Life insurance for final expense burial coverage is one thing you would wish in place at the earliest, providing a cushion for your loved ones after you are gone.
But most policies will seem viable when you are young and healthy, making you wonder about your options if you are not in the best shape. It is when you will find a Guaranteed Acceptance Life Insurance beneficial.
License agents like Gary P. Cubeta of Insurance for Final Expenses recommend policies like Colonial Penn Burial Insurance, as they value and enroll the older people in their golden years. These carriers come with a two-year waiting period, enabling them to take the chance with folks, not in perfect health. You could be sceptical about this insurance, but these aspects will change your perception for good.
Guaranteed Acceptance Whole Life Insurance
Unlike term life insurance, which lasts until the age of 80, a guaranteed acceptance plan is always whole life insurance.
Licensed agents will show you carriers that offer such policies with no underwriting. Since these extend for life, your monthly payments will not increase, death benefits can not decrease, and the policy will not expire at any age.
You might feel the insurance is pricey with fewer offerings. However, for full protection from the day your policy goes into effect, you pay a reasonable premium.
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The Mandatory Waiting Period
Policies like Colonial Penn Burial Insurance involve a 24-month waiting period. Since there is no medical examination, there will be a death benefit restriction during the waiting period.
And if you pass away during the waiting period, your family cannot claim the death benefit. The insurer will pay your beneficiaries the premiums paid on the policy and 7% interest compounded annually.
Once the waiting period is up, you get full protection forever, ensuring your family receives the full claim money to cover your funeral expenses.
Requirements for Guaranteed Acceptance Life Insurance
Like any life insurance, this plan also has specific requirements, including state availability and age limitations.
Some top insurance policies are available in most states for the age bracket 50-85, the right time to find insurance for your burial services. With coverage immediately after qualification and features like locked rates, you can keep your loved ones away from the stress of creating funeral funds for your burial.
An Approval Process Based on a Health Questionnaire
Reputed burial insurance companies do not ask you to take a medical test. Instead, they present a health-related questionnaire and check your prescription history to approve the policy.
You can consult a licensed agent to check your qualification (there are specific terms for those with disabilities); they know the stringent underwriting guidelines that govern these whole life insurance plans.
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Guaranteed Acceptance Life Insurance for Final Expense Burial Coverage
You may have a limited income with severe health conditions and family needs; the thought of paying your funeral costs can stress you out.
The good news is that the coverage caps for the guaranteed acceptance policies are low, making them a suitable option to cover final expenses, such as a funeral.
Guaranteed acceptance life insurance can offer you protection for life when you don’t have other options because of your health conditions. Consult a licensed agent, discuss if the waiting period is worth the money, ensuring your nominated beneficiaries can claim in full, to complete your burial formalities hassle-free.