Final Expense Information
Planning to meet final expenses is a course each of us should chart for our peace of mind and our family’s security. Funeral, probate and administrative expenses have risen dramatically in recent years, and the last thing any of us wants to do is leave our loved ones with a financial burden in times of grief.
Our Final Expense Insurance coverage gives your family cash when they need it most! Not only to pay for funeral and cemetery expenses, but any outstanding medical bills, credit card balances or other debts. You also may wish to provide a charitable gift to a child or grandchild, your church or other non-profit organization.
Our Final Expense Plans will help you navigate toward a sensible and remarkably affordable solution.
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EFFECTIVE DATE AND DRAFT DATE ENHANCEMENTS:
Beginning March 31st, you will have the option to request a final expense policy to become effective as of the Application Date (date app was signed) and request a future Draft Start Date up to 15 days. For example, you write an application on April 20th. You may request an April 20th Effective Date and a Draft Start Date of May 4th to draft the initial premium. This draft pays the initial premium to May 20th. The second draft will occur on June 4th with subsequent drafts occurring on the 4th day of each month thereafter.
Remember, if you want the final expense policy to be effective on the date the application is signed, then write in this date in the application box entitled "Requested Effective Date". If no date appears for Requested Effective Date, normal dating will apply, which will be the date the policy is issued. Draft Dates can be no more than 15 days from the policy Effective Date. If drafting for the initial premium, the Requested Effective Date and initial premium Draft Start Date do not have to coincide but either date must be no more than 30 days from the date the application was signed. In the above example, if you collect a Check, Echeck, Credit or Debit Card Authorization to pay for the initial premium, you would request a Draft Start Date of June 4th to draft for the second premium payment. Be sure to mark the appropriate box on the Application for the type of payment being used to pay the first (initial) premium.
This new enhancement allows you to know that your final expense coverage will become effective the day the application is signed provided all underwriting requirements are met, the first premium is paid and honored, and any signed amendment has been returned.
