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When most insurance policies are purchased, it’s on the basis of “if” something is going to happen. With a senior final expense life insurance policy, it’s only a question of “when”.
With many funerals running well over $10,000, it can be a hardship to your surviving family if you haven’t planned ahead. On top of burial costs, factor in any outstanding debts or medical bills and you can leave behind a considerable burden to your surviving family.
Burial costs have been rising every year. Depending on your location and the quality of the vault, casket and other merchandise – a traditional funeral can range from $5000 to well over $15000. Right now Social Security pays a death benefit of $255 to a surviving spouse. If there is no spouse, no one gets the death benefit.
Many seniors are purchasing final expense life insurance policies to pay their final bills. Here are the main benefits of a final expense policy:
■No medical exam (easy application process)
■Guaranteed level premiums
■Tax free death benefit
■The policy WILL pay out. Death is inevitable.
■Peace of mind knowing your family won’t be burdened.
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Freqently asked questions
You may not have thought about the importance of purchasing final expense life insurance, if you already have traditional life insurance. Nevertheless, you may still need both of them. Although most people find that this type of insurance is not necessary, for some it can be. This additional level of insurance will provide you with protection over the costs associated with funeral expenses, something that may not have coverage by a traditional life insurance policy. There are other things to consider, too.
Having a Final Expense Insurance policy means you are covered for your entire lifetime. It also provides those left behind the means and the ability to pay any remaining expenses or outstanding debts – you can even make bequests!
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Burial expense insurance is an ideal investment for the aging population. If you are getting into the later years of your life and you are worried about providing enough financial protection for your family at the time of your death, this type of life insurance policy may be a tool to use. Although there are many forms of life insurance today, this particular type offers several key benefits you cannot find otherwise. Plus, it can be one of the most affordable insurance policies available to you.
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