Learn the Pros and Cons of Final Expense Insurance

5.  No mandatory hold time for purchases

There are several firms that offer 100% coverage upon death with no waiting period. If accepted, coverage will begin once the initial payment is made. Remember that getting instant life insurance coverage requires meeting certain requirements.

There will be no physical examination required, but you will be asked certain health-related questions (and be approved). There is a two-year waiting period for coverage under any plan that doesn’t need proof of health.

6.  Most policies include life insurance at no additional cost

This live benefit is known as the “Accelerated Death Benefit Rider” and is included in most burial insurance policies. This add-on is free forever with your subscription. There is never a cost.

The rider allows you to get up to half of your death benefit while still alive. You need to have a terminal disease and be given a 12-month or less prognosis to qualify for this rider. These riders have different requirements from firm to firm.

7. Fixed death benefit

There will be no decrease in your coverage under any circumstances. In case of death, the payout is fixed.

8.  Few choices for insurance

It is not possible to purchase a plan that does not include health-related questions. There are plans for final expense insurance that don’t need you to fill out a health questionnaire, which is one of the main advantages of this type of coverage.

Guaranteed issue life insurance is a frequent term for these types of plans. In other words, it doesn’t matter what kind of health problems you’ve had in the past; you’ll always be accepted.

Remember that there is a two-year waiting period associated with all of these plans. Your premiums will be returned to you only if you pass away during the waiting time specified by your insurance company.