Final Expense Life Insurance
Final Expense Life Insurance
Most people hate the thought of being a burden to family and friends later in life. Yet, an individual’s final expenses are often the responsibility of those left behind. In planning for final expenses many people chose to purchase final expense life insurance.
The need to make final arrangements is a common concern among individuals as they enter their golden years This concern is often compounded when people learn that Social Security’s lump-sum death benefit is only $255.
What is final expense life insurance?
Final expense life insurance, or burial coverage as it is commonly known, is life insurance coverage purchased for the purpose of paying a person’s final expenses and other obligations. These plans are typically whole life policies with a death benefit of between $5,000 and $35,000.
Based on the type of coverage and policy amounts final expense plans often have simplified underwriting standards, requiring minimal health questions and no medical examination. Many life insurance companies in the marketplace offer final expense coverage, and there are typically a number of policy options depending on an applicant’s coverage needs and health considerations.
Types of Final Expense Life Insurance
There are several different types of final expense life insurance plans available to consumers depending upon an applicant’s health considerations. For individuals who are healthy or have moderate health conditions level benefit policies provide immediate coverage for the full death benefit at the best rates.
For those with more severe health conditions, graded benefit, modified benefit, and guaranteed issue plans offer coverage with a waiting period before the full death benefit can be paid to designated beneficiaries.
Often insurance companies offer the different types of final expense life insurance policies, placing an applicant in the best policy for which their individual health conditions qualify. It is important to work with an experienced independent agent to help in selecting the best insurance company and policy for your individual circumstances.
Best Candidates for Final Expense Coverage
Final expense life insurance is best suited for individuals between 50 and 80 years of age, who have a need for life insurance coverage to pay burial and/or other final expenses.
Though more mature applicants traditionally have an interest in this type of coverage many companies also offer final expense plans to individuals much younger.
As funeral costs continue to rise, these expenses often create anxiety and financial challenges for many aging Americans. This type of coverage can provide financial security and peace of mind related to an individual’s final expenses and wishes.
Assurity Benefits Group is partnered with the top rated Final Expense carriers in the country, email or give us a call today to see if Final Expense is the right plan for you.