Final expense insurance for seniors is a hot topic among empty nesters as they ponder retirement. Along with potential downsizing, fulfilling bucket lists, and enjoying grandchildren, seniors want to know that their final wishes will be carried out upon their death and protect their children from the financial strain of burial costs. These days the average funeral is $10,000 and most people don’t necessarily have that amount in savings earmarked for death expenses.
Senior final expense life insurance is a type of insurance targeted to pay for funeral costs, possibly some remaining debt, and occasionally meant to leave a small financial gift to family members. That is why final expense insurance for seniors makes sense to give families peace of mind that money will be available to pay for burial arrangements.
How is senior final expense insurance different from other insurance?
Most people have plenty of experience with insurance and how it works. Insurance is a financial protection- you pay a premium to insure that bills are paid in the event of a problem. This is true for health, auto, and homeowners insurance which are what almost every person has had for a majority of their lives. One of the biggest differences with final expense insurance for seniors compared to health, auto, and homeowners is that you can be 100% sure that the insurance will be needed and used. With other types of insurance, you are glad to have it but you hope it won’t be needed because that means you are healthy, accident free, and your home hasn’t had any damage issues.
But with final expense insurance, this is something you know will inevitably be used by your family members upon your death, making it a unique type of insurance. When you make the monthly payment, you know for certain that the premiums will be worthwhile and not wasted after years of no claims against the policy. Final expense life insurance is also unique because the person who is usually making the monthly premiums is thinking of their family first and sacrificially planning ahead so that their family isn’t in a financial squeeze due to paying for an unexpected funeral. Final expense insurance is a true gift to your loved ones.
How is final expense insurance the same as most type of insurance?
Final expense insurance is the same as other types of insurance in the sense of how it works. You are paying a monthly premium to guarantee payment in the event of your death just like other types of insurance accept the monthly premiums to offer payment for car repairs, health bills, or home repairs. As with other types of insurance, the background of the applicant is considered as it relates to being insured. With car insurance, if you have a poor driving record, rates are higher.
With health insurance, if you have had a lot of claims, you can have more difficulty being insured and the same is true for homeowner claims. Lots of hail damage claims in your area can mean rates are higher just because the risk is greater for the insurance company. Final expense insurance bases their monthly premiums on the amount of insurance you want, your age, and your health.
Final expense insurance for seniors is sometimes called burial insurance or funeral insurance because it pays for your burial and funeral services. It is a whole life insurance plan that stays in effect for your whole life as long as premiums are paid. With rates being based on age and health, it is important to use a broker to help you compare companies because each company has a health niche and finding the right one with funeral insurance that lines up with your particular age and health profile can get you a lot more coverage at a lower rate.
Assurance Life is a broker who works with nationwide companies such as AIG, Mutual of Omaha Insurance, and Gerber Life all of whom have excellent reputations and ratings. We also have many more choices of whole life policies for those rare needs such as folks on oxygen, blood thinners, and current cancer patients. We can also tell you which companies to avoid as well.
First you complete a request for a FREE QUOTE or call 800-517-0810.
Second, it takes about 10 minutes to answer a set of questions including some yes and no health questions so Assurance Life can get you a free quote.
Next we offer comparisons of the best rates for your burial insurance offering the highest death benefit and can help you compare coverage amounts based on your wishes. There are three amounts people often include in their death benefit- burial expenses, debts owed upon death, and money for family members. You can compare rates to include all or some of these options.
Finally, you choose your plan and let us know what time of month is best for the payment. 90% of our clients are approved for DAY ONE coverage meaning you have peace of mind that your family is protected from the moment the first payment is made. There are NO MEDICAL EXAMS needed, you are simply approved based on the application questions.
For some people, about 10% of the time, they may have serious medical conditions that prohibit immediate coverage. In those cases there is a two year waiting period but the good news is that if death occurs in the first two years, ALL premiums are refunded to your beneficiary plus interest. That means during the waiting period your money is secure and you are still working towards providing your family the gift of final expense insurance so they are protected.
Final expense insurance for seniors isn’t as fun to talk about as family get togethers with the grandchildren. However it is an important topic for you to act on immediately. Many people wait until a health crisis which can mean having an unnecessary waiting period or worse, they just never get around to starting their burial insurance policy and families are caught completely off guard and left with huge debts from the cost of a funeral. Even if you choose cremation, we offer cremation insurance plans as well. Don’t delay because the best coverage you can get is right now.