How To Get Final Expense Insurance
If you missed the boat with whole life insurance or your term policy has come to an end, it may seem like new policies are out of reach. The older you get, the more expensive they become, and once you pass 60, it’s very difficult to find an affordable life insurance policy.
But all is not lost, as there are policies designed specifically for seniors. They may not be as generous with their payouts, but they are designed to cover very specific needs and could be just what you’re looking for.
Known as “final expense insurance”, these policies are designed to cover funeral costs and are a cheap way to secure some much-needed peace of mind.
What is Final Expense Insurance?
In the United States, the average funeral costs between $6.000 and $13.000, with those rates dependent on everything from location to whether it’s a burial or a cremation.
That’s a lot of money, and if you don’t have any assets to leave behind, it’s worrying to think
that you’ll be burdening your loved ones with that cost.
The great thing about final expense insurance (also known as burial insurance) is that it’s not necessarily tied to a specific expense. Despite what the name might suggest, this is basically just a small whole life insurance policy wrapped in some fancy marketing.
The death benefit, which is typically capped at $50,000, can be used for any purpose, not just for funeral costs. As a result, it’s worth considering final expense insurance if you just want to leave a few bucks for your loved ones.
Benefits of Final Expense Insurance
- Death benefit of up to $50,000 on average
- Available to older applicants and those in poor health
- Premiums do not increase
- The death benefit is fixed
- A form of whole life insurance
- No restrictions concerning how the death benefit can be used
As with any type of insurance policy, the benefits only remain active for as long as you make the payments. If you skip any of these payments, the policy may lapse, and the death benefit may not be paid when you pass away.
Where to Find Burial Insurance
As with any product or service targeted toward seniors, final expense insurance can be overpriced and oversold. Many seniors feel like they are talked into buying something that they can’t afford and don’t fully understand.
To avoid this problem, we recommend consulting with an expert referral service like Senior Coverage.
Senior Coverage has been around for a few years and has helped countless seniors to secure more affordable health insurance, life insurance, reverse mortgages, and more. There is no pressure selling, no broken promises, and absolutely no hassle. It works by connecting consumers to its trusted providers and ensures they get the best service for their needs.
When you contact the company, you’ll be given a free consultation with one of their experts. Your situation and needs may be addressed and once they understand what you’re looking for, they may recommend the best service for your needs and guide you through the sign-up process.
For more information, contact Senior Coverage today at 1 (888) 479-1823.
Questions? Call 1 (888) 479-1823