Central Arkansas Final Expenses Insurance
Types of final expense insurance
There are two types of final expense insurance: guaranteed issue life insurance and simplified issue life insurance, which vary slightly in maximum benefit amounts, pricing, and the amount of medical information required to apply.
Guaranteed Issue Life Insurance
Guaranteed issue policies offer near-certain application approval. In rare cases, insurance companies may ask “knockout questions” about terminal illnesses that disqualify you for coverage, but many providers offer coverage regardless of your health status. Because of this, guaranteed issue is more expensive than simplified issue and offers lower maximum coverage amounts, typically $5,000-25,000.
Simplified issue life insurance
Simplified issue life insurance is good for people who may not qualify for a traditional life insurance policy but are only considered moderate risk. You will have to answer a detailed medical questionnaire, but there is no medical exam involved. You will still pay more than you would for term life coverage, and you can get a simplified issue insurance policy with coverage up to $50,000.
