Final Expense Life Insurance For Seniors
Are you a senior who is thinking about how your loved ones will pay for your final expenses when you are gone?
According to a 2007 survey by AARP, 34 percent of the over-50 population has done some pre-planning and 23 percent have pre-paid a portion or all of the funeral or burial expenses for themselves or someone else. That translates into 20 million people age 50 or older who have already paid some funeral expenses.
A traditional funeral, including a casket and vault, costs about $6,000, according to the Federal Trade Commission (FTC), and additions such as obituary notices, flowers and limousines easily run up the total to over $10,000.
Final expense life insurance for seniors, which is also known as “burial” or “funeral” insurance, is nothing more than a life insurance policy that is typically between $5,000 to $50,000 that you can buy from a life insurance agent. You have the ability to name any beneficiary that you choose. It is then up to the beneficiary to us that money for the purposes that you intended. However, the beneficiary can legally use the money in any way that they desire. Therefore, when choosing a beneficiary for your final expense life insurance policy, it is important that you choose a beneficiary that you have a high degree of trust in.
The beneficiary legally could decide to use the money any way they want, so make sure you trust your beneficiary. If your final expense life insurance death benefit exceeds the cost of your funeral, your beneficiary could use the rest to pay for any remaining debt you have or anything else that they choose.
About Final Expense Policies
Final expense life insurance policies for seniors are usually low face value whole life policies that are issued without any medical exam.
Final expense life insurance policies for seniors are usually either “simplified issue” policies, for which you’re asked several medical questions but don’t have to take a medical exam, or “guaranteed issue,” where the policy is issued to anyone who applies with no medical questions asked.
People who have serious health problems may receive a policy with a “GRADED DEATH BENEFIT,” which means the coverage amount increases over time and your beneficiaries won’t receive the full face value if you die within the first few years of the policy.
Remember that you can use any life insurance policy to pay for a funeral. However, regular life insurance policies are usually issued with minimum face values of $100k. That’s why it is more convenient to buy a final expense life insurance policy for seniors if you only need something like $5,000 or $10,000.
If you need a larger life insurance policy over $100,000 then you will probably be better off buying a traditional life insurance policy instead of a final expense life insurance policy for seniors.
Can We Help?
To get your free final expense life insurance quote for seniors please call InsuranceGlobe.net at 1-888-950-8376.