Who Has The Lowest Rates For Final Expense Insurance
Where do you go for EASY, FAST, SIMPLE Quotes from ALL INSURANCE COMPANIES?
We have the internet’s ONLY website to check ALL final expense insurance companies for the best rates. Save yourself time and money in your journey looking for the lowest rates, you will find the lowest rates from ALL companies on our site. Our team of asset protection advisors and licensed agents will help you – it’s EAST, FAST, SIMPLE, AFFORDABLE and no pushy sales tactics. Our team is highly trained on all the carriers and policies helping YOU find the right policy and proper coverage for your needs.
What Is The Benefit Of Final Expense Insurance
The benefit of final expense insurance is that it provides peace of mind for your loved ones in the event of your death. If something happens to you and youre unable to pay for your funeral expenses, your family can use the policy to cover the costs. Final expense policies are also a great way to protect your estate from medical bills and other debts.
Final expense insurance provides many important benefits, including:
Payment of medical bills and funeral expenses
Peace of mind knowing that your loved ones are taken care of financially after you die
Coverage for burial or cremation costs
Coverage for other associated costs such as flowers, catering, and memorial services
Protection of your estate from medical bills and other debts
If youre interested in final expense insurance, contact our 24/7 available insurance agents today to learn more.
Is Burial Insurance Worth It
According to the National Funeral Directors Association, the median cost of a funeral in 2019 was $7,640. So if you’re on a tight budget and can’t afford a standard life insurance policy, funeral insurance can provide you with the coverage you need to handle major end-of-life expenses. However, if you already have savings set aside for your end-of-life expenses and you want an affordable policy designed to support your loved ones if you die unexpectedly, a term life insurance policy may be more suitable than burial insurance.
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What Kind Of Burial Policies For Senior Should I Avoid
TV AND MAGAZINE ADVERTISEMENTS Most burial policies or final expense policies you see advertised on television or in magazines are sold as the no-brainer way to shop for this protection.
Just about everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that cost an arm and leg.
To make a long story short, it is better to shop for burial policies for seniors with a specialist in burial insurance, like FuneralFunds.com, than to sign up with a company that spends millions of dollars each month advertising on television and in magazines.
Terms You Should Know:
Death Benefit: This is the amount of money your beneficiaries will receive when you die. It is sometimes known as the face value of a life insurance contract.
Premiums: These are monthly or annual once-off amounts that policyholders pay to their life insurance company in exchange for their life insurance coverage.
Living Benefits: Life insurance benefits and features that a policyholder can use while alive.
Riders: Specific clauses or features that life insurance companies add to a life insurance policy.
Beneficiaries: The people designated to receive the death benefit of a life insurance contract. Usually, a life insurance company will require a policyholder to list more than one beneficiary.
Some types of insurance plans also offer living benefits to policyholders on top of death benefits.
Some common examples of living benefits include:
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A cash-value account: An investment feature that allows policyholders to add additional money to their policy which is then invested in various ways to generate a return. To find out more about cash-value accounts, read this article.
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Disability Riders: Clauses or conditions in life insurance contracts that offer added coverage in case the policyholder becomes disabled.
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AD& D Riders: A form of supplemental insurance that financially protects a policyholder in case they are injured in an accident.
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Group Coverage: A policyholder may be able to add coverage for an additional person and pay an additional premium every month.
Source: Pexels
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How Much Final Expense Coverage Do I Need
A handful of factors influence how much final expense life insurance you truly need. We recommend looking at your monthly expenses to help determine how much money youd like to guarantee your beneficiaries. Here are a few different bills to factor in:
The cost of a funeral, burial, cremation or other ceremony
Utility bills like electricity, water and garbage
Food, including groceries and dining out
Medical expenses
Pros & Cons Of Burial Insurance
If covering funeral expenses is The primary reason you want life insurance, burial insurance is an option. But there are some drawbacks if you go this route. Heres a look at some pros and cons for burial insurance.
| Pros | Cons |
|---|---|
| Typically does not require a health exam. | With no health exam, you wont get a discounted rate if you are in good health. |
| Application typically asks few health-related questions. | With little to no health information, the cost of the policy can be very high. |
| You cant be turned down for certain policy types, such as guaranteed issue life insurance. | Your policy will likely have a graded death benefit, which generally pays out only a refund of the premiums if you die within two to three years after buying the policy. |
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Final Expense Insurance For Seniors
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Dealing with funeral expenses and end-of-life costs can be stressful for anyone. Choosing the right insurance policy to cover these expenses can make a huge difference.
A final expense policy is a great option for seniors looking to get coverage for end-of-life bills such as funeral expenses, hospital bills, and other costs.
This article will cover final expense life insurance for seniors, and tell you everything you need to know to find the best plan.
Burial Insurance Vs Funeral Insurance Vs Final Expense Insurance: Whats The Difference
Burial insurance, funeral insurance, and final expense life insurance all refer to the same product. When people use these terms, they typically mean a small whole life policy that is designed to cover end-of-life expenses like funeral or medical bills.
Funeral insurance can also sometimes refer to a pre-paid funeral plan, also called pre-need insurance, which delivers the death benefit straight to the funeral provider for a pre-planned funeral. Pre-need funeral service can be risky as it doesnt protect against the fact that ownership of the funeral provider might change.
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Dont Base Your Decision Solely On Cost
Price is a critical factor when choosing a life insurance policy, but you shouldnt base your decision only on cost. Check out financial strength ratings for the insurers, such as AM Best ratings.
Research the available life insurance riders for the policies youre considering. Life insurance riders allow you to add on coverage. Some riders let you access your death benefit while youre still living for qualifying circumstances, such as accelerated death benefits for chronic or terminal illness, and long-term care riders.
Once youre comfortable with a list of insurance companies, you can get quotes to find the best senior life insurance policy for you.
Finding Affordable Burial Insurance For Seniors
Seniors have many options for burial insurance coverage. Its important to get a customized quote from two or three providers to find the best match for your needs and budget. You can also work with an insurance agent, who will do the research for you and provide you with the options he or she believes to be the fit for you.
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Should I Have Final Expense Life Insurance
If you have enough savings to cover your end-of-life expenses, then you may not need final expense insurance. If youre unsure of how your family will handle the costs, it can be a way to ensure they dont incur added debt in a time of need. In addition, if youve been unable to qualify for larger life insurance policies due to age or medical conditions, a final expense policy may be an affordable option that reduces the burden placed on your family when you pass.
Final Expense In Nebraska
There is a phrase in Latin, Memento Mori, which translates into Remember that you must die. It is an ancient reminder that life is fleeting, and that eventually it all must end. However, this does not mean that it needs to come as a burden to your loved ones. Proper preparation can ease the financial hardships that may follow ones untimely demise. If you are an individual in Nebraska without any form of life coverage, it may be wise to start looking for final expense insurance.
In Nebraska, it may be difficult for some to acquire a final expense insurance plan, but it may be easier than you might expect. As long as your premiums are paid, at the time that you pass away, your family members, loved ones, or other beneficiaries will be issued a lump sum payment to cover the expenses of funeral costs, and other end of life duties. Final expense plans can be quite affordable, continue reading to learn more.
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Pros And Cons Of Final Expense Insurance
A final expense life insurance policy can offer your loved ones some financial security following your death.
With final expense insurance being a more affordable policy that doesnt require a medical exam or a declaration of preexisting conditions, it could be a viable option for you.
The policy is also permanent and as long as you have paid your premiums, the beneficiaries are guaranteed the death benefit once you die.
Your final death benefit may not be able to cover something like a large mortgage, but it will help your loved ones pay end-of-life bills, funeral costs, and other expenses.
If your family already has a plan to pay for your final expenses, perhaps a final expense life insurance policy isnt ideal for you. Before making a decision, take a look at the pros and cons listed below:
If youd like to find the best plan for your situation, its a good idea to to help you through the process.
How Much Does Final Expense Insurance Cost
The average final expense policy costs between $30-$70 a month and depends on your age, sex, health, coverage amount, and life insurance company you choose. If you have significant health conditions or are over the age of 70, your premium will probably be higher and may cost between $70-$120 a month . Younger applicants who are in good health may qualify for rates in the $20-$50 range. Remember, a cheaper rate usually means fewer features and benefits for surviving loved ones. A few extra dollars a month could make a big difference in the support your family receives when youre gone.
Cost is often the #1 factor people focus onbut its not the most important factor! Instead of focusing on how much the policy is going to cost, look at how many expenses will be left behind and how much theyll cost your family. Common expenses include medical bills, credit card debt, and funeral costs. Well cover each of these costs below.
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Always Be Truthful In Your Application
Life insurance policies are contracts between policyholders and insurance providers. If people lie in their application forms, their life insurance companies will not pay out their death benefits.
A common example is people lying about tobacco use or a preexisting condition. If an insurance company finds evidence that you lied at any point in your insurance application, they will nullify your contract.
The premiums youve paid might also be forfeited to the insurance company, which means your beneficiary wont get anything from your policy.
To avoid this, always be honest with your life insurance provider.
Once you sign your final expense life insurance contract, youll have to pay a monthly premium to keep your coverage.
As long as you were honest in your application and youre up to date with your premium payments, your beneficiaries will be able to claim your policys death benefit.
Quick Burial Insurance With No Waiting Period & Medical Exam
It was mentioned above that a funeral insurance policy has a waiting period that can last years. But there are also policies that have no waiting period and need no medical exam to qualify.
In this type of policy, your beneficiary can receive the entire death benefit even if you have only paid one payment in the policy. The policy will be immediately effective.
The only problem is, it can be quite hard to find an insurance carrier that sells this kind of policy.
To get a policy like this, you would have to work with a broker that has access to all of the major insurance agents, like Seniors Life Insurance Finder.
Working with such a broker can help you pinpoint which company has underwriting that will accept your age and whatever medical condition you have with no waiting period.
When applying with a company that sells affordable burial insurance with no waiting period, you will have to answer medical questions.
This is not the same as a medical exam, as your blood pressure or other medical tests wonât be required.
The best way to get approved for a policy with no waiting period is with a company that doesnât ask about your specific medical conditions.
If they donât ask about it, it means that they donât care whether you have the condition or not.
If they ask about a particular condition that you have, it doesnât necessarily mean that you will not qualify for a no-waiting-period policy.
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What Is The Best Life Insurance For A Senior In Poor Health
You can buy a guaranteed issue life insurance policy without any health questions or an exam. These policies offer low amounts of coverage but are designed for people looking to cover a funeral and other smaller expenses.
Note that guaranteed issue policies have graded death benefits: If you pass away within the first two or three years of owning the policy, it will not pay out the death benefit to your beneficiaries. Instead it will usually pay them a refund of your premiums plus interest.
Simplified Issue Life Insurance
Simplified issue plans are available to individuals between the ages of 45 and 80, and the application process is far simpler than most other types of life insurance. Shopping for a traditional term or whole life policy means undergoing a thorough medical exam to determine eligibility and costs. Applicants for simplified issue plans only need to fill out a short questionnaire, though certain providers may request to review their medical and prescription histories in more detail.
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The Best Final Expense Insurance For Seniors
After a certain age, we no longer have dependents but this doesnt mean we dont want to take care of our loved ones. Instead of paying more sizable rates for life insurance, final expense insurance is a wonderful way to ensure your loved ones arent left to pay hefty end-of-life costs at a fraction of the costas little as $20 a month.
Final expense life insurance is a perfect insurance option for people on a fixed income.
The average cost of a funeral is $9,000. Grief is already enough to shoulder: dont make your loved ones carry the expense of a funeral too. Protect your loved ones, even after youre gone.
Final expense life insurance can help from the funeral expenses to medical bills to unpaid bills, this coverage provides compassionate, smart insurance for seniors. Your approval is not based on your answers to medical questions, so you can rest assured youre getting the coverage you need at a price you can afford.
How Much Burial Insurance Do You Need
The average cost of a funeral and viewing in 2021 was about $7,800, according to the National Funeral Directors Association. Some common coverage amounts for burial insurance are $5,000, $10,000, and $20,000 although it depends on your specific needs.
If you have other outstanding bills that your loved ones would have to pay, you may want to look at higher coverage if you can. If, on the other hand, you have enough to self-insure for the cost of a funeral already, you may not need coverage.
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Why Choose Final Expense Insurance Coverage
Your desire to do your best for your loved ones never fades. This is why so many people between the ages of 50 and 70 switch from life insurance to final expense life insurance plan: it reduces the stress put on your grieving family and friends.
Final expense life insurance coverage is a thoughtful and affordable way to make sure your loved ones arent left with medical bills, funeral expenses, and outstanding bills that they have to pay out-of-pocket.
You can easily apply for final expense insurance plans and have it in place for when its needed: there is no extensive application process and you can be on your way to comprehensive coverage for anywhere from $5000 to $35,000 that will give you priceless peace of mind.
How Much Does Burial Insurance Cost
Burial insurance is often considered one of the more affordable types of life insurance available, even for older applicants, due in part to its lower coverage amounts. In terms of burial insurance cost, final expense life insurance rates start at just $53 a month with coverage amounts from $5,000 to $35,000 with eFinancial, and premiums can be paid monthly or annually.
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