Why Is Final Expense Insurance Required?
The loss of a beloved one is traumatic enough without adding the burden of planning the funeral. Family members are often expected to pay for medical care and other final costs, which can be a financial burden.
The price of a funeral has risen steadily over the past few years and now typically exceeds $10,000. If you have final expense insurance, your loved ones won’t have to worry about paying for your burial or cremation out of their pockets.
Burial policies are low-coverage, whole-life insurance plans that don’t need a medical checkup. The death benefit is meant to cover last expenses, such as burial or cremation fees, hospital bills, credit card balances, and other debts.
Best Final Expense Insurance Companies
However, finding the right final expense insurance company for older people is a task. That’s why we have outlined those life insurance agencies in this post. Let’s take a look.
1. Liberty Bankers Life
Liberty Bankers Life is among the limited few last expense insurers that will provide instant coverage to a person diagnosed with COPD. They provide low rates and a quick application process in under 10 minutes.
No medical exam is required, but your eligibility will be determined by your responses to the health questionnaires and the information about the medications you take. For more than 60 years, they’ve been serving customers. More importantly, they earned an A- rating from A.M. Best.
2. Royal Neighbors of America
Although Royal Neighbors of America isn’t exactly a household name, you shouldn’t be too concerned. They’ve been around since 1895 and continue to maintain an A rating. With Royal Neighbors’ simple underwriting, most retirees can get instant-issue, no-exclusion coverage for their last expenses. You can get guaranteed approval for a death benefit through Royal Neighbors America, even if you have diabetes.
3. Mutual of Omaha
The services of Mutual of Omaha, one of the leading providers of final expense insurance, are accessible to residents of every state except New York. Mutual of Omaha offers their Living Promise lifelong coverage policy to anyone between the ages of 45 and 85, and they don’t discriminate based on whether or not they smoke. For those under the age of 50, this is among the few options for covering final expenses with a life insurance policy.
4. AIG
If your health has ever prevented you from being approved for a standard life insurance policy, you may find comfort in knowing that AIG is yet another A-rated insurance company that offers affordable expense coverage. They have burial insurance that is guaranteed to be issued. This is a form of life insurance that doesn’t require any medical exam.
All candidates within the age group of 50 or 80 are eligible to purchase a policy with flat premiums, and a continuing benefits rider included. All states, excluding New York are included in the plan’s coverage.
5. Baltimore Life
The Baltimore Life Insurance Company first opened its doors in the year 1882. A.M. Best has given them a B++ grade, which indicates their solid financial position. They provide a wide selection of insurance plans. They provide a selection of life insurance policies and retirement savings programs, among other insurance options.
The burial plan offered by Baltimore Life is a no-medical-exam, whole-life policy. Your beneficiaries will receive a lump sum of money, free of federal income tax, from Baltimore Life in the event of your demise.
The funds can be used for any purpose the recipient sees fit. In other words, your nearest and dearest will inherit the remainder of your estate. It serves customers in 49 states and the District of Columbia.
6. Guarantee Trust Life
Guarantee Trust Life is a company that has been in the same family for over eighty years. The Better Business Bureau has awarded them an A+ rating. They offer a burial insurance policy called the Heritage Plan. As their name implies, these insurance are typically used to cover the costs associated with a person’s funeral and other final arrangements.
Although the benefits of their plans are not particularly generous, they are quickly approved and simple to qualify for. There is no physical, no MIB verification, and simply five questions to answer to be eligible.
Contact Franklin Life & Annuity Today
If you want to learn more about life insurance companies, then Franklin Life & Annuity is your best option. We are one of the best life insurance agencies in Houston and work with some of the biggest life insurance companies to provide our customers with affordable, comprehensive policies. Contact us today and learn more about our services.