Final Expense Insurance in Orlando, FL
Final expense insurance, also known as burial insurance, is a type of life insurance designed to cover end-of-life expenses. This insurance aims to alleviate the financial burden on loved ones following an insured’s death. It can be particularly beneficial for those who want to ensure their family is not left with significant financial responsibilities during a difficult time.
What Does Final Expense Insurance Cover?
Final expense insurance typically covers a range of costs related to end-of-life arrangements, including:
- Funeral and burial expenses
- Medical bills
- Outstanding debts
- Memorial services
Are There Different Types of Policies?
Yes, there are generally two main types of final expense insurance:
- Simplified issue—This type typically requires applicants to answer a few health-related questions but does not necessitate a medical exam. This type of policy is typically easier to obtain and can offer lower premiums.
- Guaranteed issue—These policies do not require health questions or medical exams, making them generally accessible to everyone regardless of health status. However, this type of policy usually comes with higher premiums and a waiting period before full benefits are available.
What Factors May Influence Rates?
Several factors can influence the rates of final expense insurance, including:
- Age—Older individuals generally face higher premiums.
- Health status—Those in better health may receive lower rates.
- Coverage amount—Higher coverage amounts typically result in higher premiums.
- Gender—Since women generally live longer than men, insurers may quote them lower rates.
- Smoking status—Smokers usually face higher premiums.
- Policy type—As noted earlier, guaranteed issue policies are typically more expensive.
Get the Right Coverage
At YIM Insurance Group in Orlando, FL, our dedicated team can help you and your family secure the right final expense coverage. Contact us today to learn more about available policies and compare personalized quotes.