If you or a loved one may pass away soon, life insurance is the best way to ensure that final expenses are covered. Yet, many of us are unable to qualify for traditional life insurance due to prior health issues. Fortunately, there is an option for people in this situation.
Funeral insurance is a type of life insurance that can be accessed by people who have conditions that disqualify them from traditional forms of coverage. There are two kinds of funeral insurance; guaranteed issue and simplified issue.
Let’s discuss the differences between the two.
What Is Funeral Insurance?
Before we can compare the two different types of funeral insurance, you should learn what funeral insurance is. Funeral insurance, also known as final expense insurance, is a type of life insurance that is easy to qualify for. The death benefits offered in these plans are lower than traditional life insurance policies, but that’s because it’s easier to qualify for these plans. You can purchase funeral insurance by speaking with an insurance agent that carries them.
Types of Funeral Insurance
The type of funeral insurance you choose to apply for will determine how easy it is to purchase a plan. Simplified issue life insurance is one type of funeral insurance you can buy. The other is guaranteed issue life insurance.
Here is more information about each one:
Simplified Issue Life Insurance
Simplified issue life insurance is the basic form of funeral insurance. It is designed for people who cannot qualify for traditional life insurance coverage due to prior health conditions. These plans don’t require applicants to take a medical exam, which makes it possible for people with moderate health risks to qualify. Though, some basic health questions must be answered during the application process.
Guaranteed Issue Life Insurance
The name explains it all with this form of funeral insurance. Guaranteed issue life insurance plans allow anyone to join, regardless of their health condition. Acceptance is guaranteed, so it is a great option for people who have severe medical conditions. Of course, there are some downsides to this type of plan. Because everyone is accepted, death benefit payments tend to be lower and premiums are much higher than other forms of life coverage.
Find Out If You Qualify For Funeral Insurance
The talented insurance agents at Fidusure can help you determine if you can qualify for simplified issue life insurance. Even if you don’t, we’ll help you find a guaranteed issue plan that offers the benefits you need. Don’t wait to give us a call. You can reach us at (647) 567-4702.