Final Expence Insurance
Funeral policies are a very affordable form of life insurance, even for older people and those with health conditions. While a funeral can cost thousands of dollars, it is rather small amount in the realm of life insurance benefits. Though the face values seem small, generally $10,000.00 or less, 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.
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 $3000.00. If you do not have that much money put aside for an emergency like a funeral, then you may want to start thinking about how you are going to pay for a funeral expenses. Unfortunately, there are many times when a person leaves behing outstanding bills, and loved ones may incur expenses while they travel to a funeral or transport a body.
Why permanent policies are a smart buy
Final expense or Whole Life policies are whole life policies with small face values. These can usually be purchased for face values (death benefits) from a couple thousand dollars and up. Even seniors on fixed incomes find them affordable. Some policies may have even higher face amounts, but they can get very expensive for older individuals and those in poor health. The rates are level for the rest of your life, and these whole life policies do not expire after a set term. Final Expense policies cover you when you need it most.
Different insurance companies have come up with policies to meet the needs of different individuals. Some final expense policies offer immediate protection. 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 be 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.
Should you consider Final Expense insurance?
If you are concerned about paying for a funeral, settling debts, and handling other obligations that come with the time when a loved one passes away, this can be a good alternative for you. 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.
Final Expense Life Insurance Policies are an affordable way to provide security to Senior Citizens.