COVERAGE BASICS
Does final expense insurance have a waiting period?
Some final expense policies limit the death benefit for certain causes of death during an initial period. Others may provide the full benefit from the start, subject to policy terms. The specific policy determines the answer.
What is a graded benefit?
A graded or modified benefit may pay a limited amount during an initial period for specified causes of death. The length of that period and the benefit calculation vary. Read the policy before applying.
Does no medical exam mean guaranteed acceptance?
No. A policy can use health questions or other underwriting information without requiring an exam. Guaranteed issue and simplified issue are different approaches.
What should I ask an agent?
Ask when the full death benefit becomes available, what exclusions apply, how premiums work and whether the proposed policy has a graded benefit.