The Benefits Of Final Expense Insurance
Grief is enough of a burden. The benefits of final expense insurance all center around the fact that it provides easy peace of mind for you while youre here, and for your loved ones when youre gone.
Heres a more detailed breakdown of the final expense insurance benefits vs standard life insurance:
- Lower premiums: For as little as $20 a month, the final expense insurance policy offers coverage for up to $35,000.
- Flexible payments: Pay monthly or annuallywhatevers best for your cash flow.
- Fast approvals: Not only does coverage begin as soon as youre approved, but the application for the final expense insurance program is easy, quick and coverage is often issued in a matter of dayssometimes even on the same day you apply.
- No medical exam: Unlike life insurance, you dont need to pass a medical exam to buy final expense insurance.
Colonial Penn: Permanent Whole Life Insurance
Best Customer Service
Colonial Penn is a respected insurance company with a reputation for providing outstanding customer service. When you get a policy with Colonial Penn, you receive an in-depth guide to your policy along with a customer service guide. In this document, youll receive a special toll-free number that will put you in touch with a policy specialist who can assist you with any questions or concerns. Youll also have access to an online portal where you can make payments and view your account, as well as full access to email support. A comprehensive plan combined with outstanding customer service gives Colonial Penns Permanent Whole Life Insurance plan a spot on our list.
Colonial Penns Permanent Whole Life Insurance policy is available to seniors throughout the United States except for those residing in the state of New York. Theres no medical exam needed to qualify, but the application process does require you to answer some basic health questions. Depending on your answers to these questions, an underwriter may contact you for more information before an approval decision is made.
How Do You Apply
Every life insurance policy requires you to fill out an application. Depending on the life insurance company, the application can be 1-2 pages long or can be 5-10 pages long. The longer application will ask dozens of questions, such as the applicants height and weight, blood type, family history, and level of activity. These companies typically require a medical exam with blood and urine analysis.
Other companies like Lincoln Heritage have a 1-page application and no medical exam is required. Coverage is based on the applicants answers to health questions, not medical tests.
When applying for coverage, you can often call or fill out a form online to receive a free no obligation quote. Your quote will be provided to you directly from the insurer or from one of its licensed representatives. Coverage can be sold over the phone in some cases, but most policies will require some kind of face-to-face interaction.
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Funeral Life Insurance For Seniors
Final Expense Express is the best in Funeral Life Insurance For Seniors and we offer the Best Life Insurance to cover the funeral expenses of senior citizens across , . We have different senior final expense programs and we offer final expense insurance for seniors over 70, funeral expense insurance for seniors, final expense life insurance for seniors, and the best life insurance to cover Funeral Expenses Of Senior Citizens across , . We also have the best burial funeral insurance for seniors, funeral insurance for seniors, and final expense insurance for seniors over 80. We are the only Funeral Life Insurance For Seniors that offers all of these services and we are the most qualified Funeral Life Insurance For Seniors.
About Final Expense Insurance
Final Expense Insurance also known as burial Insurance or funeral insurance is a whole-life insurance policy that is designed for seniors looking for affordable monthly rates to cover their funeral final expenses.
When you pass away, the insurance company will pay out your death benefit in the form of a tax-free check payable to the beneficiaries you have chosen There are no restrictions on how the money is spent. Working with Final Expense Benefits, we will insure that you get immediate coverage, at a price you can afford. You will never be asked to take a medical exam, and most policies pay your beneficiaries in 48 hours.
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Quote For Funeral Insurance For Seniors
Our Happy Clients About Funeral Insurance For Seniors
“Final Expense Express got me a real great deal. I will definitely be referring you to the people who want insurance. I may even want to get another policy at some point in the future.”
“I had an excellent experience working with Final Expense Express during my whole insurance process. I truly value their services and would highly recommend for offering the best options.”
“Its been a pleasure working with Final Expense Express on securing both of my life insurance policies. Feeling good after pursuing high-risk insurance that can only be done by such these professionals.”
Areas We Serve For Funeral Insurance For Seniors
Who Needs Final Expense Insurance
Due to the high cost of burial insurance premiums, it is not suitable for every American. For instance, couples with a young family would do better with traditional life insurance, as the death benefit is designed to cover wage/income loss and to help pay for things like the mortgage should one partner pass away unexpectedly.
For individuals shopping around for a final expense insurance quote, this product is best for:
- Those who dont qualify for traditional insurance
- Seniors over 70
- Individuals with critical illnesses
- Americans wanting small coverage amounts
Life insurance isnt a fit for everyone, but most people would want the option to spare their loved ones the cost of their final expenses, and final expense life insurance for seniors does exactly that. If youre looking to instead leave your loved ones a sizable lump sum, then death benefit life insurance would be a better fit .
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What Is Final Expense Life Insurance
Losing a loved one is never easy. The added stress of making final arrangements during a time of mourning can be very difficult for anyone. On top of that, funerals can cost a lot more than you think, which can further add a significant financial burden to those left grieving.
The average cost of a funeral has increased. Expect to need $8,000 to $10,000 or more.
Making a plan now to cover these end-of-life costs and protect your family can give you significant peace of mind. If final expense insurance is right for you, youll simply decide on a coverage amount,an agent will help you finish the paperwork, and youll begin to pay a small, monthly premium.
Foresters Financial: Planright Whole Life Insurance
Best for Member Benefits
In business for over 140 years, Foresters Financial is a highly respected insurance company that offers competitive burial insurance plans complete with valuable member benefits. It offers competitive pricing and accepts a number of pre-existing conditions, including mental health conditions, diabetes, and heart issues. In addition to its respected products, the company is also well known for its philanthropic mission and is heavily involved with charities like the Ronald McDonald House and the Red Cross.
Forester Financial also offers members some unique benefits to assist with more than final expenses. All burial insurance customers have access to a variety of benefits including scholarships, emergency assistance programs, a granting program, financial counseling, orphan benefits, and family fun events. Theyre available to all customers at no extra charge, regardless of what policy is purchased.
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Should You Purchase Final Expense Life Insurance
Whether you should purchase final expense life insurance is a personal choice. This policy benefits seniors who only need a small amount of coverage and dont want to burden loved ones with funeral or cremation costs.
You should consider your age, health and financial needs to decide if life insurance for final expenses is right for you. There are several reasons final expense insurance may be the right choice, like paying for your final expenses, debts, spousal income or leaving a legacy for your family or a favorite charity.
Pay for end-of-life expenses
You can use final expense insurance to pay for end-of-life expenses, including medical bills, in-home care, burial, cremation and funeral costs. Seniors can consider the death benefit when helping to plan their funeral services, knowing their loved ones wont be burdened with the expenses when they die.
Pay off debts
If you expect to have other debts when you die, your beneficiary can use the final expense proceeds to pay for it. Debts can include your mortgage, student loans, credit cards or a car loan.
Leave an inheritance
Leaving an inheritance or legacy to younger generations is another reason seniors choose final expense insurance. You can direct your wishes in your will and select a beneficiary you know will honor them.
Supplement spouses income
Leaving something for charity
Not qualifying for a term life policy
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.
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Q& a: When Shopping For A Preneed Plan
What are the legal requirements? The Funeral Rule mandates that a funeral home provide you with written explanations of services that are required by law. This information is important because laws surrounding things such as embalming and cremation vary from state to state. Embalming for delayed burials is required in some states, while others leave it up to you, and no states require the use of a casket for cremations.
How do I know if Im getting the best value? The FTC recommends you approach funeral purchases the way you would treat any other large purchaseby shopping around. Specifically, it recommends comparing prices between at least two funeral homes.
Can I buy some products or services separately? You are not obligated to buy a funeral package that includes goods or services you do not want or need. In fact, you arent even obligated to buy everything for your funeral through your preneed provider. For example, embalming, caskets, and the memorial service itself can be bought separately if you find a better price through a different vendor.
Are package options available? While its true you may find a better value by shopping around, you might find it more convenient and less stressful to get everything you need in one place. You might even find the best price this way, so ask what your package options are.
Funeral Insurance Vs Term Life Insurance
Term life insurance provides coverage for a fixed number of years. For this reason, its often the cheapest form of insurance. You can renew your term policy after it expires, though youll end up paying a significantly higher monthly premium upon renewal. There is also a maximum age where you can apply for life insurance
Term life is a great option for those who need coverage for a specific amount of time. For example, if you have ten years left on your mortgage, a term 10 policy may be right for you.
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State Farm: Best For Customer Satisfaction
Our take: If customer support is a top priority for you, explore State Farms burial insurance policy. While the insurer offers only $10,000 in coverage, State Farm consistently ranks No. 1 or No. 2 on J.D. Powers customer satisfaction list for individual life insurance
The policy earns cash value over time, and you can draw from that fund during your lifetime. Since State Farm is a mutual policy, your policy might also pay out dividends. On your end, you can opt to pay your premium monthly or annually.
Policy name: Final Expense Insurance .
Eligibility age range: 50 to 80 .
Coverage amount: $10,000.
Aaa Life Insurance Company
With the AAA Life Insurance Company, anyone between the ages of 45 and 85 is guaranteed acceptance.
Aside from that, acceptance is made easy by the fact that you dont have to pass a medical exam and answer tons of medical questions.
The maximum coverage is $25,000. Though you can purchase a policy with a death benefit smaller than that.
Coverage is lifelong as long as you pay until age 100, at which point you no longer have to pay but the coverage is still in force.
One of the cons is that there is a two-year waiting period. Also, there is an annual $60 fee for non-members.
Members are eligible for discounts if they purchase bundles on multipolicy premiums.
In terms of how easy it is to apply, AAA Life does a pretty good job. You can get free sample quotes online.
For 75-year-old men and women, the prices are around $108 and $84, respectively.
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How Much Does Seniors Funeral Insurance Cost
The cost of funeral insurance for seniors depends on many factors.
Here are some factors that will impact your insurance cost:
- Age: Most seniors purchase funeral insurance between the ages of 50-80. The older you are, the higher your monthly premiums. So, its best to buy early.
- Age rounding: Insurance is usually priced based on your age nearest. Lets say, for example, you are turning 70 on December 31st. Youll be quoted as a 69-year-old in the first half of the year and a 70-year-old in the second.
- Coverage length: Most funeral insurance premiums expire when you turn 100. However, some policies are more flexible than others so be sure to read the fine print.
- Coverage amount: The higher your expected funeral cost, the more youll pay for insurance.
- Riders: These are additional protections you can add to your policy. For example, a critical illness rider would ensure you receive a payout if diagnosed with cancer or a similar medical condition.
- Travel: Traveling is great in your golden years. However, visiting high-risk travel destinations like Sudan, Iraq, or Somalia can increase your premiums or even decline your coverage.
One major benefit of funeral insurance is you can buy a policy without a medical questionnaire. This is especially helpful if you have a pre-existing medical condition, as this will not impact the cost of your insurance premiums.
Costs Related To Final Expenses
Here are just a few of the costs that people may face after the death of a family member:
- Funeral home service fee : $2,300
- Transport of departed to funeral home: $350
- Embalming: $775
- Preparations, such as makeup and hair styling: $275
- Facilities and staff needed for a viewing: $450
- Facilities and staff needed for a funeral: $515
- Hearse: $350
Easy to qualify. Requires answers to medical questions but no medical exam.
Premiums never increase.
Death benefit can’t be decreased unless you borrow against cash value or request accelerated death benefits during your lifetime.
Heirs can use death benefit for any purpose.
Death benefit is guaranteed as long as premiums are paid and you dont have a term policy.
Death benefit is not taxable.
You can buy a policy with a death benefit of usually $35,000 or less.
Policies are available to applicants with poor health.
Policy face amounts are lower than other types of insurance and may not meet all expenses.
Can be more expensive that other types of policies due to easy health qualification.
Some insurers can provide misleading or incomplete information, making decisions difficult.
Some policies require waiting periods, which insurers may try to obscure.
If you live long enough, total premium paid could exceed the death benefit.
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Utilize Our Extensive Insurance Experience And Resources To Learn How Final Expense Life Insurance Provides A Sense Of Security For You And Your Loved Ones
As we get older, expenses such as medical bills, mortgage and credit card debt and eventually funeral costs add up at an alarming rate. Final expense life insurance is designed to cover the costs associated with end-of-life issues and provides an invaluable sense of stability and security through knowing that your wishes are covered. At Senior Health Solutions, LLC our dedicated insurance professionals take the time to understand your specific needs and work collaboratively to develop a plan that works for you and your family.
How To Find The Best Burial Insurance For Elderly People
No matter what product youre buying, its no secret that you should compare offers from multiple companies before you commit to one.
The same is true when looking for affordable burial insurance for seniors.
Browse websites like Choice Mutual that allow you to compare quotes from multiple providers. That will give you a good sense of what coverage will likely cost you.
In the end, if you want a life insurance policy with no waiting period at the lowest price possible, you will need to speak with an agent.
Its helpful to remember that most insurance companies that sell coverage directly to the consumer usually impose a two-year waiting period before youre insured.
Generally speaking, only licensed agents can offer you a plan with a level death benefit that fully covers you 100% the day you make your first payment.
But dont speak with just any agent. Here are the criteria you should look for when selecting an agency to work with:
- Reputation: Check their online reputation to ensure past customers were satisfied with their service. A bad online reputation usually indicates lousy insurance products and poor customer service.
- Expertise: Its hard to be a jack of all trades in the insurance business. Be sure to find one that specializes in funeral insurance for seniors. That way, you know youre dealing with an expert rather than a novice.
Remember, there is no free burial insurance for seniors. Avoid any insurance agent or company that advertises in such a misleading way.
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