Final Expense Insurance > Q & A

Q. How long can I keep this insurance in force?
A. You can keep this whole life policy, even if you live to be 100. Your policy will remain in force when you continue to pay your premiums on time. Only you can cancel your policy.

Q. Do I pay more for this plan as I get older?
A. No. Rates do not increase as you get older. The rate you start with remains the same. In addition, because this is whole life, your policy will accumulate cash value, which can be used for a policy loan or to keep the policy in force.

Q. Are taxes withdrawn from the proceeds?
A. No. There are no taxes deducted from the proceeds your beneficiary receives from your life insurance policy.

Q. How much Peace of Mind final expense life insurance can I have?
A. You and your spouse can apply for up to $25,000 each to pay your final or other expenses.

Q. Will my state of health determine whether or not I can get this life insurance protection?
A. Yes. Although a physical examination is not required, the application contains several health questions. If you are in reasonably good health, you may qualify for our life insurance policy that pays the full-face amount of the policy from the day it is issued. Otherwise, you may still qualify for Old American’s graded benefit policy. Premiums are modified for the first two years, but for natural deaths occurring after two years, 100 percent is payable from that time on. For accidental death in the first two years, the full-face amount is payable.

Q. What is involved in using the Eternal Legacy: Peace of Mind Planning Guide?
A. Our detailed, easy-to-follow Eternal Legacy: Peace of Mind Planning Guide is designed to assist you in planning your final arrangements and recording your wishes. This guide covers everything from tips for shopping for funeral services to picking music for your funeral. Forms in the back provide space to record family history, immediate contacts and your wishes regarding a memorial or funeral service.

Q. What is a living will and why do I need one?
A. A living will lets others know how to handle the question of life support in the event of a terminal illness or if you cannot make medical decisions for any reason. By saving your family the painful decision of prolonging your life through artificial means, a living will could be very helpful. It does not affect medical procedures necessary to lessen pain and provide comfort.

Q. How is the Vital Document Registry Form used?
A. This form is a guide for your survivors to the location of all the important documents they will need at the time of your death. It should be kept in an easily accessible place.