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Understanding the Guaranteed Acceptance Final Insurance


Death is inevitable and so is paying taxes. But one can definitely avoid leaving behind an unexpected financial burden for those who are left behind by enrolling in the Colonial Penn 9.95 plan, assuring final insurance.

What Is Final Insurance?

Guaranteed acceptance final expense insurance is similar to a whole life insurance policy. However, the only difference here is a comparatively smaller death benefit.

Final insurance is also known by other terms that you might be familiar with, for example, burial insurance, funeral insurance, modified whole life insurance, etc.

Faith Based Events

Are you in need of a similar policy? In this post, you will find the most frequently asked questions concerning guaranteed acceptance final insurance to guide you further:

1.Who Can Apply for a Final Insurance Policy?

Final expense insurance is specially designed for senior citizens. Apparently, people aged between 50 to 80 years can apply.

2.Why Put Your Money on Burial or Final Insurance?

Generally, people wish to bid the final farewell to their loved ones following the appropriate rituals. If not grand, at least it has to be decent. But there is an emotional factor as well. Many don’t want their family or relatives to pay for the burial or the cremation.

However, the death benefit can be used for other purposes as well apart from the funeral payouts, like settling property bills, vacationing, etc.

3.How Much Is the Death Benefit Amount?

The death benefit or the face value depends on numerous factors, including the type of plan, duration of its active state, and premium. On average, it can be between $2000 and $50,000.

  1. Is There Any Condition for the Release of the Death Benefit in Final Insurance?

Yes, depending on which carrier you are selecting, there could or could not be a waiting period. Let’s say the waiting period is 24 months or two years. Now, if the policyholder passes away due to natural causes in those initial 24 months, the beneficiaries will receive no death benefit. Some insurance companies offer the paid premiums and a certain interest rate to the beneficiaries in such cases.

Interestingly, if the client expires in an accident or alike in that given timeframe, the payees will receive the full amount from the company.

5.Does All Final Insurance Cover the Whole Life?

Experts always will advise you not to pick a policy that has a two-year or three-year coverage.

6.How Does the Guaranteed Acceptance Work in Final Expense Insurance?

Suppose a family member, a close friend, or a relative is fighting with a lethal or incurable disease, like cancer or any permanent disability. Usually, the insurance companies levy a stipulated waiting period for these clients without bothering him/her with health-related questions.

If you are wondering how the policyholder will get the plan qualified, you must know how the guaranteed acceptance term works. Regardless of the health condition, the policy will be approved for life but only at a higher price.

Simply put, if you are perfectly healthy your insurance would cost less, whereas ailing clients have to pay a heftier premium.

7. Is Taking the Smaller Premium Plans a Good Idea?

For its straightforward pricing approaches, the Colonial Penn 9.95 is a popular plan among seniors. If you are perfectly fit a smaller premium is what you should go about, or you may decide not to pay for any plans.

But generally, when you are under treatment, the final insurance policy will take you under the costlier plans as per company regulations.

Also, cheaper premiums denote smaller death benefits; select it if it suits you and your family.

8.How to Find a Beneficial Plan?

If you are on the lookout for a suitable policy, you can talk to Gary P. Cubeta, an experienced, independent agent.