The final expense policy has become a necessity in modern times. According to recent data, the average funeral costs fall in the range of $7000 to $12000. Seniors who want their loved ones to bear the financial burden of their last rites opt for a final expense policy.
Gary P. Cubeta from Insurance for Final Expense mentions that providers like the Globe life final expense provide policy coverage that is not limited to burial costs alone. It also offers medical bills, legal fees, or probate that other insurance policies do not cover. Here is the list of qualifications you need to fulfill to buy final expense policies.
How Can you Qualify for Globe Final Expense Insurance?
The applicant is not required to go through a medical examination to qualify for final expense insurance. However, the underwriter asks a series of health-related questions to approve your application. An affirmative answer to some health-related questions can result in being excluded from the policies of providers like the Globe life final expense.
If you were hospitalized or have been in a nursing home for a while, you are more likely to be excluded. It means you will not get the final expense insurance coverage. The whole life term policies have a special mention of excluding certain health conditions, and the policies from providers like globe life insurance are no different.
The underwriter will ask about the medications you take and your prescription history. The information you provide is used to corroborate whether you have a specific condition and need to be excluded. The Medical Information Bureau also checks the information you have presented to other insurance companies.
What Questions does the Underwriter Ask?
Here is the list of some frequently asked questions asked by the underwriter
1. Are you confined to a nursing facility, currently disabled, or use a wheelchair due to some illness?
2. Have you been diagnosed or treated for disorders related to the heart, corona artery, brain, or liver in the past three years?
3. Have you received a diagnosis for HIV/AIDS, cancer, drug abuse, alcohol abuse, nervous disorder, muscular disease, chronic obstructive lung disorder, or chronic kidney disease?
4. Were you hospitalized for diabetic conditions in the past three years?
5. Do you have any medical conditions that may need regular care or surgery in the future?
6. Were you convicted of any crime?
7. Are you currently in jail serving your prison sentence?
8. Was your driver’s license revoked or suspended in the past five years?
These are only some questions that the underwriter may ask you. If your answer to the first two questions is “Yes,” you will be declined as you do not qualify for globe final expense insurance.
Now that you know the qualifications for globe final expense insurance, you may like to know the rates.
Insurance Rates for Male and Female
Females are known to have lower life expectancy compared to males. Hence, women have to pay lower premiums in comparison to their male counterparts of the same age.
The insurance rates increase as the age bracket increases. For $10000 final expense insurance, a male belonging to 40-45 age brackets has to pay a premium of $11.11 while a female has to pay $8.17. For $20000 final expense insurance, a male belonging to the 40-45 age bracket has to pay a premium of $20.51 while a female has to pay $14.36.
As mentioned earlier, the rate increases with the insured person’s age. For $10000 final expense insurance, a male belonging to the 76-80 age bracket has to pay a premium of $79.46 while a female has to pay $49.72. Thus you can see a difference of $68.35 in the premium paid by a 45 older adult and the premium paid by a 75-year-old senior.
Major Benefit of Final Expense Insurance
Provides Your Family With Immediate Funds – Planning for your funeral is far better than letting your loved ones accumulate and spend funds for your burial services. When a loved one passes away, it is testing time for the family, and it can be hard to think and arrange for money immediately.
The final expense insurance company makes the funds available immediately after the policyholder passes away. It allows families to make immediate arrangements and complete the last rites without any delay.
To sum up, you should provide accurate information when applying for a final expense insurance policy. If you knowingly provide false information, your loved ones will not benefit from the insurance policy. The final expense insurance is intended to make life easier for the grieving ones after leaving this world.