Recently, I had the opportunity to meet with a 79 year-old male to discuss his interest in getting a Final Expense policy.
He was extraordinarily healthy for his age, was a non-smoker and was on very few medications. He had another quote from an “online” company for about $25 per month less than the quote I had given him. After studying the other quote, we found out why. The online agent quoted this healthy, 79 year-old a “graded policy”. In this case, it was less expensive, but if he passed away during the first two years of the policy, the death benefit would not be paid. It would be like driving without auto insurance for a couple of years hoping that you didn’t have a wreck.
In some cases, based on poor health, a graded policy may be the only option. However, when better options exist that provide immediate coverage – without a waiting period they should be strongly considered. In this case, imagine the burden that might have been placed on the family over the possibility of “saving” a few dollars.
Unsure if you have a waiting period in your existing policy? Contact me for a free, honest review.