Funding
Funding for final expenses is generally accomplished by placing our clients into one of our many low cost affordable Final Expense Whole Life Insurance programs that we offer.
What is Final Expense Whole Life Insurance? Final Expense Insurance, also known as "burial insurance", is a "Non Participating" Whole Life Insurance policy offering smaller face (coverage) amounts and is designed for:
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Simplified issue
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Affordability
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Immediate death claim paying ability
Simplified Issue - Traditional Life Insurance policies generally have much higher face amounts starting at $50,000 in coverage and has stricter underwriting that may include Medical Information Bureaus (MIB's), Attending Physician Statements (APS), Medical Exams, Medical Records and a long list of health questions on the application that can date back as far as 10 years. When you specialize in serving the senior market, we know that the majority of our clients won't have a perfect health history. Diabetes, High Blood Pressure, COPD, Cancer, Heart Condition, Circulation, Neuropathy, Parkinson's, Bipolar, Muscular Dystrophy, Arthritis, along with multiple other health conditions are what we see on a daily basis. When working with those who have current or past issues with their health, then you must have very liberal, or simplified, underwriting guidelines. This is why it is imperative to have several programs to offer so every client can have a plan that is tailored to their unique situation and medical background. From the super healthy, to those who with significant health conditions, we have a variety of programs for every person.
Affordability - When you are retired and on a fixed or limited income, every penny matters. And when you are employed while planning for retirement, every penny matters. Our clients are generally not looking for the complex million dollar investment type of policies; instead, they are just interested in having something small, simple and affordable to ensure their final arrangements are covered leaving no immediate financial burden to be left on the family. With plans starting around $25 month, most of the programs we place our clients into average in cost around $50 a month.
Immediate death claim paying ability - Another one of the main differences between traditional life insurance and final expense insurance is how quickly the death claim will be paid. Traditional life insurance policies will always require a certified death certificate and claim form before processing. Once received, it can still take several months before the death claim is finally paid to the beneficiary. When someone passes away, funeral homes demand payment up front and families have no desire in waiting long periods before placing their loved ones to rest and having closure. Final Expense insurance is designed to pay out death claims in a much faster time period, typically within 1 to 2 weeks after receiving all necessary documentation. Our program will pay the death claim to the beneficiary(s) within 24 hours after receiving all necessary documentation, sometimes within 24 hours of notification of the insureds demise.
The more you learn about life insurance with all the different types and variations of each kind that are sold on the market, life insurance can get extremely complex, confusing and just downright overwhelming. When it comes to financial planning and those elaborate, complex life insurance policies, we leave all that rocket science stuff for the Financial Advisors to deal with. The programs we help our clients into are very simple and straightforward. Simple product, simple underwriting, simple presentation. Simple!
