How to Get a Final Expense Insurance Quote

Aug 9, 2021 | Life Insurance | 0 comments

Death is a passage in life that’s inevitable for everyone.

The time to prepare for it is now. Getting a final expense insurance quote helps protect your family financially at the time of your passing. 

Final expense policies benefit everyone, especially those with poor health. Applicants don’t have to pass a medical exam. The entry questionnaire and prescription history are all they need. 

There’s also the death benefit that pays out up to $50,000. This covers funeral and burial expenses, which helps surviving family members say goodbye. 

Getting a final expense insurance quote from various companies helps you find the most affordable option. Here’s some viable information on how to find the best price.

Fill Out the Application Health Questions

All insurance companies use their own qualifying health questionnaire to find out about your health. No, a preexisting condition won’t stop you from getting insurance. It does, however, determine the type of rate you receive. 

Fill out the health history questionnaire. Here are some example questions you might have to answer to get insurance:

  • Are you currently in a hospital?
  • Do you reside in a nursing home full-time?
  • Do you require 24-hour care?
  • Are you on prescribed oxygen or lung respirator?
  • Do you have kidney disease, Alzheimer’s, or ALS?
  • Is your life expectancy less than 12 months?

Answer every question as honestly as possible. If you answer no to every question, chances are you’ll get the best rate possible. More than one yes won’t cost you an arm and a leg, but you won’t get the cheapest rate either.

Check the Insurance Company’s Financial Ratings

Final expense insurance companies have to meet their insurance obligations. When you’re searching for the best company, choose one with an A-rating.

The best way to do so is by checking Standard & Poors’ (S&P). This grades the financial strength of life insurance companies. Make sure the company has an S&P rating of AAA, AA, or A.

These types of ratings ensure they can pay their policies. A BBB rating isn’t bad, but it’s a sign the company’s financial strength might be weakening. 

Look Into Policy Types and Premium Costs

There are six types of final expense life insurance policies. The most popular of these are guaranteed issue and simplified issue. Each type has its own premium structure and price. 

Look at waiting periods and restrictions. Some policies may not require a questionnaire but forces family members to wait two full years for a payout. These types of policies offer coverage of $25,000 or more.

Other policies that require a questionnaire offer coverage by level — basic, graded, or modified. Based on where you fall, you can get coverage up to $100,000. 

Whichever you choose, expect to pay as low as $8.99 per month to close to $100 per month. Deciding what you can afford to pay every month to help you select the most affordable quote. 

Get a Final Expense Insurance Quote

Getting a final expense insurance quote helps you plan for your family’s future. Take your time. Choose a policy that’s worth what you can afford to pay every month. 

Let us take care of your burial insurance. Call us today for a quote and start protecting your loved one. 

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