Blake Insurance
Group LLC
Final Expense Insurance
Funeral insurance quotes online
final expense insurance for cancer patients
As an insurance agent, it’s important to understand the different types of life insurance policies available to your clients. One type of policy that may interest cancer patients is final expense insurance. In this article, we’ll explore what final expense insurance is, how it differs from other types of life insurance, and whether cancer patients can qualify for coverage.
What is final expense insurance?
Final expense insurance, also known as burial or funeral insurance, is a type of whole-life insurance policy that is designed to cover the costs associated with a person’s funeral and burial. These policies are typically smaller than traditional life insurance policies, with coverage amounts ranging from $5,000 to $50,000. Final expense insurance policies are often marketed to seniors aged 50-85, but some companies offer coverage to people outside this age range.
How does final expense insurance differ from other types of life insurance?
Unlike term life insurance policies, which provide coverage for a specific period of time, final expense insurance policies are permanent and provide coverage for the rest of the policyholder’s life. Final expense insurance policies also typically have lower coverage amounts than traditional life insurance policies, making them more affordable for people on a fixed income.
Can cancer patients qualify for final expense insurance?
The answer to this question depends on the insurance company and the specifics of the cancer diagnosis. Some insurance companies may deny coverage to cancer patients, while others may offer coverage with certain restrictions or waiting periods.
Mutual of Omaha’s Living Promise final expense policy is excellent for people who’ve had cancer more than once in their lifetime (cannot be the same kind). However, you must be free of cancer (and treatment) for at least four years to be eligible. Other providers may offer coverage without a waiting period, assuming it’s been at least 24 months since the last treatment.
Factors Affecting a Cancer Patient's Ability to Qualify for Final Expense Insurance:
– The type and severity of the cancer diagnosis
– The time since the last treatment or remission
– The overall health of the patient
– The specific insurance company and its underwriting guidelines
Benefits of Final Expense Insurance for Cancer Patients:
– Provides coverage for end-of-life expenses, such as funeral and burial costs
– Can provide peace of mind for patients and their families
– May be easier to qualify for than traditional life insurance policies
– No medical exam is required to obtain coverage
Drawbacks of Final Expense Insurance for Cancer Patients:
– Lower coverage amounts than traditional life insurance policies
– Graded death benefits, which means that the full death benefit may not be paid out if the policyholder dies within a certain period of time after purchasing the policy
– Higher premiums for those with pre-existing health conditions, including cancer
– May not be the best option for those with substantial savings or investments
It’s important to note that cancer patients may also be eligible for other types of life insurance policies, such as guaranteed issue or burial policies. These policies may have higher premiums or lower coverage amounts than traditional life insurance policies. Still, they can provide peace of mind for people who are concerned about their end-of-life expenses. Ultimately, the best option for cancer patients will depend on their circumstances and needs. As an insurance agent, working with your clients to find the best coverage for their situation is important.
Get A FREE Quote Now!
Alternatives to Final Expense Insurance for Cancer Patients:
– Guaranteed issue life insurance
– Group life insurance
– Term life insurance
– Accidental death and dismemberment insurance
How Much Does Final Expense Insurance Cost for Cancer Patients?
The cost of final expense insurance for cancer patients will depend on several factors, including the type and severity of the cancer diagnosis, the time since the last treatment or remission, the overall health of the patient, and the specific insurance company and their underwriting guidelines. Some providers may offer coverage without a waiting period, assuming it’s been at least 24 months since the last treatment. The cost of final expense insurance will also depend on the coverage amount and the policyholder’s age.
How to Choose the Right Final Expense Insurance Policy for Cancer Patients:
– Consider the coverage amount needed to cover end-of-life expenses
– Research different insurance companies and their underwriting guidelines for cancer patients
– Compare premiums and coverage options from multiple providers
– Work with an experienced insurance agent who can help you navigate the process and find the best policy for your needs
How to Apply for Final Expense Insurance as a Cancer Patient:
– Research different insurance companies and their underwriting guidelines for cancer patients
– Gather all necessary medical information and documentation related to your cancer diagnosis and treatment
– Contact the insurance company or work with an insurance agent to apply for coverage
– Be prepared to answer questions about your cancer diagnosis and treatment history
– Understand the waiting period and any restrictions or limitations on coverage for cancer patients
Final Expense Companies to Consider for Final Expense for Cancer Patients:
Mutual of Omaha
Mutual of Omaha’s Living Promise final expense policy is an excellent option for cancer patients who have had cancer more than once in their lifetime (cannot be the same kind). However, the patient must be free of cancer (and treatment) for at least four years to be eligible. Here are some key features of the policy:
– Coverage amounts range from $2,000 to $40,000.
– Premiums are guaranteed to remain level for the life of the policy.
– The policy is a no-medical exam whole life insurance policy that covers funeral expenses.
– Seniors aged 45-85 can apply for up to $50,000 in coverage.
– There’s no waiting period if you’re approved for the level death benefit.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
Mutual of Omaha’s final expense insurance premiums are usually the lowest relative to other insurance providers. Additionally, their level plan has no waiting period, which is a significant advantage over many insurance companies that give everyone a two-year waiting period.
TruStage
TruStage offers final expense insurance policies with coverage amounts ranging from $2,000 to $25,000. They do not require a medical exam, and coverage is available to people aged 45-85. However, they may have restrictions or waiting periods for cancer patients. Here are some key features of the policy:
– Coverage amounts range from $2,000 to $25,000.
– No medical exam is required to obtain coverage.
– Coverage is available to people aged 45-85.
– The policy is a no-medical exam whole life insurance policy that covers funeral expenses.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
TruStage is a subsidiary of CUNA Mutual Group, which is a trusted name in the insurance industry. They offer a variety of life insurance products, including term life insurance, whole life insurance, and guaranteed acceptance whole life insurance. They also offer funeral preplanning services and accidental death and dismemberment insurance.
SBLI Life Insurance
SBLI Life Insurance offers final expense insurance policies with coverage amounts ranging from $2,000 to $35,000. They do not require a medical exam, and coverage is available to people aged 50-80. However, they may have restrictions or waiting periods for cancer patients. Here are some key features of the policy:
– Coverage amounts range from $2,000 to $35,000.
– No medical exam is required to obtain coverage.
– Coverage is available to people aged 50-80.
– The policy is a no-medical exam whole life insurance policy that covers funeral expenses.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
SBLI Life Insurance is a trusted name in the insurance industry, offering various life insurance products, including term life insurance, whole life insurance, and final expense insurance. They also offer an app allowing consumers to shop for life and home insurance.
Transamerica
Transamerica offers final expense insurance policies with coverage amounts ranging from $1,000 to $50,000. They do not require a medical exam, and coverage is available to people aged 18-85. However, they may have restrictions or waiting periods for cancer patients. Here are some key features of the policy:
– Coverage amounts range from $1,000 to $50,000.
– No medical exam is required to obtain coverage.
– Coverage is available to people aged 18-85.
– The policy is a no-medical exam whole life insurance policy that covers funeral expenses.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
Transamerica is a well-known and respected name in the insurance industry, offering various life insurance products, including term life insurance, whole life insurance, and final expense insurance. They also offer an indexed universal life insurance policy that provides death benefit protection, index-based cash value growth potential over time, and a guaranteed minimum interest rate.
Royal Neighbors of America
Royal Neighbors of America offers final expense insurance policies with coverage amounts ranging from $5,000 to $25,000. They do not require a medical exam, and coverage is available to people aged 50-85. However, they may have restrictions or waiting periods for cancer patients. Here are some key features of the policy:
– Coverage amounts range from $5,000 to $25,000.
– No medical exam is required to obtain coverage.
– Coverage is available to people aged 50-85.
– The policy is a no-medical exam whole life insurance policy that covers funeral expenses.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
Royal Neighbors of America is a fraternal benefit society that was founded in 1895 by nine women who wanted to offer life insurance to women. Today, they offer a variety of life insurance products, including term life insurance, whole life insurance, and final expense insurance. They also offer annuities and a scholarship program for members.
Royal Neighbors of America’s final expense insurance is one of the best plans on the market. They offer aggressively lenient underwriting that will indeed accept most seniors despite high-risk medical conditions (diabetes in particular). However, their rates are unusually high compared to other companies for people aged 50-59. The minimum face amount is $7,000, which is much higher than most carriers.
Foresters Financial
Foresters Financial offers final expense insurance policies with coverage amounts ranging from $5,000 to $35,000. They do not require a medical exam, and coverage is available to people aged 50-85. However, they may have restrictions or waiting periods for cancer patients. Here are some key features of the policy:
– Coverage amounts range from $5,000 to $35,000.
– No medical exam is required to obtain coverage.
– Coverage is available to people aged 50-85.
– The policy is a no-medical exam whole life insurance policy that covers funeral expenses.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
Foresters Financial is a fraternal benefit society that offers a variety of life insurance products, including term life insurance, whole life insurance, and final expense insurance. They also offer annuities, financial consulting, and retirement savings plans. Foresters Financial’s PlanRight Whole Life Insurance is designed to provide coverage that can be used for final expense planning.
Foresters Financial’s final expense insurance is a marriage of low prices and lenient underwriting. Most seniors needing insurance to cover their funeral will qualify for a competitive premium. Foresters Financial burial insurance, aka final expense or funeral insurance, is a whole life insurance policy with a quick payout so your family can pay for your funeral. They offer three different plans:
– Preferred: This plan is the most affordable and has no waiting period. It is offered if you have no health issues mentioned in questions 7-12 in the application.
– Standard: This plan is more expensive than the preferred plan and has no waiting period. It will be offered if you have any health issues mentioned in questions 7-12 in the application.
– Basic: This plan is the most costly and has a two-year waiting period. Death in the first two years would result in a refund of your money plus 10% interest. The basic plan will be offered if you have any health issues mentioned in questions 7-12 in the application.
AIG
AIG offers final expense insurance policies with coverage amounts ranging from $5,000 to $25,000. They do not require a medical exam, and coverage is available to people aged 50-85. However, they may have restrictions or waiting periods for cancer patients. Here are some key features of the policy:
– Coverage amounts range from $5,000 to $25,000.
– No medical exam is required to obtain coverage.
– Coverage is available to people aged 50-85.
– The policy is a no-medical exam whole life insurance policy that covers funeral expenses.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
AIG is a well-known and respected name in the insurance industry, offering a variety of life insurance products, including term life insurance, whole life insurance, and final expense insurance. They also offer annuities, retirement planning, and wealth management services.
AIG’s final expense insurance premiums are usually the lowest relative to other insurance providers. Additionally, their level plan has no waiting period, which is a significant advantage over many insurance companies that give everyone a two-year waiting period.
Gerber Life
Gerber Life offers final expense insurance policies with coverage amounts ranging from $5,000 to $25,000. They do not require a medical exam, and coverage is available to people aged 50-80. However, they may have restrictions or waiting periods for cancer patients. Here are some key features of the policy:
– Gerber Life offers a guaranteed acceptance whole life insurance policy that covers funeral expenses.
– Coverage amounts range from $5,000 to $25,000 in $1,000 increments.
– No medical exam is required to obtain coverage.
– Coverage is available to people aged 50-80.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
Gerber Life is a well-known and respected name in the insurance industry, offering various life insurance products, including term life insurance, whole life insurance, and final expense insurance. They also offer college savings plans and other financial products.
Gerber Life’s guaranteed acceptance whole life insurance policy provides valuable whole-life insurance protection to help cover final expenses, such as medical bills and burial costs. The policy is available to people aged 50-80, and no health questions or medical exams are required to obtain coverage. The policy also builds cash value over time, which can be borrowed against or used to pay premiums.
Aflac
Aflac offers final expense insurance policies with coverage amounts ranging from $5,000 to $50,000. They do not require a medical exam, and coverage is available to people aged 50-85. However, they may have restrictions or waiting periods for cancer patients. Here are some key features of the policy:
– Coverage amounts range from $5,000 to $50,000.
– No medical exam is required to obtain coverage.
– Coverage is available to people aged 50-85.
– The policy is a no-medical exam whole life insurance policy that covers funeral expenses.
– The policy contains a graded benefit, meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive a reduced death benefit. After two years, the full death benefit will be paid out.
Aflac is a well-known and respected name in the insurance industry, offering various life insurance products, including term life insurance, whole life insurance, and final expense insurance. They also offer accident insurance, cancer insurance, and hospital insurance.
Aflac’s final expense insurance offers affordable, fixed premiums that do not change over time. The cash benefit from final expense insurance helps cover funeral and burial costs, medical needs, or anything else that will help loved ones. The policy is a no-medical exam whole life insurance policy that covers funeral expenses. Answer a series of questions about your health, and Aflac will advise which plans you qualify for. Your final expense insurance coverage remains in place as long as your premiums are paid up. Our final expense insurance plans build cash value – a sum of money that can be used to borrow against or use as a non-forfeiture benefit.
It’s important to note that the specific insurance company and their underwriting guidelines will determine whether a cancer patient can qualify for final expense insurance. As mentioned earlier, some providers may offer coverage without a waiting period, assuming it’s been at least 24 months since the last treatment. It’s also important to compare premiums and coverage options from multiple providers and work with an experienced insurance agent who can help you navigate the process and find the best policy for your needs.