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With a standard life insurance policy, the idea is to provide coverage for the unexpected, primarily for the unexpected event of your early death, usually due to an accident or other unforeseen event.
A senior final expense life insurance policy differs from a normal life insurance policy in that, rather than making provision for your unexpected death, it is a policy designed for senior citizens to make provision for when that demise actually occurs and to allow them to plan the type of funeral send-off they would most like to have.
Life insurance can be one of the most important purchases that you can ever make for your family, but not everyone needs a full-blown life insurance plan. Because these plans are a smaller form of coverage, they are going to be much cheaper than a traditional insurance plan that could provide a million dollars or more of coverage.
Before you buy a final expense plan, it’s important that you determine how much insurance coverage your family will need if something tragic were to happen to you. Not having enough life insurance coverage is one of the worst mistakes that you could make for your loved ones.
Funeral Costs Today
The cost of arranging the kind of funeral that most people would like their loved ones to have today, has risen to well over $10,000 when you factor in the cost of the service, a suitable casket, the burial plot and the obituary, not to mention the cost of the catering for the mourners.
If you have been ill for some time prior to your death, you may well have incurred large medical bills and your surviving family will be left to pay these. Also, if when you die, you have any other outstanding debts these will also be left for your surviving family to pay for and this in itself can create a massive financial burden for them at a time when they least need it.
The cost of arranging a decent funeral and burial has kept on rising year by year, with where you live having a big impact on how much the funeral costs will be. The more affluent areas tend to charge a higher price for burial plots and when a loved one dies, you want to be able to arrange the most appropriate send off for them and also want to choose a suitable casket.
Again, casket costs vary greatly and the type and quality of the casket chosen for the burial can add an unexpectedly large amount to the final total. Your loved ones will want to give you the best funeral possible as a tribute to your life, however, even the most basic of funerals will cost in the region of $5,000 and, although Social Security pay a death benefit to the surviving spouse of $255, this is nowhere near enough to cover the complete cost of a decent funeral.
It is a point to note, however, that if there is no surviving spouse, this death benefit is not even paid out. After taking all of this into consideration, many senior citizens are now looking at purchasing final expense life insurance policies to ensure that when they die, all of their final bills are settled, they have the type of funeral they want and ultimately their loved ones left behind have less to worry about.
A funeral is not the only expense that you’ll need to consider when looking at your insurance needs. There are several other categories that you should account for to guarantee that your family has the money that they need.
One of the most notable numbers that you should crunch is your debts and other final expenses. The primary goal an insurance plan, either final expense or traditional life insurance, is to give your family the money that they need to pay off any debts or other final expenses. If you still have major unpaid expenses, then a final expense plan isn’t going to give your family the money that they need if something tragic were to happen to you. If you still have a mortgage, then you’ll need to apply for a traditional insurance policy.
Another factor that you’ll need to consider before buying a final expense plan, you’ll need to look at your annual income and how many people rely on that salary every year. If you still have people that rely on your paycheck, then a final expense insurance policy won’t be large enough to give your family the money that they need if something were to happen to you.
The Main Benefits Of A Final Expense Life Insurance Policy:
There are many benefits of a final expense life insurance policy, however the main points to consider are as follows:
- The application process is very easy and straightforward and there is no medical exam required. If you’re in poor health or you have several pre-existing conditions such as someone needing life insurance for people with diabetes, there is a chance that you could be delinked for high-risk life insurance, but with a final expense policy, you don’t have to worry about that.
- The premiums are always guaranteed to be level The death benefit that is paid out on a final expense life insurance policy is tax free.
- There is no worrying about whether or not the policy will pay out, because it is a final expense type of insurance, death is the inevitable outcome and the policy will definitely pay out.
- Ultimately, you know that all final bills will be taken care off and your family won’t have to worry about finding the money to pay them, thus giving you total peace of mind.
- With a final expense insurance policy, you can get approved for insurance coverage much faster than you can with a traditional insurance policy. Because there is no medical exam, you won’t have to wait for the insurance company to review the medical exam results. With a final expense plan, your application can be approved in a matter of days versus the month that it could take with a traditional insurance plan.
How Do I Find The Best Final Expense Life Insurance Policy For Me?
Although you will want the best possible level of cover available, usually senior citizens who are looking to purchase this type of final expense life insurance are getting a fixed monthly income, such as a pension.
They may not have a very large amount of disposable income they can use for buying a final expense life insurance policy, therefore it is very important to get not only the best level of cover, but also at the best premium rate available. No one wants to pay more than they have to for adequate final expense life insurance coverage.
There are very many final expense life insurance companies offering their services, so it is always better to contact an independent company such as ourselves, who will be able to search out the most competitive and suitable deal which can then be tailored to suit your precise needs.
Here's more detailed information based on age:
Because our company, Rootfin, represents over 60 life insurance providers and also offers coverage for all types of life insurance in over 50 states, we have absolute confidence that we will be able to find you the best deal possible at the best price.
Our company is independent and impartial and we take pride in giving each and every one of our customers the best service possible, we never pressure our customers as we realize that buying a final expense life insurance policy is not a decision to be rushed.
Our team of experienced life insurance advisors will compare the information from all of the final expense companies and present it to you, our goal is to ensure that your needs are met.
You will see many final expense life insurance companies advertising on TV like AARP or SelectQuote Life, however, these can be very expensive and usually we find that the prices we can offer you are up to 50% cheaper than those advertised on TV.
Just give one of our friendly and experienced advisors, a call and we will search our database of companies and provide you with a no obligation quote that you can consider in your own time.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance coverage that your family will need if something were to happen to you. It’s our mission to ensure that you’re connected with the best insurance plan to meet your needs.
If you have a question or just want further information: Our team of experienced and caring, life insurance advisors, are always on hand to discuss and answer any final expense life insurance questions you may have, so please don’t hesitate to contact us on: 888-430-7668.