People with a serious disease or terminal illness are considered to have a smaller life expectancy and are expected to die soon. Insurance policies usually prefer to provide insurance plans to those people who are less prone to accidents or less likely to fall ill. This allows them to receive premiums for a longer period and earn more benefits.
Insurance companies keep a track of many more things while providing an insurance plan such as marital status, driving score, type of occupation as well as the medical history. You might have been surprised to see the marital status as a factor to decide your insurance premium, but it does matter. Generally, married people are considered more responsible and supposed to live a more stable life than an unmarried person. This gives final expense insurance companies the confidence that their customers will continue the insurance plans without skipping their premiums. Also, your driving score decides how well you drive your vehicle and the possibility to meet an accident. If you have a very low driving score, this tells that you are more likely to meet an accident and that might be little alarming for insurance companies.
Also, the type of your occupation is a factor for how easily you receive an insurance plan. If you are working at any of the coal mines, sea-shores, chemical plants, steel plants or oil refineries, power plants or any risky workplace where accidents happen more often than normal occupations, you will be considered little risky to get insured. Same happens with your medical history as well. If you have been diagnosed with a serious illness now or either in past, this is much likely that insurance providers will hesitate to provide the desired insurance plan to you.
The challenges covered in the above paragraph are common for getting any insurance plans and remains the same while getting a cover for your funeral expenses. Fortunately, there are some insurance providers who offer an insurance plan to patients suffering from a serious disease. Basically, there are two options that patients with a terminal disease can look forward to.
These plans are known for providing an accumulated cash amount on the death of the policyholder. This amount can be utilized to take care of funeral-related expenses, pending debts as well as other essential expenses. Under life insurance as well, there are two types of plans:
These are the insurance provide final expense life insurance for seniors and protect the insured for the lifetime. You need to pay a fixed premium to the insurance provider every month and there will provide a lump sum to your loved ones when you leave them. This amount can be very helpful to make the funeral arrangements and pay for all the expenses related to the burial ceremony.
These plans protect the customer for a limited period such as 5 years to maximum 30 years. If the insured dies during this period, the insurance companies provide an accumulated amount to the beneficiaries who can utilize the same to pay for funeral-related expenses and pending mortgage or other debts. Moreover, the insured can renew the insurance if they want to continue the policy, even after 30 years.
These plans are specifically designed to take care of all the funeral-related expenses whenever the insured passes away. Under these insurance plans, you choose the ways you want to be remembered. You can let them insurance provider know whether you would prefer to be buried or go for a cremation service. You can also decide if you want a wake ceremony to be held after the funeral. Just by filling an online form, you can get top final expense insurance quotes from multiple insurance companies within a very short period. The insurance provider offers insurance plans as per your specific requirements and you can choose that provides maximum coverage for the preferred premium.