A final expense life policy can offer excellent financial security. It can provide your family with a safety net, making sure they will not be left with a huge financial burden.
Whether you are looking for yourself or possibly looking for an insurance policy for your parents, the next logical step then, is to locate the correct type of policy.
Fortunately, finding the best Final Expense policy is pretty easy. It shouldn’t take hours of investigating and research. We can actually show you how to accomplish this before your favorite TV sitcom is over.
Firstly though, let’s do a little investigating.
What makes it the Best Burial Insurance?
There are 3 factors to look for in a burial insurance plan.
- Coverage starts immediately – no waiting period if possible.
- Policy is competitively priced.
- Insurance company has a good financial record.
Now, let’s take a look at these 3 factors in detail.
When does my insurance coverage start
Some burial policies have a two year waiting period where they will not pay the full death benefit. This type of plan is designed for individuals with severe health conditions, but healthy people still sign up for them.
We help people everyday that didn’t know they could qualify for something better. Fortunately, the majority of our clients qualify for an immediate coverage plan.
Here is the key point-
How do you choose the right carrier? Which one has a plan that would allow you to be approved for immediate coverage. This is where the experience of Life Choice Advisors can help you.
This step is a critical piece of the process. We can assess your health and medical history to determine eligibility for immediate coverage. We have a full understanding on the underwriting guidelines of these burial insurance carriers.
In the end, we can advise you on the best possible option based on your health and budget. Only using a two-year wait policy as a last choice option.
The Cost of the Burial Policy
Most final expense life insurance companies have a similar cost structure. However, some insurance carriers offer additional benefits that are included with your policy.
Examples include an accidental death rider or possibly a nursing home rider. These are items to consider when comparing pricing for the same amount of immediate coverage.
Insurance Company Financial Record
Thankfully today, most life insurance companies are A rated with A.M. Best.
AM Best provides news, credit ratings and financial data products and services for the insurance industry.
If an insurance company has financial issues, they may not be able to pay a claim. Consequently, this would cause the very financial hardship you were trying to avoid.
Fortunately, with big data and sources like actuarial tables, it’s very unlikely for an insurance company to have financial issues.
How do I find the Best Burial Insurance
Locate a qualified independent insurance broker or agency. Independent agencies usually have several companies that they work with.
They can compare offers from multiple companies. If the broker is trustworthy, they will select a company that will meet ALL of your needs.
Remember, your health is a MAJOR factor. A professional broker should evaluate your medical history, analyze your goals and assess your budget.
The best option will offer a competitive price and coverage that starts ASAP.
Cannot be purchased directly
You cannot purchase a policy directly from a Final Expense Insurance Company. They must purchased through a broker or agent.
Life insurance is complicated with a multitude of variables to consider. This is why life insurance requires the help of agents or brokers. They have to be screened and licensed with the state. Additionally, you would want an agent knowledgeable on the products they offer through the insurance carrier(s).
Exception: Guaranteed issue life insurance. Insurance companies offer these policies directly, usually through the mail or advertised on television. However, all guaranteed issue policies have a two year waiting period.
Why work with Life Choice Advisors
RESEARCH – We feel it is our duty to advise and educate anyone considering purchasing life insurance. In the same vein, it is important to do your own research. That is the major reason for our website. Articles like this are here to help new and old clients alike.
INDEPENDENT – Because we’re independent, we compare the most highly rated insurance companies on your behalf. This ensures you get the best coverage at the best price.
WE CARE – We will always make sure we recommend whichever final expense insurance carrier is best for you.
With our experience, carrier options and commitment to our clients we feel Life Choice Advisors is your optimum choice in finding the best burial policy.