Hometown Financial Group helps seniors find the best life insurance policies to cover the cost of a funeral. Final expense policies are affordable and easy to qualify for. Also called funeral insurance, they provide the right amount of coverage to help pay for your funeral while on a fixed income budget. Speak to an agent to look over your final expense options.
Final expense insurance is a type of life insurance that can cover the cost of a funeral and other end-of-life expenses.
Final expense insurance offers a death benefit of $5,000 to $25,000. The average funeral costs around $10,000. That is why most final expense policies cover between $10,000 and $20,000.
After death, the insurance company will give your beneficiaries this money as a cash payment. Your loved ones can use the money however they see fit, with no restrictions. They can keep any money left over after paying for your funeral and burial or cremation, or they can use it to pay for medical bills, debts or other expenses left behind.
Final expense insurance premiums are lower than most other life insurance policies for seniors. This type of life insurance is targeted to people between the ages of 50 and 85. The insurance companies understand that many applicants will have something in their medical history. With that in mind, the industry has simplified the process.
In most cases, you won’t take a medical exam. You only need to answer a health questionnaire, which focuses on serious illnesses such as cancer, stroke and cardiovascular disease. If you are bedridden or have been treated for or taken medication for the conditions listed in the questionnaire within the last two years, you may not qualify for the standard issue final expense policy.
Thankfully, seniors with serious health concerns can purchase a guaranteed issue final expense policy. This insurance asks no health questions and has no medical exam. Premiums will be slightly higher for these policies, and most insurance companies use a two-year waiting period before your beneficiaries would receive the full benefit. If you are in good health, apply for the standard issue policy first.
Final expense insurance is becoming a more essential retirement option. If you’re looking to plan ahead and protect yourself or your loved ones financially in the case of an unexpected death, contact us at Hometown Financial Group. We offer a FREE consultation.
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