Final Expense Life Insurance
Final Expense Life Insurance is a type of life insurance designed to cover end-of-life expenses, such as funeral costs, burial fees, and outstanding medical bills. It’s typically a whole life policy with a smaller death benefit (usually $2,000–$50,000) aimed at covering these specific costs. Premiums are fixed, and coverage lasts for the insured’s lifetime, provided premiums are paid. It’s often marketed to seniors or those with limited budgets, offering simplified underwriting with no medical exam, though pre-existing conditions may affect eligibility. Policies are straightforward but may have higher premiums relative to the benefit amount. Check policy details for coverage limits and exclusions.
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See What Policies Are Right for You
There are two main types of final expense insurance:
Immediate Benefit
Immediate Benefit Final Expense Insurance is a type of life insurance designed to cover end-of-life expenses, such as funeral costs, medical bills, or outstanding debts, with coverage typically ranging from $2,000 to $50,000. It provides a lump-sum payout to beneficiaries shortly after the policyholder's death, assuming the policy is active and premiums are paid. Unlike traditional life insurance, it requires minimal or no medical underwriting, making it accessible for older individuals or those with health issues. Premiums are generally fixed, and the policy builds cash value over time, which can be borrowed against. It’s often marketed to seniors for its simplicity and quick approval process.
Graded Benefit
Graded Benefit Final Expense Insurance is a type of life insurance designed to cover end-of-life expenses, such as funeral costs or debts, but with a limited payout structure during the first few years of the policy. Typically aimed at individuals with health issues who may not qualify for immediate benefit plans, it requires minimal medical underwriting. If the policyholder dies within the initial "graded" period (usually 2-3 years), beneficiaries receive a partial payout, often a percentage of the death benefit or a return of premiums paid plus interest. After this period, the full death benefit is paid upon death, assuming premiums are current. Coverage amounts are generally small, ranging from $2,000 to $25,000, with fixed premiums and potential cash value accumulation.
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Hey, I'm Joseph Laurenzana
As an independent insurance agent, I have a wide variety of companies and products to cater to the needs of people and their families. With my prior 11 years of experience and professionalism, I am driven to help people and families get the insurance they need for the best prices in the market.
I am focused on serving the life, health, small employer group, disability, supplemental income, Medicare and long-term care insurance needs of individuals, families and small businesses. I will meet via Zoom, Google Meet, or in person with my clients to understand their needs and provide objective guidance and solutions.
I am licensed in seven states including Indiana, Illinois, Michigan, South Dakota, Arizona, Texas and Florida. I will always add more states as the needs of people will always come first. Contact me for a free consultation.
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Joseph Laurenzana
Cedar Lake IN 46303
(219)267-0201
NP 3483390 Arizona 3483390 Florida G205596
Illinois 3483390 Indiana 3978602 Michigan 3483390
South Dakota 40748292 Texas 3246986
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