Boomers It Is Not Too Late For Final Expense Insurance
Those of us near retirement age have seen thousands of ads for insurance products – term life policies, whole life, universal life, and on and on in a confusing parade. As young adults some of us bought one or more types of policies and have them still. Many did not, or through financial and health issues, lost our coverage.
Final Expense Insurance Is For The Mature And The Caring Final Expense Insurance is for those of us mature enough to plan for our own passing, and who care about the well-being of those we leave behind. More flexible than burial policies which are limited just to burial costs, final expense insurance gives those left behind freedom to deal with expenses, medical bills, other debts, or legal fees that may be due.
“Average” Funerals Aren’t $6,000 In Your Area Government reports on which the $6,000 “average” are based haven’t been updated since 200, and any way practices vary widely around America. Just relying on an “average funeral price” of $6 is a poor way to plan. Rural areas can be notably less while large city burials could easily cost more than double!
Local Funeral Costs Can Easily be Discovered Question your friends, minister or insurance professionals in your area about actual costs. Be certain that you discuss the level of service appropriate for you and your circumstances. It isn’t fun to think about our passing yet you must plan now, or your loved ones will be forced to deal with these difficult issues at an especially difficult time.
Designed For Easy Issue Most of us in reasonable health between 50 and 80 can obtain final expense insurance. This is possible because the maximum amount of coverage is limited to $50,000, and by separating the policy types into two classes – guaranteed issue and simplified issue.
Medical Exam Not Required No one between 50 and 80 years of age is turned down for guaranteed issue policies. Everyone will qualify and no medical exam will be required when you apply for this type of policy. Most guaranteed issue policies have a waiting period of 2 – 3 years before death benefits can be paid out.
Drawbacks to Guaranteed Issue Policies There are two drawbacks if you choose this option. First your rates will be higher due to health risks unknown to the insurer. Second, should the insured person pass away during the waiting period death benefits will not be payable. If this occurs premiums already paid in are refunded, sometimes with interest. Simply put, if you not want to answer any health questions insurers know they are taking a bigger risk – they charge accordingly for guranteed issue and they delay the availability of benefits.
Reasonable Rates for Reasonably Healthy Seniors Simplified issue final expense plans ask some health questions, and they are written to include reasonably healthy older people. Premiums are less than guaranteed issue plans and death benefits are available immediately – there’s no waiting period. Choose a simplified issue final expense insurance policy if you possibly can – you’ll save money and be covered immediately.
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