The path that life takes for each one of us is different. They all, however, have one inevitable outcome. And support during those times, be it emotionally, physically, or financially will go a long way in easing any bit of heaviness that person in the deathbed might have.
State Farm Final Expense Insurance exists for those who could use some help in easing the situation financially at the time of their burial. What’s more, it could prove helpful before that final moment too.
Do You Have A True Need For Such A Policy?
State Farm’s Burial Insurance is of the Guaranteed Acceptance Whole Life type. It means the policy coverage lasts the entirety of your life. Guaranteed acceptance means you will not have to pass a medical examination to avail of the policy. Your medical status won’t matter to the company.
If you are a senior who could rack up insurance bills due to various conditions imposed under your insurer’s terms, this might seem very appealing. There are caveats, though.
There will be a waiting period, typically about two years from issue, during which death will not result in a payout of coverage. Guaranteed acceptance is also subject to you passing a questionnaire requiring your present and recent past health-related information. A “yes” to any of those could get your application rejected.
It would be prudent to check with your advisor on how to proceed.
See If It Is For You
State Farm Final Expense Insurance is made for senior citizens who find that other regular term insurance policies do not satisfy their needs. A review of your situation and that of the policy’s terms and conditions should help you determine your choice.
Does Your Financial Situation Demand It?
A final expense plan’s premiums are always greater than a term insurance one’s. While the good news is that the premiums are fixed, it could be that they could go on for longer. The premiums also depend on the coverage chosen and your lifestyle habits.
The coverage amount from State Farm has a ceiling of $10,000. While this is a rather lowly sum, it doesn’t depreciate with time and is fixed. If you find that the amount will help your beneficiaries during the time of your funeral, then it would warrant a looking into it.
The money paid out can also be used for clearing medical dues and other expenses, besides or rather than the funeral ones.
Read More: I Don’t Understand Life Insurance
Does Your Health Factor Require It?
Regular medical exams in traditional policies will cause their premiums to go up. If you face such a problem, then this policy will be of use to you. There are no health check-ups, no premium raises, and no cuts to coverage money. Even tobacco users can opt for it.
Be cautious of the mandatory questionnaire that asks about your present medical status. State farm vets its applicants thoroughly. It has a rather long list, and you could be rejected for the slightest of infractions on your bill of health. It doesn’t even allow for diabetes and its treatment. The vetting includes the previous three years of your medical history from the date of application.
State Farm Final Expense insurance will suit those high on age factor but low on others. If you are not of this category, there are other, cheaper options to choose from.