Guaranteed Life Insurance for Seniors
When it comes to purchasing life insurance, seniors face significant challenges because of their age and probable health issues. Fortunately, over the last ten years or more, the insurance industry has responded by developing life insurance products that are designed to allow seniors to purchase affordable insurance policies with lower death benefits that are designed to cover final expenses.
What are Final Expenses?
Like the policy’s moniker, a final expense insurance policy is designed to take care of the final expenses that we all leave as a burden to surviving loved ones unless we leave enough cash behind to pay these various expenses. The easiest method for paying these expenses is with a life insurance policy. Typical final expenses are:
- Funeral and burial expenses ( usually between $10,000 and $15,000)
- Unpaid expenses for assisted living facility or hospice
- Certain debts that may be passed on to a spouse or other family member
According to the National Funeral Director Association, the current cost of a moderately priced funeral has increased by about 29% from 2004 to 2016. Regretfully, these increases are expected to continue going forward. In today’s marketplace, an average priced funeral costs about $10,000 and does not include the costs for a cemetery plot or the services the cemetery typically supplies.
Why a Final Expense Policy?
Final expense policies were designed for seniors who are uninsured or underinsured. Most seniors that elect to purchase a final expense policy may have had insurance in the past but for some reason let it lapse or they may have surrendered it for the cash value. Unfortunately, now they find themselves in a position where they feel like life insurance is unattainable. The good news is, final expense insurance is the most practical answer, and here’s why:
- Many companies will offer insurance for individuals up to age 85
- The policy is issued without regard to health issues
- There is no medical exam requirement
- Available coverage amounts range from $5,000 to $25,000
- Policies are typically issued in days instead of months
Is Final Expense Term Insurance or Whole Life?
Typically, all final expense policies are Whole Life Insurance policies. This means that the coverage is guaranteed for a lifetime as long as the required periodic premium is paid. The periodic premiums are guaranteed to remain the same throughout the policy period. The insurance company cannot increase your premium because of your age or any illness, and more importantly, they cannot cancel your policy (as long as you make your payments) unless you ask them to. Finally, since your coverage is Whole Life Insurance, the policy will build cash value over your lifetime that you can access for any reason.
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