One of the big questions asked by people wanting to get whole life insurance to protect their families is how to find final expense insurance with no waiting period. There is a misconception that final expense insurance can be complicated to get and usually involves a waiting period before the coverage starts. This is a myth in the funeral insurance world and it is actually rare to have a waiting period when obtaining final expense insurance. The best way to ensure the fastest turnaround for starting a whole life policy is to know the purpose of the insurance policy, have a plan for signing up, and follow through so you can get coverage as soon as possible. Let’s take a look at the real facts about getting final expense insurance with no waiting period!
What is your purpose for getting final expense insurance?
This is the first step to starting your final expense insurance policy because it helps you determine how much burial insurance you need. You can’t get the quote or application process started without having some idea what amount you will want so that your family is protected. There are a few reasons someone might be seeking final expense insurance. One reason could be that you have no life insurance policy in place and you do not have the money saved that it would take to pay for a funeral. This is the most common reason people purchase whole life insurance policies and that is why they are commonly called funeral insurance plans or burial insurance plans- because the typical policy pays for those expenses upon death.
It is a difficult time for any family to grieve the loss of a loved one. It is much more difficult if the weight of financial strain is felt along with having to make the funeral arrangements and notifications. Having a burial insurance plan in place that is meant to pay for funeral costs lifts that weight of financial burden and lets them celebrate your life in the best way possible.
A second reason some people are seeking a final expense insurance plan is that they have enough money to pay for burial through a funeral home plan or small policy but there isn’t enough money in that death benefit to pay remaining debts leaving a surviving spouse struggling to make ends meet. This final expense insurance coverage can help bridge the gap between the monies a spouse makes and what the new living expenses will be as a widow or widower by providing a lump sum of money to pay debts and put a little money aside for emergencies. This is where the term final expense insurance can be common because the insurance policy goes beyond just paying for a funeral and also covers final expenses and debts owed by the insured. This is a lasting blessing to a family member that their financial situation will not be a struggle when their spouse dies.
Another reason that people purchase a final expense insurance plan can be to leave a specific family member a sum of money for a purpose they have in mind. Common ways to do this are leaving a grandchild money for college, a child some home start up funds, or even money to be shared by a few family members. By making a monthly payment on a whole life insurance plan to give this monetary gift upon your death, it is another way to use final expense insurance for your family.
How much final expense insurance do I need?
Once you have determined your purpose for buying burial insurance, you can figure out what size whole life policy you need. If your plan is primarily meant to pay for your funeral, Assurance Life can help you find the average funeral cost in your area so you can know how much your death benefit needs to be. If your plan is to pay debts owed, you can gather that information and we can help you compare plan options for how much you owe. Finally, if you would like to leave a lump sum to family members, choose an amount and we can help you get a quote.
What are the steps to get started?
There are a few ways to purchase final expense insurance with no waiting period. One is using an agent. Another is directly through an insurance company. The third option is going through a broker. Here are the pros and cons of these options. With an agent, there is a relationship you have by going to their office and getting to know your insurance agent. The main negatives with that option are that an agent usually just uses one or two companies so they can’t always get the lowest rates or the best coverage based on your age and health.
Also for some, having to make trips back and forth to an office aren’t ideal. When going directly to an insurance company through a phone call or website, you will only get one option for your final expense insurance without being able to compare companies. Also, this person you are speaking to is a representative of their insurance company and won’t be invested in helping you as the client to get the best plan possible because of the limited options.
The best way to get your final expense insurance is to use a broker. A broker combines the best parts of using an agent, with the convenience of contacting a company directly but adds the benefit of being invested in YOU as the client. Brokers like Assurance Life are licensed with many different companies but we work for YOU not for the insurance companies. By working with numerous companies, we can find the perfect one based on your age and health that gives you the most coverage for the lowest premiums. This also helps you find final expense insurance with no waiting period because if you happen to fall into a higher risk category, we can compare other plans until we find one without a waiting period.
After choosing a death benefit amount for your burial insurance, you will want to begin your FREE QUOTE process or call 800-517-0810 to get started. There is no obligation or medical exam needed.
Do all final insurance plans come with no waiting period?
So as mentioned earlier, most final insurance plans have no waiting period, breaking a myth in the insurance world. When people think of whole life insurance or burial insurance, it feels complicated and a little overwhelming. In truth the application process is very simple. The application and questionnaire take about 10 minutes and all the health questions are yes and no questions. There is NO MEDICAL EXAM or doctor visit needed. About 90% of the time, clients are approved for final expense insurance with no waiting period. However, about 10% of the time, due to current or past health problems, the insurance company approves the application with a graded or guaranteed issue plan. A graded plan means that the death benefit is paid out as a gradual percentage over the first two years. For example, if death occured in year one, they might pay 40% and in year 2, 75% and finally, after two years, the full death benefit would be paid out.
For a guaranteed issue plan, there is a two year waiting period before the death benefit is paid unless death is accidental. However, if death does occur during that time, your premiums are protected because they would be returned in full, with interest, if needed. So while about 10% of clients aren’t approved for DAY ONE coverage, all applications are approved for some type of burial insurance, even if there is a waiting period.
DO NOT WAIT
Considering that the 10% of people who don’t get final expense insurance with no waiting period usually have health problems that contribute to their waiting period status, there is no time to delay signing up for your whole life insurance coverage. Starting your final expense insurance plan is the best way to protect your family from the cost of paying for your funeral, setting aside money to pay debts, or leaving a grandchild college money or another monetary gift. Most people are never healthier than they are today or if you are in poor health, you will want to start your plan immediately so that the waiting period can begin to count down. Planning for your death isn’t something that just comes up in everyday conversation. Usually the death of a family member, health problems, or a change in financial or family status bring this type of planning to mind.
Whatever has prompted you to look into your burial and final expense plans, do not delay getting your free quote while you can get the most coverage at the lowest rates due to your age and health where they are today. Your family will be ever grateful that you planned ahead and enabled them to celebrate your life with the peace of mind that the costs were paid for. Assurance Life can help you find the best final expense insurance with NO waiting period if you act now and get your plan started today.