Final Expense Insurance Application Process

final expense insurance application process

We created this basic final expense insurance application process as a simple guide to help you understand the process of applying for final expense insurance policy and to help you understand what to expect.

Applying for final expense insurance is relatively standard depending on the type of insurance and the company you choose.

Some companies offer simplified issue policies with no medical exam and will only require you to answer a few health questions. Others will offer guaranteed acceptance policies with no medical exam and no health questions.

Whatever policy you choose, it is essential that you have all your personal information available for your application beforehand.

In general, final expense insurance application process is going to be similar to the application process for any type of life insurance. You will need to supply basic personal information such as your name, age, birthday and address and sometimes answer a few questions about your recent medical history.

If you want to start the final expense application process just fill out the customized quote on the left an instant quote will be displayed immediately.

FINAL EXPENSE INSURANCE APPLICATION PROCESS

Step 1: Get your free quote

Step 2: Choose a policy that fits your needs and budget

Step 3: Fill out an application

Step 4: Phone Interview (in some cases)

Step 5: Wait for underwriting

Step 6: Accept your offer and receive your policy

Step 1: GET YOUR FREE QUOTE

The final expense insurance application process starts by getting a free online quote.

Getting a quote has never been easier! First, find an independent life insurance agency website that can provide you a quote from many different insurance carriers. Working with an independent life insurance agency will save yourself the hassle of getting a quote from each company individually.

An independent insurance professional can walk you through every step of the way. There is no cost for this service, and their advice will be extremely valuable.

Your agent will assess what type of policy is best for you and what cost to expect on your new policy. If you have health issues, your agent will pre-screen these conditions and recommend carriers which are friendly with your health issues.

It is wise to do your shopping with all the best companies in the market. Make sure that you or your agent compare rates with different carriers to avoid overpaying for coverage. Comparison shopping will ensure you get the best rate.

Use our EASY ONLINE QUOTE FORM to check out the rates and insurers available to you. Just fill out our instant QUOTE form with a few pieces of information:

  • State of residence – rates may vary by state because states regulate life insurance carriers.
  • Birthday – insurance rates vary by age
  • Health class – your health class will vary depending on if you have excellent, decent or poor health
  • Coverage amount you want – select from $2,000 to $100,000
  • Gender – insurance rates vary for men and women
  • Smoker/Tobacco – insurers want to know if are currently using tobacco or you have done so in the past
  • Your name – your full name
  • Phone number – where you can be reached at
  • Email address – most used email address

Once you input your information in our free quote form, click “Display Quotes” and you will see a list of quotes, sorted by lowest price. You will see the lowest rate at the top of the list.

Funeral Funds will never sell your information or use it for anything except give you the most affordable life insurance quotes.

Step 2: CHOOSE WHICH POLICY IS THE MOST AFFORDABLE FOR YOU

Choose what type of final expense insurance you need. If you are like most senior citizens, you are most like be looking for a simple final expense insurance policy to cover the cost of a funeral so that their family won’t be left with a financial burden after your death.

Types of Final Expense Insurance

Simplified Issue – this type of policy is a simplified version of regular insurance. It does not require a medical exam, but some health questions will be asked on the application.

If you answer NO to the health questions, your coverage will be approved. Part of the underwriting process is a background check on medical history, prescription medication, and motor vehicle records.

Guaranteed issue– is a type of policy that guarantees approval regardless of your existing health condition. You are not required to take a medical exam or answer any health questions.

As long as the policy is available in your state and you fall on the age brackets the company is guaranteed to offer you a policy.

If you have a pre-existing health condition that makes it impossible to qualify for traditional life insurance, you should consider a guaranteed issue policy.

Features of Final Expense Insurance:

  • Permanent whole life policy
  • Level premium – premiums never increase
  • Benefits never decrease for any reason
  • Available for seniors ages 50 to 85
  • Minimal face amount $2,000 up to $25,000
  • No medical exam required
  • The policy accumulates cash value

Once you decided which type of policy you want and received the pricing form the instant quote tool, the next step is deciding on which carrier to apply.

You need to consider the company with the best price. Another thing you may need to consider is the financial stability of the carrier.

Funeral Funds only works with “A” rated or better insurance carriers. It is important to make sure that the company is stable and has the ability to pay its policyholders on time.

Step 3: FILL OUT AN APPLICATION FORM

After you have found the insurance company that’s the perfect fit for your needs, it’s time to apply.

Completing an application will be the next simple step after you have found an agent and the type of policy that best fits your budget. This application can be in paper form, telephone application or online application.

Things to prepare before the application:

  • Your social security number
  • Driver’s license number
  • Beneficiary information
  • Contingent beneficiary information (needed in case something happens to the policy owner and the primary beneficiary at the same time)
  • Your doctor’s contact information

The application process will typically take 10 to 20 minutes.

There will be a series of questions to answer from personal information to medical history to the type of lifestyle you live. First is your basic information name, age, birthday and address.

You will be asked about your:

  • Health history
  • Family health history
  • Prescription medications you take
  • Any dangerous activities you participate in
  • Criminal record
  • Driving record

You will be asked about your social security number and driver’s license number. This information is needed so that the life insurance company can access your driving records and medical history.

Your medical and family history will also be asked. The insurer needs to know your health risk to accurately determine what premium you will be paying for your policy.

When filling out your application, you will be asked to supply your beneficiary or the person who will receive the cash benefit if you pass away.

It is wise to supply contingent beneficiary information in case something happens to your primary beneficiary and the policy owner at the same time (for example – husband and wife both die in an automobile accident together).

When the application is completed, we will need your signature. Many insurance carriers do this digitally. We sometimes will email you a copy of the completed application form for you to sign.

The insurance companies who require a paper application will mail you the application via Priority Mail, with the places for your signature clearly marked. When you’re finished, just put the application form into the postage-paid envelope provided and drop it in the mail.

Be honest when filling out your application. Don’t lie or give false information. Its fraud and the company will most likely find out and deny your death claim.

Step 4: PHONE INTERVIEW

Only the simplified issue policies undergo an underwriting process. Guaranteed issue policies skip this step.

If you choose a simplified issue policy, you will likely receive a telephone interview with the insurance company’s underwriting staff to clarify some of the questions you answered on your application.

This step is easy. You must answer honestly and don’t volunteer information they don’t ask about.

The questions you will be asked are about your:

  • Lifestyle
  • Health history
  • Family health history
  • Dangerous hobbies and activities you participate in

It is best to answer truthfully as possible to ensure you are getting the best policy for your needs.

The specific information that will be asked in follow up underwriting phone call will be:

  1. Social Security Number – the social security numbers are required on all applicants. This number act as your unique identifier.
  2. Driver’s license – your driver’s license number is required in the application because your driving history may be part of the underwriting process.
  3. Prescription medication – this information will be asked during the phone interview. However, prescription history is always double checked.
  4. Checking account number – this is necessary to choose the drafting day for your payment
  5. Beneficiary information – supply the name and birthdate of your primary beneficiary and a contingent beneficiary.

Simplified issue policies are often approved on the telephone interview with the applicant still on the phone.

You can choose the simplified underwriting process and save time. Simplified issue policies can take between 24-48 hours to get approved.

Step 5: Wait for underwriting

This is the easiest step, and there’s nothing you need to do except wait!

Your insurance carrier is doing all the work in this step. It is the part of the process where the life insurance company reviews your application, access your personal and medical information history to assess your level of risk and figure out if you qualify and at what cost.

Underwriters will look into:

Your driving record

The underwriting department may run a routine motor vehicle report to see if you have driving violations than indicates unsafe driving habits which could increase your chance of having fatal highway accidents.

The primary violations to look for would be drag racing, driving under the influence of alcohol or drugs, reckless driving and speeding violations.

Parents’ health history

Basic questions will be asked regarding your parents’ health history. The underwriters may ask if your parents are still alive. They would like to know if you have gene related illness such as cancer or heart disease that could be passed down to you.

Statistics show a direct correlation between some medical conditions inherited from parents to their children.

Prescription drugs

Underwriters will run a check on prescription drugs that you take and what the drugs are used for. A computer database shows your pharmacy purchases. The insurance carrier will see your history of drug purchases and for what purposes.

Your credit rating

The insurance carrier will rarely look at your credit rating. Statistics show that people with a poor credit history are more likely to file fraudulent insurance claims because they are up in debts. Most of the time they resort to creating claims in order to receive a cash payout from insurance companies.

Most funeral and burial policies do not require credit checks for the applicant.

Sometimes insurance underwriters need more information to assess your rate. They may need to request medical records from your doctor. This can take time for the request to be processed and information to be forwarded to the company. Then, the underwriters will need time to look at the information they received.

Underwriting timelines can vary depending on the insurance company and the caseload of the underwriter assigned to your case.

Step 6: Accept your offer and receive your policy

Congratulations! You have an answer!

As soon as the insurance company has made a decision about your application and you are offered a rate, we will be in touch with you by phone or email.

If their offer is different from the rate you got in your original quote, we will work with you to determine your best options. It is very common to be offered different rates by different insurance carriers, even when those carriers are looking at the exact same information.

Now you have an approval for a policy. Once you have reviewed the plan and are happy with it, let us know you are ready to move forward and accept the insurance carrier’s offer.

After a few days, your policy will arrive in the mail or online.

After signing the applicable documents, you must make your first premium payment. You have the option to make monthly, quarterly, semi-annually or annual payments. If you have the budget, you can save some money by paying annually.

You will need to pay your first premium at the time of the application to activate your policy.

You will have a 30-day free look back period to review the policy. If there are things that you don’t like, you can change it or get your money back. So whether you paid monthly or annually, you can get your money back.

Final expense insurance application process is easy when you have an experienced life insurance agent from Funeral Funds to help you.

If you need help or you have any questions, you can call us at (888)862-9456 we will be happy to help you.