Final Expense Insurance Under 50 – Guaranteed Acceptance, No Exams or Health Questions (Ages 18-85)
Navigating the world of insurance can be daunting, especially when considering the best options for securing a financial legacy when you’re under 50.
For many, the quest starts with a simple inquiry: Is "final expense insurance under 50" available, and if so, is it right for me?
Understanding final expense insurance and how it fits into your financial planning at a younger age can offer peace of mind and ensure loved ones are not burdened with unexpected costs.
Guide to Final Expense Insurance Under Age 50
Quick Review
Final expense insurance under 50 refers to a type of life insurance policy designed to cover funeral and burial expenses, typically available to individuals under the age of 50.
These policies generally offer smaller coverage amounts compared to traditional life insurance, making them more affordable and accessible for younger individuals who want to ensure that their end-of-life expenses are covered without burdening their loved ones.
Premiums are usually fixed, and the application process is often simplified, sometimes not requiring a medical exam.
Understanding Final Expense Insurance
Final expense insurance, sometimes referred to as burial insurance, is a type of life insurance designed specifically to cover funeral and burial costs, which generally range between $7,000 to $15,000 in the U.S., according to the National Funeral Directors Association.
It provides a modest death benefit, usually ranging from $5,000 to $25,000, directly to beneficiaries to use for final expenses — a crucial consideration if savings are not sufficient.
Average Cost of Final Expenses in the U.S.A.
On average, funeral and burial expenses in the U.S. can be financially overwhelming, which is why planning ahead is vital.
Typical costs include the funeral service itself, casket or urn purchases, burial plots, headstones, flowers, and death certificates. These costs add up quickly, highlighting the value of having an insurance policy to buffer financial impact.
As you assess the costs, it's valuable to consider the average funeral and burial expenses in the U.S.A., which sit around $8,592.
These figures help underline the adequacy of coverage amounts typically offered by guaranteed acceptance life insurance policies.
Benefits of Final Expense Insurance
The benefits of final expense insurance are clear:
- Covers end-of-life expenses, including funerals and cremations.
- Avoids financial burden on family members.
- Simple application process, often with no medical exam required.
- Fixed premiums, ensuring rates don’t increase with age.
- Quick payout typically within a few days of approving the claim.
Top Final Expense Life Insurance Companies
When selecting final expense insurance, comparing providers is crucial. Two significant players in the field are Allstate Benefits Insurance Company and Mutual of Omaha.
When comparing Allstate Benefits and Mutual of Omaha, it's essential to consider both the features and limitations of each.
Allstate offers higher coverage amounts and no waiting periods, which could be beneficial for those who want immediate assurance. Both offer level premiums and coverage, but consider the maximum coverage, waiting period options, and additional benefits when choosing.
Recent A.M. Best ratings highlight the financial strength of both companies, with Mutual of Omaha and Allstate Benefits both holding an "A+" rating, confirming their stability and reliability for policyholders.
Features of Allstate Benefits vs. Mutual of Omaha
Let's break down the features of Allstate Benefits vs. Mutual of Omaha for guaranteed acceptance coverage.
Allstate Benefits Insurance Company
- Guaranteed Acceptance: Ages 18-70
- Coverage Amount: $10,000 up $75,000
- Available in every state and DC (except NY)
- No Medical Exam Required
- No Health Questions Asked
- No Waiting Period
- No 2 Year Graded Death Benefit
- Policy builds cash value, loan available
- Lifetime protection
- Premiums never increases, coverage never decreases
NOTE: To qualify, applicants must be working at least 20 hours per week and not collecting any form of disability income or SSDI.
The policy goes In Force on the first day of the month after it's purchased.For example, if the policy was purchased during the month of January, it would be active February 1st.
Mutual of Omaha
- Guaranteed Acceptance: Ages 45-85 (50-75 in NY)
- Coverage Amount: $2,000 up to $25,000
- Two year waiting period limited death benefit
- No physical exam
- No health questions asked
- 30 day money-back guarantee
- Policy builds cash value, loan available
- Lifetime protection
- Premiums never increase, coverage never decreases
Cost of Final Expense Life Insurance
You might wonder about the costs involved and what coverage you would obtain. Policies for individuals under 50 tend to have lower premiums compared to those purchased later in life.
For example, Allstate Benefits offers coverage up to $75,000 with no waiting period and options to add family members.
Comparatively, Mutual of Omaha provides up to $25,000 coverage with a 30-day free look period and offers attributes like permanent lifetime protection and cash value accumulation.
These rates are subject to change based on various factors such as health status and benefit exclusions. However, once you start your coverage, the rate you pay is locked-in (will never increase).
The pricing of guaranteed issue final expense insurance is determined by several factors including age, gender, health condition, and the amount of coverage desired.
Common premium payment options include monthly, quarterly, or annual payments, making it flexible for your budget.
Sample Premiums
Here's a comparison of monthly premiums for $10,000 coverage for non-smokers age 45:
Allstate Benefits:
- Male: Approximately $21.68/month for $10,000 coverage.
- Female: Around $21.68/month for $10,000 coverage.
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Mutual of Omaha:
- Male: Close to $36.40/month for $10,000 coverage.
- Female: About $27.90/month for $10,000 coverage.
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Average Cost of Final Expenses in the USA
Basic Services: $2,135
Transfer to Funeral Home: $373
Embalming: $763
Dressing and Casketing: $264
Viewing: $463
Ceremony: $548
Hearse: $354
Utility Vehicle: $190
Median-Priced Casket: $3,500
Total Cost: $8,592
Eligibility for Final Expense Life Insurance
Eligibility for final expense insurance under 50 is generally straightforward.
Most companies offer guaranteed issue policies that require no medical exam, perfect for those with pre-existing conditions.
Eligibility requirements typically include:
- Being between 18–49 years old.
- Ability to pay premiums reliably.
- U.S. citizenship or legal residency.
Peace of Mind
Securing final expense insurance early serves as a strategic move. By locking in rates while still young, typically in good health, you are effectively planning ahead. This proactive step ensures peace of mind, knowing that your loved ones won't face financial strain during difficult times. The absence of a medical examination can also expedite approval, reducing hassle for those dreading traditional insurance processes.
Important Factors to Consider
Comparing providers is essential to finding the plan that best fits your needs, especially for under 50 final expense insurance.
Allstate and Mutual of Omaha both cater to younger applicants with flexible plans, but your choice may depend on specific needs such as desired death benefit amount, pricing, ease of application, and any additional riders you may wish to include.
Consider these factors when buying:
- Assess your family's future financial needs.
- Calculate potential future funeral costs adjusted for inflation.
- Understand your health risks and history for the best plan type.
- Determine how the death benefit will serve your long-term financial goals.
Real-Life Examples of Final Expense Insurance
Let’s illustrate this with real-life examples:
- Sarah, a 42-year-old single parent, bought a plan with a $10,000 death benefit to reassure herself that her children won’t face funeral expenses.
- Ben, 37, with a history of high blood pressure, secured a policy without a medical exam, valuing ease and efficiency.
- Meanwhile, Maria, 48 and with no employer-sponsored life insurance, chose final expense insurance to protect her family while still fitting within her budget constraints.
Is Final Expense Insurance Right for You?
If affordability, convenience, and peace of mind regarding end-of-life expenses are priorities, this type of insurance might be the ideal choice.
It guarantees that loved ones won’t bear the costs of funeral arrangements, offering financial security without the complexity of larger life insurance policies.
How to Buy Final Expense Insurance
To purchase a policy, follow these steps:
- Assess your insurance needs and budget.
- Research and compare different providers and plans.
- Decide on the death benefit amount you need.
- Choose a reputable insurer with favorable terms.
- Fill out an application and await approval.
- Review the terms and confirm the policy meets your expectations.
Lock-In Low Rates
Many questions might pop up during your research. "I’m under 50—can I get lower rates since I’m younger and healthier?"
Yes, you'll often benefit from lower premiums compared to those available to older applicants, making early engagement especially wise.
Guaranteed Funds When Needed
Some ponder if they should just save instead of buying insurance: "Why not save the money instead?"
While savings are always beneficial, they may not accumulate to the necessary amounts for sudden expenses like a funeral, hence a small policy ensures funds are guaranteed when needed.
Don’t Delay
For those hesitating, remember that accidents and illnesses don’t discriminate by age; securing final expense insurance now prevents burdens later.
The longer you wait, the risk increases, along with potential costs and complexities.
Summary
In conclusion, as you build your financial foundation, consider final expense insurance as part of your overall strategy. It’s a smart choice for anyone desiring an affordable way to eliminate financial uncertainties at life's end, ensuring loved ones can focus on healing.
Don’t delay in securing a final expense insurance quote tailored to your needs. Contact a trusted advisor or insurance provider today to explore options and guarantee a future where financial peace blends effortlessly with your near-term expectations.
Final Expense Life Insurance Quotes
Top Pick – Allstate Benefits Insurance Company
Allstate Benefit's Guaranteed Acceptance policy offers $10,000 to $75,000 of coverage to working applicants between the ages of 18 and 70. Rates start as low as $9.65 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply today. Start Here to get a FREE Quote.
NOTE: To qualify, applicants must be working at least 20 hours per week and not collecting any form of disability income or SSDI.
Highly Recommended – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
Disclosure: Compensated Affiliate