Final expense insurance policies are growing in popularity among senior citizens. The benefits are plentiful and the policies, like the ones from Mutual of Omaha Final Expense, are affordable. The main benefit is when you pass away, your dear ones won’t have to carry the burden of cremation expenses. But who is eligible for buying a final expense policy?

Anyone in the Age Group of 50-85

Final expense policies are usually for people who are retired. Retired people are usually out of insurance provided by their employers and don’t have a term life insurance policy.

But one day, you’re going to pass away, leaving behind your family and relatives. They’re going to need to take care of your burial expenses. On average, such expenses in 2019 were $7,640. To cover these costs, final expense policies are offered by many insurance carriers.

Since these are catered to retired or to-be-retired people, the age factor is often relaxed. Therefore, you need not worry about your age when prospecting final expense policies. Most carriers offer policies to people over the age of 80. But insurance carriers do exist that entertain people in their 90s. You can also start as early as 50.

The bottom line is age is not a factor looked at by most insurance carriers. They’ll happily offer such a package to anyone who applies.

Given that financial responsibilities change over time and especially when we age, senior citizens find final expenses, the ideal form of insurance for them when they’re not around.

Ability to Pay the Premium

When compared to term insurance policies, final expenses are cheaper and more affordable. But you still have to pay the premium. Depending on your age, carrier, and city, the final expense plans run from $2,000 to upwards of $35,000. Mutual of Omaha Final Expense packages provide the cover of several thousand dollars. So when you’re alive, you should cover this amount by paying premiums on time.

So you should exhibit the ability to pay the amount. You can show pensions, bank statements, passive income sources, assets to the insurance broker to demonstrate the capability. Also, you shouldn’t have filed for bankruptcy at the time of applying for the insurance package. The agent will ask you a couple of questions regarding this. The aim is to verify that you’ll be able to pay the amount over your lifetime.

No Medical Examination Required for Approval

Insurance packages are notorious for demanding specific medical conditions to be eligible for application. This is to restrict the misuse of the insurance policy. But that is not the case with the final expense. When checking eligibility for final expense insurance, medical conditions are rarely taken into account.

You’ll usually be asked about your current and past health, but a medical examination is highly unlikely. Depending on the carrier and the broker, you’ll have to fill out a questionnaire that asks questions about your health condition, medications, recent hospitalizations, and surgeries. This is more than enough to gauge your eligibility from a medical point of view.

Unless you have a deadly medical condition like kidney failure or are severely ill at the time of application, you’re most likely to be approved.

Legal Requirements

The FTC mandates it for the funeral service providers to provide a receipt or written copy of the services and their associated costs at the funeral. This information is important because of the law surrounding embalming and cremation. Depending on the carrier and state, the insurance agent may require a copy of the receipt after your death. If you’ve already made arrangements and have paid an upfront fee, you can provide that receipt.

This is to ensure that the money was indeed used for cremation and not any other purposes. But this is not a strict requirement, since your family can use the money anywhere else and not just for cremation bills. There might be other such legal requirements that vary from state to state. Sit down with a final expense insurance agent and discuss the requirements to meet.

How to Buy the Right One?

Mutual of Omaha Final Expense packages are known for their quality and high acceptance rate. You can get in touch with Gary P. Cubeta of Insurance For Final Expense to avail the best packages. Gary himself reviews many final expense insurance policies on his website. You can read them to get a better idea of different plans and packages. Given how uncertain life is, you should get a final expense policy for yourself to ease the burden off of your dear ones when you pass away.

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