FAQs
How much of my income do these STD/LTD policies replace?
STD typically covers 60–80% of pre-disability income. LTD generally pays 40–70%, depending on your policy.
How quickly are Final Expense insurance benefits paid out?
Payout times vary—some insurers pay within 24 hours, while others may take weeks to months.
How quickly does coverage begin and claims get paid?
Coverage often starts within days of enrollment. For example, some carriers state claims are processed within 10 business days after submitting required documents
How quickly does short-term medical insurance coverage start?
Short-term medical insurance coverage often begins within 24 hours to the next day of application—with only a few health screenings required.
Is a medical exam required to get a Term Life insurance policy?
Often, yes—especially for higher coverage amounts. No-exam policies exist but may cost more and pay out less initially.
Is accident insurance the same as health or disability insurance?
No. Unlike health insurance, accident insurance is a limited benefit product meant only for accidents. It differs from disability insurance, which requires you to be unable to work .
Is DVH covered under Medicare?
No. Original Medicare (Parts A and B) excludes most dental, vision, and hearing care. However, many Medicare Advantage plans include these benefits, and standalone DVH policies can fill remaining gaps.
Is Final Expense insurance available to people over 80?
Yes, many insurers offer final expense plans to individuals up to age 85, though premiums will be higher and options may be limited. Some guaranteed-issue plans don’t ask health questions regardless of age.
Is hospital/medical indemnity a substitute for primary health insurance?
No. Fixed-indemnity/hospital indemnity plans are supplements, not substitutes. They do not meet ACA minimum essential coverage and typically don’t include full essential health benefits.
Is medical underwriting required to enroll in hospital/medical indemnity insurance?
Most employer-sponsored hospital indemnity plans are guaranteed-issue—no medical questions or exams required. Solo or individual plans may have underwriting requirements.
Is Medigap renewable?
Yes—Medigap is guaranteed renewable for life, as long as premiums are paid. Insurers cannot cancel your policy based on health or claims.
Is the cash benefit from Cancer Insurance taxable?
In most cases, lump-sum benefits are tax-free, but you should consult your tax advisor.
Is the Final Expense insurance death benefit taxable?
In most cases, final expense insurance payouts are income tax-free to your beneficiaries. However, interest earned on held funds or cash value loans may be subject to tax.
Is there a medical exam required to qualify for LTC Insurance?
Many traditional long-term care insurance plans require medical underwriting, including health questionnaires or phone interviews. However, hybrid policies or workplace group LTC plans may offer easier acceptance or limited underwriting.
Is there a waiting or survival period in Critical Illness Insurance?
Yes—many policies require you to survive a short period (commonly 14 to 30 days) after diagnosis and may include an initial waiting period (e.g., 30 days) before first eligibility.