517 US 31 N. #400   |   Greenwood, IN   |   46142   |   Privacy Policy    |   Terms and Conditions

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Perfiniti Insurance II, LLC is a licensed and certified representative of a Medicare Advantage organization (HMO, PPO and PFFS) and a stand-alone prescription drug plan (PDP). Enrollment depends on contract renewal. The purpose of this communication is the solicitation of insurance.  Contact will be made by a licensed insurance agent/producer or insurance company. Medicare Supplement insurance plans are not connected with or endorsed by the U.S. Government, the Centers for Medicare & Medicaid Services, the Department of Health and Human Services, or the federal Medicare program. Plans are not available in all areas and may be subject to underwriting; terms and conditions may apply. For more information view our Privacy Policy and Terms of Use.

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Final

Expense

Final Expense Life Insurance Plans

Death can be costly averaging between $7,000 and $12,000, but yours may be more depending on your wants and needs at your funeral.

Some of the items that are included in this estimate include:

  • Embalming

  • Caskets

  • Grave Liner / Burial Vaults

  • Grave Site

  • Headstone

  • Funeral  Home Services

These expenses shouldn’t be more stressful than burying a loved one. A final expense policy works to help you cover these costs. Since the policy benefit is low, these policies tend to come with low premiums.

Are There Different Types of Final Expense Life Insurance?

The answer to this is yes. Most Final Expense policies have the following features:

They build cash value, the beneficiary can be chosen by you, and the money can be used for any purpose.

There are several different types but there are 4 main ones:

  1. Level Benefit

  2. Graded Benefit

  3. Modified Benefit

  4. Guaranteed acceptance

1. Level Benefit Life Insurance Plans

A level policy is the most straightforward of the Final Expense policy types. This benefit is usually issued to applicants who are in good health or have minimal health issues. If the beneficiary dies, the named beneficiary will receive the full death benefit immediately.

If you are healthy, this is going to be your best option.

Level Benefit Life Plan Highlights:

  • First-day full coverage

  • You choose the beneficiary

  • Builds Cash Value

  • Can range anywhere from $2,000 to $75,000

Health Status

Medical History

Good

Nothing major in the past 3 years including stroke, cancer, leukemia, diabetes before age 40, COPD,  Crohn’s Disease, cerebral palsy, heart attack, and respiratory disorders.

 

 No history of congestive heart failure, AIDS, HIV, dialysis, Alzheimer’s, bound to a wheelchair, amputation, paralysis, or Parkinson’s. 

Trusted Carriers for  Level Benefit Life

2. Graded-Benefit Life Insurance Plans

If your health is more of a concern, you can consider a graded policy. Depending on the carrier that you choose you may have a different structure of coverage. If you have not been diagnosed or haven’t had any major medical surgeries in the past 24 months,  there is a good chance you will qualify.

 

Graded-policies typically have a two-year waiting period before your death benefit will be paid out. If your death occurs within this two year period and your death is “non-accidental” your policy will only pay out a percentage (%) of the total death benefit. After the waiting period, you will receive the entire death benefit. During the 3rd year and there after you will receive the entire death benefit.

Graded Benefit- $20,000 Coverage

Graded Benefit Plan Highlights:

  • 30% first-year, 70% second-year benefit paid

  • Accidental death – full face amount on first day

  • You choose beneficiary

  • You choose how the money is spent

  • Builds cash value

  • Death benefits between $2,000 - $40,000

Satisfactory. No Serious Medical Conditions in the last 24 months.

Health Status

Medical History

Nothing major in the past 2 years including stroke, cancer, leukemia, diabetes before age 40, COPD, Crohn’s Disease, cerebral palsy, heart attack, and respiratory disorders.

 

 No history of congestive heart failure,  AIDS, HIV, dialysis, Alzheimer’s, bound to a wheelchair, amputation, paralysis, or Parkinson’s. 

Trusted Carrier for Graded Benefit Life

3. Modified Benefit Life Insurance Plans

This type of Policy (Modified Policy) is similar to a graded policy – the difference is the underwriting of a serious illness. These policies have a two-year waiting period before the full amount of the death benefit will be paid out by the policy. During these two years you will receive the full amount if your death is deemed “accidental”. If your death occurs during these two years and is “non-accidental” then you will receive the premium back and a minimal percentage of the death benefit. If your death occurs after these two years and beyond you will receive the full death benefit.

Modified Benefit Life- $10,000 Coverage - $500 Annual Premium

Modified Benefit Life Plan Highlights

  • Year 1-2 return of premium plus a 100% benefit

  • Accidental Death full face amount

  • You choose beneficiary

  • You choose how the money is spent

  • Builds cash value

  • Death benefits between $2,000 - $40,000

History of one or more serious conditions within the past 12 months.

Health Status

Medical History

Nothing major in the last year including stroke, cancer, leukemia, diabetes before age 40, COPD, Crohn’s Disease, cerebral palsy, heart attack, and respiratory disorders.

 

 No history of congestive heart failure,  AIDS, HIV, dialysis, Alzheimer’s, bound to a wheelchair, amputation, paralysis, or Parkinson’s. 

Trusted Carriers for  Modified Benefit Life

4. Guaranteed Acceptance Life Insurance Plans

A final expense policy that has no health questions is known as a guaranteed issue policy. There’s a two-year waiting period before the entire death benefit can be paid to a beneficiary.

 

If your death occurs in the first two years the benefit is the return of all the money you paid plus 10%. After 24 months, the full benefit amount is paid to beneficiaries

 

Note: Guaranteed acceptance policies are generally less expensive than modified final expense policies. For this reason, we rarely sell a modified benefit policy.

Guaranteed Acceptance - $10,000 coverage - $500 Annual Premium

Guaranteed Acceptance Life Plan Highlights

  • Years 1-2: return of premium plus 10% benefit

  • Accidental death: full face amount on the first day

  • Suicide: premiums plus 10%

  • You can choose the beneficiary

  • You choose how the money is spent

  • Builds cash value

  • Death Benefits Between $2,000 – $40,000

One or more serious health conditions within the last year.

Health Status

Medical History

There are no health questions

Trusted Carrier for  Guaranteed Acceptance Life