![]() ![]() The background check is rather in-depth including a medical and prescription background check as well as an MIB record verification. Beneficiaries can use the proceeds however they see fit. The policy is for anyone aged between 45 – 85 and there aren’t any premium increases for smokers. It’s a good option for those with simple end of life desires and not a lot of loose financial ends to clean up. Mutual of Omaha offers low coverage amounts starting at just $2,000 and goes up to $40,000. Best Funeral Insurance Companies Mutual of Omaha Burial Insurance The older you are and the more medical problems you have, the more expensive the premium. Of course, your age, coverage amount, and overall health determine the final cost. This puts the average burial insurance premium at $50. The average policy is for $10,000, right around the cost of the average funeral services. The good news is that final expense insurance is typically rather inexpensive because its coverage amount is less than typical life insurance. If you die before then, your beneficiaries receive the amount you paid in premiums plus 10% (in most cases). Like the Graded Death Benefit, your beneficiaries only receive full benefits if you’ve had the final expense insurance for at least two years. If you die before the two years are up, your beneficiaries may receive a prorated amount, typically 30% if you die within the first year and 70% if you die within the first two years. Therefore, your beneficiaries don’t receive full coverage until you’ve had the policy for two years. Rather than day one coverage like the Level Death Benefit. This policy covers the same final expenses, but has a 2-year waiting period. In order to qualify, you must meet the weight requirements according to your height and not have any serious health concerns. Your coverage starts from day one and your beneficiaries receive the full amount of the policy. ![]() Your beneficiaries receive full benefits no matter when you pass away and there isn’t a waiting period. This is the ‘best’ policy you can qualify for in regards to final expense insurance. Your overall health (based on your questionnaire) and the offering of your insurance provider determines which coverage level you may obtain. Just like any other life insurance, final expense insurance has different coverage levels. ![]() There’s no right or wrong way to use the insurance and it’s the same coverage no matter the name. It’s a whole life policy that provides your loved ones with money to cover the costs incurred for the end of your life. There’s really no ‘official term’ for the insurance. You’ll hear some people say final expense insurance and others say burial insurance – don’t get confused, though, they are the same thing. You can typically get approved quickly and may even get coverage right away.You typically don’t need a medical exam, but you may have to answer medical questions.The policy stays in effect as long as you pay your premiums.Final expense insurance is a whole life insurance policy.This type of insurance isn’t an income replacement insurance like term or permanent life insurance, but it does help offset the cost of your final expenses, giving your loved ones time to grieve rather than worry about finances. Final expense insurance helps your loved ones pay for your final expenses upon your death.įinal expenses may include funeral costs, burial expenses, final medical expenses, or even the cost to settle your estate.
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