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Since Covered For FE is designed for older adults, it's generally easier to qualify for than traditional term or permanent Final Expense plans. You won't have to take a medical exam to be considered eligible, and approval happens quickly in most cases.Covered For FE is typically a type of permanent Final Expense, which means that you'll be covered for your entire life as long as you continue to pay your policy premiums. Once you purchase a Covered For FE plan, your insurance company is obligated to cover you, no matter what happens with your health.
There are two main types of Covered For FE insurance:
Simplified issue
Simplified issue is considered the best type of permanent insurance for people who deal with minor health issues and may not qualify for traditional plans. Instead of a medical exam, applicants answer a health questionnaire as part of the approval process. This allows the insurer to assess the level of risk and determine your premium rates and coverage options. With a short application and no test results to wait for, you can often get approved on the spot. Simplified issue is also generally the most affordable type of Covered For FE insurance and offers higher coverage amounts than other no-exam policies
Guaranteed issue
Guaranteed issue works best for people with serious health conditions who aren't able to qualify for any other type of insurance. This plan is quick to issue with no medical exam, health questions, or any other health requirements. Because the risk is higher, these plans generally offer lower coverage amounts and you may pay significantly more for your coverage than a simplified issue plan. But if you've been turned down for other policies due to health reasons, guaranteed issue can help you get the protection you and your family need. Keep in mind that guaranteed issue often comes with a graded benefit, which means the full benefit is not paid out until the policy has been active for a certain length of time. If you die in the meantime, your family would likely receive a lower payout or be refunded the amount you paid in premiums.