Level: Traditional “Day 1” coverage plans with a level death benefit.
Limited Pay: These are also “Day 1” plans, but have a limited pay period (single, 10 or 20 year premium)
Graded/Modified: Used for less healthy clients and initially have a limited or reduced face amount for the first few years. Each plan’s grade or modification is different, so be sure to click the info icon next to each plan for further details.
Guaranteed Issue: These graded plans are typically used when no other qualifying plan can be found for people with serious health issues.
Traditional/SIWL: Often overlooked these plans are issued on a simplified basis but have a somewhat higher standard of underwriting. Should be considered for healthier people as the rates are frequently lower than the traditional level benefit final expense plans.
Final Expense policies are designed to help cover final expenses such as the costs associated with funeral and burial expenses, probate fees, or other financial obligations that an applicant’s family may face in the event of death. It is also an alternative to someone who can’t buy a conventional life insurance policy because of a pre-existing condition.
Our carriers are currently offering some of the most competitive final expense solutions available. We feature Sentinel Life, Mutual of Omaha, Americo, Foresters, National Western Life, and Lafayette Life. Matching specific solutions to client needs in this market is based more on specific insurability criteria than premium competition. Most carriers have a Point-of-Sale option to open, close and obtain an underwriting decision in around 30 minutes. The process starts with a field assessment of insurability by checking underwriting guidelines.
Producers focused on the Final Expense market (under $40,000) may also require assistance when they have healthier and / or younger people needing larger face amounts (up to $100,000). This is where “bridge products” such as Simplified Whole Life Insurance and term comes in. They can also consider fully underwritten permanent and term products to young families for coverage needs greater than $100,000. For these situations, our regular portfolio of top-rated carriers features innovative Accelerated Underwriting programs up to $1,500,000 where the application effort is similar to what they are accustomed to in the middle market.
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