Final Expense Life Insurance For Seniors
Are you looking to pay for end-of-life expenses? Then final expense life insurance, or burial insurance, can take care of that, but at a higher premium than term life insurance.
Final Expense Features:
- Whole life insurance – doesn’t expire if premiums are paid
- Cash value – policy loan available to insured
- Fixed premiums
- Simplified issue – few health questions and no medical exam
- The application process is easy
- Quick approvals – often issued in days
- Affordable rates
Senior Care Final Expense Insurance
Here at Coach B, we will provide you with the best final expense life insurance for seniors. To help cover things like funeral service and healthcare bill expenses. It is good to know that there is a type of life insurance covering these financial burdens for seniors.
Moreover, the monthly premium paid during the policy will provide more than what your beneficiaries will receive by the time they need to make a claim. With a final expense life insurance for seniors plan, you can have peace of mind knowing that they are covered and leave their family without financial burden.
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Discover the Importance of Final Expense Life Insurance For Seniors
Some call it burial insurance. It is to help the family of a deceased senior to pay for funeral expenses. The beneficiary will receive the death benefit by the time the insured passes away. Oftentimes, if without any final expense insurance, family, and friends of the deceased are forced to get money out of their pocket to pay for funeral bills and other expenses. Getting final expense for seniors type of insurance will save your loved ones from this burden.
Pros and cons of final expense insurance
- It does not require an applicant to go through a medical examination
- The insurer issues it usually within 48 hours
- The amount of the coverage can range from $2,500 up to $100k
- The monthly premium will never increase
- The payout can be used for other purposes aside from funeral expenses
Some insurers put confusing or misleading information about final expense insurance plans in their marketing materials
Some insurers provide incomplete information about these policies in their marketing materials
Because the policies have relatively low death benefits, you could lose money if you live a long time and pay more in premiums than your beneficiaries will receive as a death benefit.
Some people let their policies lapse, which means their heirs won’t receive a death benefit.
Some final expense insurers use marketing scare tactics based on high average funeral costs and play on seniors’ fears of burdening their loved ones.
Some insurers steer consumers without major health problems toward more-restrictive and expensive policies even though they can qualify for better coverage.
Preliminary questions for a final expense life insurance no exam policy
The following are questions that can determine if you can qualify for the final expense life insurance for seniors. In case you answer yes to at least one of these questions, then you might be eligible for one.
- Is the applicant currently admitted to a hospital?
- Is the applicant more than 89 years of age?
- Is the applicant currently staying at a nursing home?
- Is the applicant currently under hospice care?
- Is the applicant has been advised by the doctor that he or she has only a year to live?
- Is the applicant been diagnosed with a mental illness like dementia or Alzheimer’s disease?
- Is the applicant been diagnosed with HIV or AIDS?
Final expense life Insurance rates
Insurance companies final expense life insurance rates are constantly changing to account for new advancements in technology and healthcare. Every final expense company sets its prices based on specific underwriting criteria and actuarial data. The most accessible and most affordable policy with one carrier may not be the cheapest at another carrier. The best way to get the right policy is to speak with a Coach B. licensed agent who can get you a free quote that will work for your specific needs.
Many final expense plans exist, but finding which one is right for you? Finding one that will best provide the coverage with your family needs. Which will pay your claim the fastest? These are only a few questions on a final expense insurance application to consider before choosing a provider, especially when protecting your family during the funeral process.
Common Question When It Comes To Final Expense And Burial Life Insurance
Why Do I Need To Apply For Final Expense Coverage?
Every year funeral expenses are getting higher, and you do not know when you will need one. Final expense coverage is a huge help to your family in case you pass away. Aside from the funeral cost, it can also aid in providing additional funds for your last days. It is in case you need to be hospitalized or take medicines. Also, your beneficiaries can use the funds for whatever purpose they choose.
What Does Burial And Final Expense Life Insurance Really Mean?
As its name implies, it is for people to become worry-free and debt-free at the time of their passing. This coverage can ensure that you will get the decent funeral service and healthcare you need during your last days. Also, it is a good feeling to leave your loved ones, knowing that they are secured.
What Does It Cover?
The good thing about applying for one is that it is no medical exam life insurance that you can get right away. It does not matter what your health condition is. The insurer will not know. However, take note of the following questions above that makes you not eligible. The main purpose of buying burial insurance is to assist your loved one with financial obligations after passing. It will help them recover from your death, knowing that they are secured.
Who Can Benefit From Final Expense Coverage?
It is available for both men and women in the range of 50 to 85 years of age. If you are between this age bracket and looking for coverage that will cater for your funeral expenses and other final life expenses, then this is for you. The benefits that one can get from the coverage can also be used according to the beneficiaries’ needs.
Insurance Companies With The Best Final Expense Plans
When it comes to the best final expense plan, it is good to look for an insurer that can offer affordable rates with good coverage. Almost all insurers based their premium on the result of the underwriting process. The best way to get the best deal is to work hand in hand with an independent insurance agency like Coach B. Insurance.
They are not working for a particular insurance provider. Coach B. is associated with different reputable insurance companies. They can search and look for policies that best fit you in terms of needs and budget. Companies like Mutual of Omaha, Assurity, Americo, SBLI, AIG, Fidelity Life.
How Much Does Final Expense Insurance Cost?
On average, a final expense insurane policy will cost between $30-$75 a month depending on your sex, age, health, the amount you’re looking for and of course, the company you choose. If you are over 70 or have some health issues, you could be looking at $70-$125 a month.
Applicants younger and in better health could be looking at $20 to $50 a month. Just remember, a cheaper rate usually means that there are fewer bells and whistles left for your loved ones. Only a couple extra bucks a month could make a massive difference in the support your family would get when you’re gone.
#1-factor people focus on is Cost, and it’s not the essential factor! You should be focused on looking at all the expenses left behind and how much they’ll cost your family. Things like medical bills, credit card debt, and funeral costs.
Can Final Expense Offer A Good Deal?
It is always a good deal depending on the final expense life insurance rates and coverage that you will get, so it is a wise decision to talk to agents from Coach B. Insurance they have a long list of insurers that can offer fixed premium rates that will not increase and can offer you the best coverage you can get. You can reach them anytime at 1- 800-342-1537.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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