Final Expense Burial Insurance
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What is Final Expense Life Insurance?
Burial Insurance is also known as Final expense insurance! It is whole life insurance that usually has smaller face amounts aka Death benefits This type of whole life insurance is just like all others but designed to cover medical bills and funeral expenses when you pass. A final expense life insurance policy is also known as burial or funeral insurance and is popular with seniors because of the low face amounts and are designed for people who cannot prepay or afford a pre-need plan, a funeral. Usually sold by the funeral home! These people are not out there to save you money as they usually do not cover certain items like transportation and opening and closing of the plot! Many times a funeral home and a cemetery are separate entities, this means if the funeral home uses the full value the cemetery will still need to be paid for! Preneed plans may require a large initial payment and unaffordable monthly rates due to the fact they need to be paid before death! Due to this fact, it is not an affordable option. This is where final expense insurance comes in!
Most final expense plans have these features:
A Whole life insurance – Will Never expire, can never be canceled! (If premiums are paid)
Cash value –Cash value will grow; the insured may be able to take out a policy loan or use the money to pay premiums!
Fixed premiums that will never change
Simplified issue – No Blood or urine, no medical exam (also called a life insurance exam) is required, just health questions on the application
Easy application process- Can be written over the phone with a licensed agent
Fast approvals – Sometimes instant approval, coverage can often be issued in days
Affordable rates- Designed for seniors on a fixed income. Sometimes the only way to pay for a funeral!
Final Expense Life Insurance For Seniors
Final expense life insurance is more common to be purchased by seniors, they are more affordable price, have smaller benefit amounts, and can be used for anything, including covering funeral costs. The check for the face value goes directly into the bank account of the beneficiary and this leaves the beneficiary with the ability to negotiate or make the decisions based on the insured's needs. The death benefit is usually paid within 48-72 hours! I guarantee that if funeral home knows how much insurance is there they will try to get every penny! At least in my experience!
Life insurance policies, like term insurance are designed for people to replace income lost when a loss of a family member dies! Especially to families during the earlier years when we’re working, , making car payments, making monthly mortgage payments, and preparing for our kid's education or expenses like wedding and keeping a standard of living.
After retirement, our homes are paid off, and the kids are grown up, term life insurance policies are less common. The most common reason seniors get final expense burial insurance is they do not want to be a burden on their adult children. Besides causing large financial debt and distress, the emotional stress of not being able to give their loved ones the sendoff they deserved can cause depression and emotional turmoil that is there for years to come.
According to the National Funeral Directors Association, the median cost of a funeral can be over $9,000. With no way to pay for these expenses, surviving loved ones often experience a financial burden during a time of intense grief.
Many of us have had to deal with the death of someone very special to us like a mother or father! We all know how stressful it was. Nowadays people do not have a extra $9,000 to $15,000 to pay off a funeral. Imagine not being able to take more of the day off work to deal with our grief, the funeral planning, and the financial obligations of burying the most important person in your life? Imagine that in some cases adult children have to go against the wishes of a parent! Having to do cremation for your parent who wanted a traditional funeral! All because of the financial burden, and expense. Not being able to lay to rest the person who sacrificed for them their whole life! The pain and anguish is too much for some to bear!
That is exactly how final expense life insurance help! What can we do to protect our families from this financial burden? How can we make sure they aren’t left with a pile of bills when we pass?
Burial insurance for seniors is the best and compassionate insurance solution for seniors looking to protect their loved ones from rising funeral costs and emotional stress. It’s typically easy to qualify because it’s issued based on answers to health questions. In many cases, you don’t need to take a medical exam. With years of experience, specializing in matching seniors with health issues with the right company who will accept their unique. We know who will approve burial insurance for seniors with diabetes! We know where to go to get the approval for Final expense burial insurance for seniors with COPD. He makes sure you will be approved before we apply if you want burial insurance for a senior with mental illness! We deal in every type funeral insurance and offer Insurance from all the top carriers like Mutual of Omaha, Aetna, Royal Neighbors of America, Foresters Financial, Transamerica, Prosperity Life, AIG, Americo, Liberty Bankers Life, Gerber Life, American Amicable, Baltimore Life, Sons of Norway, Cvs and many more! Most right over the phone! Give us a call 561-542-8610