Buying Final Expense Insurance: Guaranteed Issue (45-85) for Pre-Existing Conditions

Final expense insurance is often a beacon of hope for those facing the challenges of getting insured with preexisting conditions.

If you're navigating this path, you're likely focused on understanding eligibility, comparing options, and estimating costs to ensure your loved ones are not burdened with your end-of-life expenses.

Let's delve into this, starting with the crucial features of a guaranteed issue final expense life insurance policy.

Guide to Guaranteed Issue Final Expense Insurance with Pre-Existing Conditions

Quick Review

Final expense insurance, also known as burial or funeral insurance, is designed to cover end-of-life expenses such as funeral and burial costs. It is generally more accessible to individuals with preexisting conditions compared to traditional life insurance policies, as it often requires no health questions and no medical exams.

While premiums may be higher for those with health issues, many insurers offer guaranteed acceptance policies, ensuring coverage regardless of medical history. This type of insurance provides peace of mind by ensuring that loved ones are not burdened with funeral expenses.

Common Features of Final Expense Insurance

Guaranteed issue final expense insurance is specifically designed for individuals who might otherwise struggle to qualify for traditional life insurance due to health issues. Here's what these policies commonly offer:

• No medical exams or health questions needed for approval.
• Acceptance for applicants between the ages of 45-85.
• Coverage amounts typically range up to $25,000.
• Graded death benefit for initial period (usually the first two years).
• Premium returns with interest if death occurs during the initial graded period.
• Fixed premiums that won't increase over time.

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Requirements for Approval

To get approved for a guaranteed issue policy, there are a few straightforward requirements:

• Meet the age requirement between 45 and 85 years – age requirements may vary by insurance carrier.
• Be prepared to pay premiums as scheduled.
• Must b e a citizen of the United States.

Exclusions and Limitations of Coverage

Like any insurance product, these policies come with exclusions and limitations:

• Graded death benefit during the first two years with a return of premiums plus interest.
• Suicide exclusions often apply within the first two years.
• The maximum coverage is generally capped at $25,000.
• Premiums tend to be higher than those for traditional life insurance due to the lack of health underwriting.

Top Guaranteed Issue Life Insurance Companies

As you weigh your options, consider the offerings of top insurance providers. Mutual of Omaha, Gerber Life, and MetLife are renowned for their comprehensive guaranteed issue policies. Here's what each offers:

• Mutual of Omaha: Competitive rates, a straightforward application process, and a trusted history in insurance.
• Gerber Life: Quick approval process and flexibility in premium payments.
• MetLife: Offers additional riders and benefits tailored for senior needs.

Mutual of Omaha

Renowned for strong customer service and comprehensive policies. Known for affordability and competitive premiums.

• Up to $25,000 of coverage
• Available in every state and DC
• No physical exam and no health questions asked
• Guaranteed Acceptance ages 45-85 (50-75 in NY)
• 30 day money-back guarantee
• Two year limited benefit period

Gerber Life Insurance Company

Provides guaranteed life policies up to age 80. A solid choice for those seeking strong brand reputation and reliable policies.

• Exclusively for ages 50 - 80
• Available in all states and DC (excluding Montana)
• You cannot be turned down because of your health
• There are no health questions asked and no physical exams
• Two year limited benefit period

Metlife

Highly rated for its financial strength and diverse offerings. Provides options tailored specifically for seniors with flexible benefits.

• Rates as low as $10 per month
• Guaranteed Issue for ages 45-75
• Up to $20,000 of coverage available
• No medical examination required
• Two year limited benefit period

Cost of Guaranteed Issue Final Expense Coverage

For a coverage amount of $7,500, the lowest rates for a male and female in excellent health, non-smokers aged 50 are approximately:

• Mutual of Omaha: $35/month for males, $30/month for females.
• Gerber Life: $38/month for males, $32/month for females.
• MetLife: $36/month for males, $31/month for females.

Sample Rates

Cost estimation is pivotal in your decision process, particularly if you have preexisting conditions. To help with budgeting, here are some sample rates for both $7,500 and $10,000 coverage amounts:

• Men age 50: $7,500 coverage typically around $40/month; $10,000 coverage around $52/month.
• Women age 50: $7,500 coverage generally $35/month; $10,000 coverage $45/month.
• Men age 55: $7,500 coverage about $42/month; $10,000 coverage $55/month.
• Women age 55: $7,500 coverage roughly $38/month; $10,000 coverage $48/month.

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Health Issues – No Problem

Final expense insurance is tailored to cover costs associated with funerals, medical bills, and other end-of-life expenditures.

Regardless of health status, these costs are constant, but the peace of mind provided by knowing they're covered is invaluable.

No medical exams are needed and no health questions are asked, meaning your health history will not affect your cost. This simplifies the process considerably.

Choosing Beneficiaries

A significant factor of these policies is the autonomy in designating a beneficiary who can use the death benefit for any expenses as they see fit.

This flexibility ensures your final wishes are honored, and any remaining funds can support your family as needed.

Average Cost of Final Expenses

According to a survey by the National Funeral Directors Association, the average funeral cost is around $8,500. This reality underscores the importance of adequate coverage to avoid burdening loved ones financially.

Steps to Apply for Coverage

Applying for guaranteed issue final expense insurance is a straightforward process. Typically, you can expect:

• Selecting your desired coverage amount of insurance.
• Completing a simple application with personal details.
• Getting approved for your policy.
• Paying your first premium to activate coverage.
• Receiving policy documents outlining your coverage details.

Peace of Mind

Knowing these steps can offer peace of mind, ensuring that your family and loved ones won't face added financial hardship during an emotionally challenging time.

This understanding empowers you to make an informed decision and secure the policy best aligned with your needs.

Financial Security

For many older adults, particularly those with existing health concerns, securing such coverage is not just a financial decision but an emotional one. Providing a safety net for loved ones involves evaluating various providers to find the most suitable plan.

Not Burden Loved Ones

The primary objective is to ensure family members aren't left with unexpected bills. The process of securing insurance with favorable terms starts by requesting a free quote tailored to your specific circumstances. This first step is foundational to gathering all necessary information.

Having faced hurdles with traditional life insurance, you might already be aware that final expense insurance is a viable alternative. It's crafted for individuals in your situation, those who seek assurance that their final wishes will be met without leaving a financial burden behind.

Summary

The insights shared here aim to guide you in making a well-rounded choice. By comparison, analysis, and understanding of all facets, including costs and policy specifics, decisions can be made confidently and effectively.

Ultimately, securing insurance for final expenses aligns with the broader goal of being financially prudent and considerate of your loved ones' future. By planning for these costs now, you safeguard against uncertainties.

For those interested, reaching out to insurance providers for quotes and more detailed information is a logical next step. With guidance and comprehensive knowledge, you can better plan your finances, make informed decisions, and secure the necessary coverage for life's end-of-life expenses.

Guaranteed Issue Life Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee