Final Expense Life Insurance
Final Expense Life Insurance is a small value whole life insurance policy that is designed to cover burial and other final expenses when you pass. You have to be careful though because there can be some tricky products in the market. When we are vetting new products, this is what we look for:
The price on the product will never go up.
The coverage on the product should never go down.
This product should last forever.
That is the main rubric we use to decide what products we'll offer.
Medicare Advantage Cancer costs
When my clients who choose Medicare Advantage look at their coverage I get the same question often: "What would cause me to hit my out-of-pocket maximum?" Most often it is critical or chronic illness. Especially cancer. The worst part is that your maximum out of pocket amounts are based around the calendar year. That means you could hit your maximum out of pocket multiple years in a row. Thankfully it is rare to hit this maximum amount, but in the event of a cancer diagnosis it can be helpful to have some backup. We recommend 2x your annual maximum out of pocket in cancer coverage. For example, if your maximum out of pocket is $10,000 we recommend $20,000 in cancer coverage as a minimum.
Let's be clear, this coverage is optional, but cancer is an expensive diagnosis. It is smart to head it off at the pass.
Because of the ongoing risks of critical illness, we often recommend clients on Medicare Advantage plans consider a critical illness policy that covers more than just cancer.
Who Qualifies?
The great thing about final expense coverage is most people can qualify. We can offer no health question asked coverage to people between the ages of 40 and 80.
There are discounts and expanded coverage to clients who are willing to share their health history to see if they can qualify for discounts based on their health. You would be surprised how many people qualify for these discounts. For policies that have medical questions. This type of coverage can even go up to ages 89.
The best part is these health qualifying policies still don't require any medical exams. You simply have to answer health questions and allow the company to review your available prescription / health information. Many of these approvals are completed within 24 hours if not instantly.
