Choosing a policy to cover your end-of-life costs begins with selecting an insurance company. To find the right one for you, consider the policy types each offers. Some policies may include fixed premium rates. Others may have rates subject to change over time. Also, pay attention to company reputations.
Once you choose a company, you can typically select from multiple insurance plans that company offers. Make your choice based on your personal end-of-life plans and any current budget constraints you have.
Selecting a final expense insurance policy is easier when you are prepared. It is important to know what to look for in a company, as well as in a policy. Take the time to compare several companies and policies to make sure you get the coverage you require.
One of the best and easiest ways to compare quotes for final expense insurance is online. However, you need to take care when requesting quotes. It is best to read unbiased company reviews to narrow down your options. Then you can request quotes from the companies on your short list. Follow these tips to make the process faster and avoid scams:
- Check better business bureau ratings of companies on your short list.
- Confirm companies have proper state licensing.
- Make sure companies you consider offer premiums that fit your budget.
- Avoid companies requiring you to enter your Social Security or banking information to get quotes.
- When you think you have a company selected, arrange to speak directly with an agent before making a final policy decision.
When selecting a policy, one with an unchanging premium amount is a desirable option. The fixed rate can help you stick to a monthly budget. Also, review claims policies of each company on your short list. Easier claims procedures can help your loved ones get the funds they need with less fuss. There are many companies from which to pick. Here are some of the top companies in the United States:
- Colonial Penn
- Lincoln Heritage
- AARP (Formerly the American Association of Retired Persons)
Colonial Penn is known for guaranteeing acceptance for all applicants. You may prefer to apply for a Colonial Penn policy over one offered through another company, if you need guaranteed acceptance. For example, you may have a medical condition that disqualifies you from applying for certain plans through other companies.
The Funeral Advantage plan from Lincoln Heritage is also open to all applicants. You do not have to pass a medical check to qualify for it. It provides funds for funeral expenses, but no other expenses are included.
The AARP organization caters to U.S. residents over 50 years of age. Its insurance policies are offered in partnership with New York Life. However, you must have an existing AARP membership to qualify for AARP insurance benefits.
