Why did we start to offer this type of Insurance?
After being involved in hundreds of phone conversations and face to face meetings with family’s that have suffered a loss, and hearing the conversations between family members about the financial burden left upon them, we knew there was a need for this type of policy in our industry.
When a family is more concerned about how they are going to pay for the service than what type of service their loved one deserves there is a problem. A Final Expense Policy will take that entire burden away from a person’s family, allowing them the time to celebrate and mourn their loss.Frequently Asked Questions
People often ask – “Why do I need this policy?”
We respond by asking them – “Do you have a wife/husband/partner or children?” when they always say yes, we then point out to them that they have been taking care of those family members their whole life, why stop when you die? The most UNSELFISH act a person can make is not leaving a financial burden on their family when they die. A Final Expense Policy does just that.Request a quote
What’s the difference of a Final Expense Policy and a Preneed Policy?
These two policies are virtually the same with a few minor differences.
A Preneed Policy can only be sold by a licensed funeral director. Virtually all policies are irrevocable. That means once the money is put into the policy the money cannot be taken out without a death certificate.
A Final Expense Policy can be sold by any licensed Life Insurance agent. These policies are not irrevocable and do have a cash value associated. Cash can be accessed prior to death.
There are advantages to both types of policies and at the end of the day they both do the same thing, Pay for one’s final expenses. Figuring out which one is best for you please consult with both a funeral director and a Final Expense agent.
Most Final Expense companies have very lenient underwriting parameters. They understand that this type of policy is meant for people who are not in the best of health. People who have health conditions are approved every day.
Most common conditions that get approved are:
- High Blood Pressure
- Non Cancerous Tumor
- Cholesterol Issues
- Sleep Apnea
- Type 2 Diabetes
- Seizure Issues
- Insulin Usage
- Morbid Obesity
- Diabetic Neuropathy
- Multiple Sclerosis
- Type 1 Diabetes
- Parkinson’s disease
- Diabetic Nephropathy
- Systemic Lupus SLE
- Diabetic Retinopathy
- Chronic Kidney Disease
- Heart Attacks Over 1 Year Ago
- Home Health Care
- Full Blown Strokes Over 1 Year Ago
- Cancer Over 2 Years Ago
- Mini Strokes
- Cystic Fibrosis
- Blood Thinners
- Blood Clots
- Water Pills
- Arthritis (All Kinds)
- Atrial Fibrillation
- Liver Cirrhosis
- Bi-Polar Disorder
- COPD, Emphysema, & Chronic Bronchitis
- Anxiety Medications
- Hepatitis A, B, Or C
- Defibrillator or Pacemaker
- You Need Help With Actives of Daily Living
Beware of the infomercials or highly paid actors to sell you a Final Expense Policy. Colonial Penn for example, pays Alex Trebeck to represent them in television commercials because he is a very recognizable figure. Your full coverage does not go into effect unit the first day of the 3rd year. What that means if you happen to pass within the first two years of the policy you will not get the total death benefit. You will only be entitled to what you paid in plus interest. Also they have a very limited death benefit determined by ones age. I most cases you will not have enough benefit to cover all of the burial expenses.
AARP is another program that needs to be looked more closely. They offer you an increasing term policy that “TERM”inates at age 80. If you live to be 81 you lose the coverage and all of the payments made. Also the payment schedule is on an increasing scale with 5 year blocks. That means every five years you have an increase in your policy premium without an increase in benefit. Run away from this type of policy as fast as you can!!!!
Northeast Casket Sales is Proud to Offer Final Expense Insurance from these Companies
Frequently Asked Questions about Final Expense Insurance
How much do funerals cost?
It depends on what a family wants. In 2020 a traditional burial service can cost a family anywhere from $8,000 to $15,000 to $20,000 depending on what type of service is wanted.
A cremation service, again, depending on what a family wants can cost from $2,000 to $6,000.
Are there Medical Exams needed for this policy?
No, these policies do not require a medical exam. There are couple of health questions that need to be answered but no exams are required.
I have medical issues, can I get coverage?
Yes, no matter how bad ones health is you can get covered. We have multiple carriers we deal with and we will get you a policy.
I already have Insurance, why do I need another policy?
First we must determine if a person does have an enforceable policy. Many people do or did have an Insurance policy at one time that does not mean they still have it today. Many people were offered Insurance policies through their work, however most of those policies terminated once the person let that job. Some people did retain those policies but didn’t know they had to continue to pay on them and they lapsed do to nonpayment. Some of those policies were designated for an accidental death benefit not a death do to natural causes.
If a person does have an Insurance Policy that is in good standing and will pay out a benefit to a beneficiary upon their death we applaud you for being responsible and caring for your loved ones. However we do recommend to adding a Final Expense Policy for several reasons. The policy that is already in effect will be the funds needed for a spouse/partner to live. Depending on a person’s financial status that policy may have to pay off debts (mortgage, credit cards, cars, etc). Those funds can be used as income since your income or a social security check will be going away. The last thing you want to use those funds for is a funeral. Those funds are for your family.
How is a Final Expense Policy different from other policies?
Once you are approved:
- Your payments never increase
- Your death benefit never decreases
- You never lose this insurance as long as you pay the premiums
- Term never expires
- No medical exam needed
Why should I get this policy from you and not my personal agent I buy my car insurance from?
You can and should ask your local agent if they write these types of policies and if they do get a quote. Most property and casualty agents do not specialize in this area and don’t have any expertise or carrier to place the policy.
We have been dealing in death care for over 30 years. We are the experts in the field. We use multiple Insurance companies to get a person the best rates in the marketplace. We are confident that we can get a person the best coverage for the lowest price.
I hate to pay for Insurance, I have been paying for it for my home and auto my whole adult life and have used it once.
We agree. One thing we all hate is to pay for something and never use it. Unlike home and auto we can unfortunately guarantee you that this policy will be used. One thing we do know if that everyone will die, the question is, Are you prepared?