Indeed, a burial insurance policy can be issued without the need for a medical exam!
Unlike traditional life insurance policies that require medical examinations to assess risk and determine premiums, burial insurance, or final expense insurance, does not necessitate a medical exam due to the advanced age of the applicants.
These policies are issued based on the answers to a few straightforward questions.
The process is elucidated by examining the two types of final expense insurance:
Even though there is no exam and you are only required to complete a questionnaire, honesty is crucial. Any discrepancies between your application answers and medical records may result in a denied claim and the potential non-payment of the death benefit to your family.
Final expense life insurance technically involves no exam, and the cost is comparable to term life insurance for an individual of the same age. The key differences lie in the death benefit and the permanence of the coverage as long as premiums are paid.
These policies, designed to cover funeral, burial, cremation, and other final expenses, come with smaller coverage amounts due to accepting more risk.
No, another benefit is that the coverage amount remains constant and does not expire. As long as premiums are paid, burial insurance functions as permanent life insurance, even in the event of terminal illness.
To ensure you secure the best rates for a burial insurance policy, it’s advisable to explore various companies with good financial ratings. The good news is that we handle all of that for you when you shop through our site, comparing rates from the best-rated companies and presenting the findings to you—all for free.