Seniors looking for final expense insurance.

Everything You Need to Know About Final Expense Life Insurance

Are you worried about leaving your loved ones with a financial burden after you pass away? Final expense life insurance with no waiting period could be the solution you’ve been looking for. Depending upon what you qualify for, these plans may or may not have a waiting period.

What is Final Expense Life Insurance?

Final expense life insurance is a type of insurance coverage specifically designed to cover the expenses associated with your death, such as funeral costs, medical bills, and other end-of-life expenses. It provides your loved ones with a lump sum payout that can help alleviate the financial burden during an already difficult time.

Unlike traditional life insurance policies, final expense life insurance is typically more affordable and easier to qualify for. It is also known as burial insurance or funeral insurance, as it is specifically intended to cover the costs associated with your final arrangements.

Understanding the Waiting Period

Black senior citizen

One of the key features of final expense life insurance is the waiting period. It is a time that must pass after you purchase the policy before your coverage becomes fully active. During this waiting period, if you were to pass away, the policy may only provide a partial payout or refund of premiums paid, rather than the full death benefit.

The length of the waiting period varies depending on the insurance company and the specific policy. It can range from a few months to a couple of years. However, with final expense life insurance with no waiting period, your coverage starts immediately after you sign up, ensuring that your loved ones are fully protected from day one.

The reason for a waiting period is usually the severe condition of the insured’s health. 

Monetarily speaking, the insurance company wants to make sure that it has collected a few premiums before it has to pay a high face amount if the insured passes away within the first two or three years.

Benefits of final expense life insurance with no waiting period

This option offers several benefits that make it an attractive option for individuals looking to protect their loved ones from the financial burden of final expenses.

1. Immediate Protection: With no waiting period, your coverage begins as soon as you sign up for the policy. This means that your loved ones will receive the full death benefit in the event of your passing, providing them with immediate financial support during a challenging time.

2. Affordable Premiums: Final expense life insurance policies with no waiting period often come with affordable premium rates. This makes it accessible for individuals who may have difficulty qualifying for traditional life insurance due to age or health conditions.

3. Guaranteed Acceptance: Many final expense life insurance policies with no waiting period offer guaranteed acceptance, meaning you can qualify for coverage regardless of your health condition. There are no medical exams or complicated underwriting processes involved, making it an ideal option for those with pre-existing medical conditions.

4. Flexible Coverage Options: These types of policies typically offer flexible coverage options, allowing you to choose a death benefit amount that suits your needs. You can tailor your coverage to ensure that your funeral expenses, outstanding medical bills, and any other end-of-life costs are adequately covered.

5. Tax-Free Payout: The death benefit provided by final expense life insurance is generally tax-free. This means that your loved ones will receive the full payout without having to pay income taxes on the amount received.

Who can qualify for final expense life insurance with no waiting period

Final expense life insurance with no waiting period is designed to be accessible for individuals who may have difficulty qualifying for traditional life insurance policies. Here are some key factors to consider when determining your eligibility for this type of coverage:

1. Age: Final expense life insurance is typically available for individuals between the ages of 50 and 85. Some insurance companies may offer coverage to individuals outside this age range, so it’s worth exploring your options.

2. Health Condition: Final expense life insurance policies with no waiting period often have simplified underwriting, meaning they do not require a medical exam or extensive health questionnaires. This makes it easier for individuals with pre-existing health conditions to qualify for coverage.

3. Tobacco Use: While tobacco use may affect your premium rates, it does not necessarily disqualify you from obtaining final expense life insurance with no waiting period. Some insurance companies may offer coverage at higher rates for smokers.

4. Coverage Amount: The death benefit amount you choose may impact your eligibility for final expense life insurance with no waiting period. Some insurance companies have maximum coverage limits, so it’s important to consider your desired coverage amount when exploring your options.

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Burial insurance for seniors
If any source gives you a list of the 'best' burial insurance companies, that source either doesn't know what it's talking about, has personal interest in selling you those companies, or worst of all, has been paid to lie to you.

Best Burial Insurance for Seniors in 2023

There are around one hundred life insurance companies with dedicated burial insurance plans. When you go online and search for the best burial insurance companies for seniors, all you get is a bunch of websites offering you their favorites.

It is easy to believe what you see online at a ‘credible’ website. The generic use of the word ‘best’ for the companies they offer is just misleading. The right word to use is ‘suitable’.  What is the best for one may not work for another.

Which is the best burial insurance company?

  • the one that has been in business for a while;
  • has the right kind of plan for you and,
  • you happen to qualify for that plan at an affordable rate. 

There usually is an underwriting guideline that disqualifies you with one company, but qualifies with you another.

For example, if someone is 5′ 11″ tall and 380 lbs., the fact is that most companies will either deny coverage or offer a graded/modified burial policy. There are a very small number of companies that don’t underwrite based on height and weight chart. The only option left in this case is to go to one of those companies for burial insurance and see if it qualifies you.

Now, is it going to be affordable?

That’s up to you. Affordability is relative. The premium of a life insurance policy, including burial insurance is based on age, health and lifestyle. How much coverage you are looking for also matters.

Matching you with the a company that offers you the best burial insurance option at a price you can afford is what an insurance agent supposed to do.

Many a times, I have talked to people who are set on getting a certain about of coverage but can’t afford that. Sometimes they give up in frustration, and keep going without a financial protection for the the loved ones who might have to beg, borrow or, steal to give them a decent burial in the end.

I am taking insulin for diabetes. But otherwise, I am in perfect health.

It is interesting how many times I have heard a statement like that. I am always smiling when I hear that over the phone. The fact is, forget about diabetes, heart attack, cancer or stroke, if you just have high blood pressure, you are not well.

So which insurance company will be the best fit for you?

The other factors that play a role in that decision are:

  • the method of premium payment, and
  • the total amount of coverage you want.

Not every insurance company will accept a credit card, debit card, or a Direct Express card. But everyone accepts a checking or savings account. So, in this case, the most suitable and best burial insurance company is the one that takes your premium using the payment method that best suits you.

Learn more about Burial Insurance
Burial insurance companies

This is how a blog that doesn’t have your best interest in mind, reads like: MISLEADING BLOG

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Guaranteed acceptance burial insurance. No exam. No health questions.
Guaranteed Issue Burial Insurance, also known as Guaranteed Acceptance is a whole life insurance policy designed for those who, due to chronic or other serious health conditions, cannot qualify for final expense insurance.
No exam. No health questions. No decline.

The Truth about Guaranteed Issue Burial Insurance


      • Available for those between the age of 40 – 80
      • Cash value whole life policy for amounts between $2,000 – $35,000
      • Two-year modified death benefit
      • No health questions
      • No medical exam
      • You cannot be declined

Guaranteed Acceptance and Waiting Period

Factually speaking, there are no guaranteed issue final expense plans without a waiting period. Usually, it lasts about two years. If the insured dies in the first two years, the insurance company will add a 10% interest (depending upon the carrier) on the paid premiums and send a refund to the beneficiary. A lot of people object to the waiting period, and want their burial insurance policy to pay full death benefit immediately.

It is possible to get a coverage without a waiting period. All you have to do is to apply when your health is not in a shambles. I am sure all of us know that insurance companies are not charitable organizations. Like everyone else, they also play by the numbers game. Having said that, please keep in mind that the majority of those looking for burial life insurance do qualify for plans without a waiting period.

Many a times, I hear angry prospects telling me that they would rather put their money in the bank. Well, I would like to know which bank will give you 10% interest on your deposit for the first two years, and then upon your death, offer the entire principal income-tax free.

Apply for Burial Insurance 

How much does Guaranteed Issue (guaranteed acceptance) burial insurance cost?

The cost of burial insurance for seniors depends on four factors:

  1. your age
  2. your health(which in case of guaranteed acceptance is irrelevant)
  3. the state you live in, and
  4. the amount of coverage you want.

Here are a few examples of the rates from a few of the most affordable A or A+ rated insurers. The premiums have been rounded to the nearest 100. Subject to change by the insurance company.

Guaranteed Acceptance Burial Insurance Rates

Guaranteed Acceptance
Guaranteed Acceptance

Here is an an example of guaranteed issue or guaranteed acceptance burial insurance application.

Apply for Burial Insurance

There are four kinds of final expense or burial insurance plans. All of these require no exam to qualify. But only the guaranteed acceptance burial insurance asks no health questions. The table below offers a clarity on the premium comparison. If you have any questions, give us a call at 866.526.7264.

Types of Final Expense Plans and their Rates

Insure in MInutes
Face amount: $15,000

Level Benefit Whole Life
Minor health issues
(just answer a few questions to qualify)
$62.90 / $53.61
Modified Benefit Whole Life
Minor to serious health issues
(just answer a few questions to qualify)
$93.18 / $72.42
Graded Benefit Whole Life
Minor to serious health
(just answer a few questions to qualify)
$107.54 / $82.54
Guaranteed Acceptance Whole Life
Uninsurable health
(no questions asked)
$127.28 / $93.45
Please note: The rates quoted are estimates and are subject to underwriting by the insurance carrier. Rates do not include optional riders. For a no-obligation consultation, call us at 1.866.526.7264.

Top Insurance Companies that Offer Guaranteed Acceptance in 2024

  1. AIG
  2. Gerber Life
  3. Great Western

The following burial insurance quote engine quotes guaranteed acceptance final expense plans. If your health is in a reasonable shape, and you can qualify for other burial insurance plans as well, you will need to talk to a licensed professional (866.526.7264) to find out which final expense insurance plans you will qualify for. In order to an idea of premiums, please visit our BURIAL INSURANCE PAGE to run real time quotes for all types of plans. Remember, the premium and plan availability depend entirely upon your age, health, the state you live in, and the amount of coverage you are looking for.

By regulatory laws, agents and brokers offering life insurance products cannot charge a fee for service from a client. Therefore, your premium is exactly what an insurance company asks for and not a penny more.

Best burial insurance companies

SPECIAL NOTE: Apply for FEMA COVID-19 Funeral Assistance Helpline. Call 844-684-6333 | TTY: 800-462-7585 to see if you qualify.

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