Final Expense Life Insurance, also known as Burial Expense or End-of-Life Insurance, is a permanent life insurance policy that lasts the entire life of the insured as long as premiums are paid. Insurance cannot cancel your policy if you continue to make payments on it. These type of policies are common among seniors aged 50-85, and come with great benefits and advantages.
A major benefit of having a final expense policy in place is the piece of mind that comes with knowing your family will not be stuck with the financial burden of burying you. Burying a loved one is tough. By purchasing a final expense policy you not only ensure a proper burial, you also lessen the stress that will go with planning your funeral, since they won't have to worry about how they'll find the money to give you a proper funeral.
Final Expense, Burial Insurance, also referred to as senior life insurance, or burial insurance for seniors, is typically a Whole Life coverage. It covers you for the entirety of your life as long as you pay the premiums. It's great if you're thinking about long term protection without having to prove insurability in your latter days.
Once you purchase Burial Insurance coverage at a given rate, that rate will NEVER INCREASE. As you age, the premiums you pay will remain level, meaning they WILL NOT change.
There are NO EXAMS needed to get a Final Expense policy. However, each carrier has certain health requirements you must meet for coverage. No matter your health status, we have carriers with coverages that will meet your needs.
" Nearly one in three Americans believe they need more life insurance."
2017-LIMRA, Facts About Life
Jack is a 66 year old retiree who now receives Social Security as his sole income. His home is paid for and his biggest monthly expenses are his utility bills and his car insurance. His two children work and support themselves, but don't have enough money saved up to bury Jack. Because Jack is on a fixed income, he is careful about what he spends, but he is interested in getting a final expense policy to help his children avoid the stress of petitioning for donations for his funeral expenses. He also would like to leave his children a small monetary gift. If Jack continues to manage his spending well, he can comfortably afford up to a $100 premium payment.
Problem: Now at age 66, Jack has no life insurance. He has two children who are working adults, but neither of them can afford to pay Jack's final expenses. The older Jack becomes, the more expensive his options become. Further, the older Jack becomes, the fewer options he'll have. He has to act now while he is still in decent health to get lower rates, and before he allows more time to go by. However, he thinks life insurance at his age will be too expensive or that he won't qualify.
Suggested Solution: Jack is a 66 year old male in decent health. Because of his health status, he may qualify for a preferred rate on his final expense policy. Since rates are permanently level (fixed), his premium will never increase. Death amounts for final expense insurance generally maxes out at $40,000, but purchasing the maximum death benefit available will put Jack above what he's comfortable paying, which is $100 monthly. However, Jack can meet his monthly budget by purchasing a $17,000 final expense policy with Security National for around $94, which is $6 under budget, equating to a 6% monthly saving, and a 72% annual saving on his final expense policy. The money remaining from Jack's funeral will provide just enough for a thoughtful monetary gift for his children.
Coping with the death of a loved one is hard. It's even more difficult when money has to be raised for a proper burial. And what about the expenses that get left behind like taxes, debt, mortgage payments, or medical bills? They don't just disappear. Did you know that Final Expense, or Burial Insurance, is the number one life insurance purchased by seniors with low to moderate or fixed incomes? Take the next step. Protect your family from financial burden. It's the right thing to do. Get a Senior Life Insurance quote now.
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