top of page
Search
  • Writer's pictureFinal Expense Florida

FAQ on Final Expense Insurance


www.FinalExpenseFlorida.com

Q: What is Final Expense Insurance? A: Final Expense Insurance, also known as burial insurance, is a type of insurance policy that is designed to cover the end-of-life expenses. These expenses, which can include funeral costs, medical bills, and outstanding debts, can add up quickly and can be a burden on family members who are already dealing with grief and loss. Final expense insurance provides a way for individuals to ensure that their loved ones are not burdened with these expenses after they pass away. These policies are typically smaller than traditional life insurance policies, with coverage amounts ranging from a few thousand dollars up to around $50,000.

Q: What is Guaranteed insurance? A: When we talk about Final Expense Insurance, we're talking about a Whole Life Guaranteed Life Insurance policy. Guaranteed life insurance is a type of life insurance policy that is typically offered to people who may have difficulty obtaining traditional life insurance due to their age or health status. These policies provide a guaranteed death benefit to your beneficiaries, regardless of your health or age, as long as you continue to pay the required premiums. Unlike traditional life insurance policies, guaranteed life insurance policies typically do not require a medical exam or health questionnaire to qualify for coverage. The premiums for guaranteed life insurance policies are typically higher than those for other types of life insurance due to the increased risk of insuring people without considering their health status.

Q: Is Great Western Life Insurance an A+ rated company? A: Great Western Life Insurance Company is a reputable and financially stable insurance company that has been in the business for over 110 years. It has earned high ratings from independent rating agencies such as A.M. Best and the Better Business Bureau, which indicates that it has a strong financial position and a history of customer satisfaction. However, like any other insurance company, the quality of its products and services may vary depending on individual needs and circumstances. It's always a good idea to do your own research and compare policies from various insurance companies before making a decision. Great Western Life Insurance Company is rated A+ by the well-known independent rating agency A.M. Best. This rating is a reflection of the company's financial strength, stability, and ability to meet its financial obligations to policyholders. Form America LLC and it's subsidiary Final Expense Florida will only do business with A+ rated insurers.

Q: Are there any disadvantages to Final Expense Insurance? A: Sure. Here are some of the disadvantages of final expense insurance: 1. Higher Premiums: Final expense insurance policies typically have higher premiums compared to other types of life insurance policies. This is because the coverage amounts are usually lower, and the policies are often designed to be issued without the need for a medical exam. 2. Lower Coverage Amount: Final expense insurance policies usually offer lower coverage amounts compared to traditional life insurance policies. This can make it difficult to cover all end-of-life expenses, especially if the policyholder has significant outstanding debts or other financial obligations. 3. Limited Benefits: Final expense insurance policies often come with limited benefits, which can be a disadvantage for those who are looking for a more comprehensive coverage plan. For instance, the policy may not include rider options or living benefits that are available through other types of life insurance. 4. Eligibility Requirements: Some final expense insurance policies have age or health requirements that may make it difficult for some people to qualify for coverage. This can be a disadvantage for those who have pre-existing conditions or who are older and may not be able to afford the higher premiums. 5. Waiting Period: Some final expense insurance policies have a waiting period before the coverage becomes effective. This can be a disadvantage for those who need immediate coverage and cannot afford to wait for the waiting period to elapse. Typically any premiums you pay during the waiting period are fully refundable!

Q: What questions should I ask before I buy Final Expense Insurance? A: Before buying final expense insurance, here are some questions you can ask your insurance agent to make an informed decision: 1. How much coverage do I need to cover my end-of-life expenses? 2. What is the cost of the premiums, and are there any hidden fees or costs associated with the policy? 3. Are there any exclusions or limitations in the policy that I should be aware of? 4. What happens if I am unable to pay my premiums or decide to cancel the policy? 5. Are there any discounts available for non-smokers, healthy individuals or those who pay annually? 6. How long does it take for the policy to pay out a death benefit, and is there a waiting period? 7. What happens if I die within the waiting period? 8. Is the policy guaranteed issue, or do I need to pass a medical exam to qualify? 9. Can I add additional coverage or riders to my policy, such as accidental death coverage? 10. What is the process to make a claim in the event of my death?

Q: Does Final Expense Florida sell insurance beyond Florida? A: As of right now, we are only authorized for sales within Florida but that will be changing in 2024.

Q: What is the average premium and policy amount for a Great Western Insurance Company final expense policy? A: The average premium and policy amount for final expense insurance can vary depending on several factors like the age, gender, health status, and amount of coverage needed. In general, final expense insurance policies can have premiums ranging from a few dollars per month up to several hundred dollars per month. The policy amounts can range from $2,500 to $25,000, but typically they are around $10,000 to $15,000. It is important to speak with an insurance agent to determine what type of policy and coverage amount is best for your needs and budget. Visit www.FinalExpenseFlorida.com and get in touch with us for a no obligation free quotation. We'll find a plan to take care of your family that fits with your budget.

Q: What happens if you die and your family doesn't have any money to pay for your funeral? A: If someone dies and their family doesn't have the money to pay for their funeral, there are a few options available: 1. County or State Assistance: Depending on where the person lived, there may be financial assistance available from the county or state to help pay for funeral expenses. 2. Crowdfunding: The family can start a crowdfunding campaign online to raise money for the funeral expenses. GoFundMe raises over $300,000,000 per year for funeral expenses! 3. Donations: The family can reach out to charitable organizations, churches, or community groups to see if they can provide any financial assistance. It is important to note that these options may not cover the entire cost of the funeral, and it is often better to plan ahead with final expense insurance or pre-need funeral arrangements to help alleviate the financial burden on the family.

Q: Does final expense insurance have a cash value if you're not dead? A: Since Final Expense Insurance policies are typically small whole life insurance policies, they may have a small cash value component, but this is not the primary purpose of the policy. Don't look at it like a savings account, but as a whole life policy after several years there usually will be a cash value that you can borrow against in the event of a non-death emergency! Any loans you take out would be deducted from the eventual policy face value payout.

The opinions above were written by Final Expense Florida, and should not be construed as legal advice. If you have questions, speak with an agent from Final Expense Florida, an investment advisor, or an attorney.



0 views0 comments

Recent Posts

See All

Comments


bottom of page