subject: About Final Expense Policies [print this page] About Final Expense Policies About Final Expense Policies
Why Consider Final Expense Policies For Senior Citizens?If you are a senior citizen, or if you have parents who are in their retirement years, you may have noted the expense of funerals today. The price of a very moderate funeral averages around $7,500, and can cost twice as much or more! If you do not have that much cash waiting around for an emergency like a funeral, then you may want to start thinking about how you are going to pay for a funeral expenses. Likewise, a deceased person many leave some outstanding bills, and loved ones may incur expenses while they travel to a funeral or transport a body.While the thousands of dollars that a funeral can costs, seems like a lot of money, it is rather small in the realm of life insurance benefits. That is why funeral policies are a very affordable form of life insurance, even for older people and those with health conditions! And even though the face values seem small, it is enough money to pay for burial and other expenses. A final expense life insurance policy is a smart way to buy exactly what you need.Sometimes these can work out well.Final expense policies are small face value whole life policies. These can usually be purchased for face values (death benefits) from a couple thousand dollars up to about $25,000. You may also find face values up to fifty thousand dollars! As the face value goes up, the premium will get higher too though. The premiums should be guaranteed forever. Furthermore, there will not be an end of coverage like there is with term life insurance. They cover you when you need coverage the most! Even seniors on fixed incomes find them affordable.Different insurance companies have come up with policies to meet the needs of different individuals. Some policies, called simplified issue, will offer an immediate death benefit. As soon as the policy is in force, the insured person is covered for the full amount. An individual can be a senior citizen, but they usually need to be in fairly good health to purchase these. For people of any age with health conditions that would get them declined for most life insurance, guaranteed issue life insurance policies are the answer!A guaranteed issue life insurance policy usually uses a waiting or "vesting" period instead of health questions. If the insured person survives the waiting period, their beneficiaries will inherit the entire face value. If they should pass away, their premiums will be refunded to the beneficiaries with a stated interest rate. For a person who cannot qualify for other life insurance, these type of policies are good alternatives.Would you, or your family, benefit from a final expense insurance policy?You have to consider a lot of things. How hard would it be for family members to come up with several thousand dollars for a funeral and other expenses. You should look at all of your alternatives, which would include finding out how much the premiums would be for the individual you want to cover. Then you can make the best choice for your family.
