabetes, including amputation, retinopathy (eye disease), nephropathy (kidney disease), neuropathy, insulin shock, or diabetic coma?

6. In the PAST 24 months, have You been: diagnosed, treated, tested positive, received medical advice, counseling, or been prescribed medication by a licensed member of the medical profession for drug or alcohol abuse/dependency or addiction?

7. Within the LAST 12 months, have You been: advised, by a licensed member of the medical profession, to have tests, surgery or hospitalization (except for those related to HIV or AIDS), which have not been completed, or are You waiting for a medical diagnosis or results of medical tests or procedures which have not been received?

8. In the PAST 12 months, have You been: diagnosed, treated, tested positive, been given medical advice or prescribed medication by a licensed member of the medical profession for:
a. Angioplasty (balloon procedure), stent placement, or heart bypass surgery?
b. Stroke; heart attack, heart valve disease, coronary disease, angina (chest pain), or heart disorder (excluding hypertension)?

9. Have You RECEIVED advice from a licensed member of the medical profession to have, are You waiting for, or have You ever received, an organ or tissue transplant?

10. Are You NOW or within the PAST 6 months have you been:
a. Hospitalized for 48 hours or more, bedridden or confined to or living in a nursing facility or correctional facility?
b. Receiving or been advised by a member of the medical profession to receive hospice care?
c. Receiving home health care for a chronic or debilitating condition?
d. Receiving assistance with activities of daily living, including eating, bathing, toileting, or dressing due to a chronic or debilitating condition?
e. Confined to a wheelchair or using a walker for assistance (except in the case of a temporary condition immediately following injury or medical treatment) not to exceed 3 months’ time?
f. Using oxygen to assist in breathing?

11. Have You been diagnosed with a terminal illness that is expected to result in death within 24 months?

• $300,000 in life insurance death benefits
• $100,000 in cash surrender or withdrawal values for life insurance
• $250,000 in present value of annuity benefits, including net cash surrender/withdrawal values
• $500,000 in major medical or basic hospital, medical and surgical insurance policy benefits
• $300,000 in long-term care insurance policy benefits
• $300,000 in disability insurance policy benefits
• $100,000 in other health insurance benefits