Death isn’t the easiest to talk about, especially if it concerns you and your family. Yet, it is something we cannot ignore. The death of a loved one is difficult to deal with. What makes it even more difficult these days is that the bills it leaves behind in its wake, especially if the deceased was diagnosed with a terminal or critical illness like cancer.
Funeral expenses, medical expenses, burial costs can compound an already difficult time for a family. That’s right; final expenses have not been immune to rising costs and inflation. Booking a burial plot, transportation to the funeral home, services, flowers, metal casket, and headstone- the operational costs run high.
One way to save your family from this burden is to buy an insurance policy like Mutual of Omaha Final Expense with a guaranteed acceptance feature to offer coverage if you have cancer.
What is the Final Expense Insurance Policy?
The final expense insurance policy is a whole life policy designed to cover medical and funeral bills when you breathe your last. They have a cash component to help your loved ones meet all expenses at the time.
However, the money can be used in any way they want. These policies have smaller premiums than individual life insurance policies and don’t have an expiration date if premiums are paid. They’re much easier to qualify for and don’t require you to pass a medical exam.
According to insurance experts like “Gary P. Cubeta” from “Insurance for final expenses”, you have to answer some health questions. An obvious question that comes to mind is how a final expense insurance policy is different from a traditional term life insurance policy.
Reasons to Buy Final Expense Policy If You Have Cancer
If you have recently been diagnosed with cancer, you may be denied a term life insurance policy, but you can still buy a final expense insurance cover. There are many different policy providers that you can consider for buying final expense insurance cover. Choose a trusted provider that has been around in the market for quite some time and offers the most competitive rates.
Even for those with terminal illnesses like cancer and other diseases, there are final expense plans to benefit like the Mutual of Omaha final expense cover. Most of such plans come with a two-year waiting period wherein if the insured dies within two years, the beneficiaries will get the entire premium paid back with 10% interest.
How Does Final Expense Compare with Traditional Life Insurance
A traditional life insurance policy has a larger focus and is geared towards income replacement to help your family deal with life after you pass. In traditional term life policies, the beneficiary or the insured has a lump sum amount handed over to the beneficiary after the death of the insured.
On the contrary, final expense insurance policies have a much shorter focus and are designed for end-of-life expenses, and therefore, the amount is much smaller. Also, final expense insurance policies target seniors, particularly 45 years and older. In fact, with certain companies, you may be denied coverage if you are younger. Also, a life insurance policy is more stringent and may be denied if you are suffering from a terminal illness or disease.
How to Buy Final Expense Insurance?
The best and the simplest way to purchase a final expense insurance policy is through a licensed insurance broker. That’s because agents have access to several insurance providers and will be able to provide you with a comparison of different policies to select the most affordable with adequate coverage.
The process is pretty simple. You get in touch with your broker, select the policy and fill in a form. The form will require your details and a few health questions about your current health condition, date, duration of treatment, etc.
You submit the duly-filled application form to the broker, and the application then goes to the underwriting department for review. The process takes a few days, and your broker will keep you updated.
Your death will undoubtedly be an emotional blow to your loved ones and family. While there isn’t much you can do to make it better, you can certainly prevent it from becoming a financial blow as well with the rising funeral costs in the market. This is especially true if they are dependent on you, like your spouse, children, etc. With a final expense insurance policy, you will be at peace with the knowledge that your family won’t feel the financial pinch while arranging for your funeral. Most importantly, they will not have to dig into your or their savings to bid you a loving goodbye.