Final Expense
Verdant Insurance Solutions
A product usually for the folks over 50, you can have your funeral expense covered with our plans – whether you qualify for simplified issue or guaranteed.
The Benefits of Having a Final Expense Plan
Death is an inevitable part of life, yet it often arrives unexpectedly. When a loved one passes away, families are left to navigate the emotional turmoil of loss while also facing the logistical and financial burdens of funeral or cremation expenses. The high costs associated with these arrangements can be overwhelming, leading to financial stress during an already difficult time. By having a plan in place, families can alleviate some of the burdens associated with end-of-life costs, ensuring that their loved ones are cared for and honored without the added pressure of financial strain.
Understanding What Final Expense Plans
A final expense plan is a type of life insurance specifically designed to cover the costs of funeral services, cremation, and other related expenses. Unlike traditional life insurance policies, final expense plans focus on smaller, more manageable death benefits, typically ranging from $5,000 to $25,000. This approach makes it easier for families to ensure that they can cover the costs associated with a loved one’s passing without depleting their savings or incurring debt. By establishing a final expense plan, individuals can take control of their end-of-life arrangements and ensure that their wishes are respected, providing comfort to their family members. This proactive approach can foster a sense of security, knowing that everything is in place and that their loved ones will not be left with the weight of financial worry.
Types of Final Expense Policies
Simplified Final Expense -An excellent choice for those who want a simple, affordable way to ensure their final expenses are covered. If you are looking for a life insurance policy that doesn’t require a medical exam, offers quick approval, and is specifically designed to cover funeral and burial expenses, this type of insurance may be the perfect solution. Unlike other policies that require extensive medical exams and lengthy questionnaires, simplified final expense insurance typically only asks a few health-related questions. The underwriting is less stringent, making it easier for those with pre-existing health conditions to qualify. The goal is to provide coverage quickly and affordably, without making applicants jump through the usual hoops associated with life insurance. The “simplified” nature of this insurance means that while you may not need to undergo a medical exam, insurers may still ask about your health history and lifestyle choices. However, because no medical exam is required, the application process is faster, and most applicants receive a decision within a few days.
Guaranteed Issue Final Expense – This is a type of life insurance policy designed specifically for individuals who may have difficulty obtaining traditional life insurance due to their age, health, or other risk factors. As the name suggests, guaranteed issue means that applicants are automatically approved for coverage, regardless of their medical history or pre-existing conditions. This insurance is particularly attractive to those who have been denied other forms of life insurance or have serious health concerns that would normally disqualify them from most policies. Guaranteed issue final expense insurance offers several features that make it an appealing option for those who want to ensure their final expenses are covered, regardless of their health status. The death benefit, which usually ranges from $5,000 to $25,000, is paid out to the policyholder’s designated beneficiaries upon their passing. This benefit can then be used to cover any immediate expenses, easing the financial burden on loved ones during a difficult time. The application process for guaranteed issue final expense insurance is quick and easy. Since there are no medical exams or health questions to answer, most applicants are approved within a matter of days. After approval, the policyholder begins paying fixed premiums—either monthly or annually—depending on the terms of the policy.