Key Takeaways
- Affordable lifelong coverage
- No medical exam required
- Quick claim payout
- Peace of mind for family
- Build small cash value
- Covers funeral and debts
As we age, planning for the future becomes more important. One of the major parts of that planning is handling the final expenses such as the funeral cost, medical bills and other end of life expenses. That is where the final expense insurance for seniors that is also known as the burial insurance or funeral insurance comes in and saves your life.
It is a very simple and affordable way to make sure that your loved ones will not face any financial stress after you are gone. Let’s break down what it will cover, how it works and what are the best options for seniors of different ages?
What Is Final Expense Insurance For Seniors?
Final expended insurance is a small whole life insurance policy that is specially designed to cover the funeral costs, but real expenses and any unpaid bills after a person’s death. The called final expense life insurance for seniors, burial insurance for seniors final expenses are the final expense insurance for seniors.
These policies are very easy to qualify as compared to the traditional life insurance plans specially for the seniors who are over 70 or 80
Once these plans are approved then the policy stays active for life as long as you keep paying the monthly premiums. The payment is usually between $5000-$30,000 and this amount goes directly to your beneficiaries to cover the funeral cost and other expenses.
How Does Final Expense Insurance For Seniors Work?
Here is our final expense insurance policy for senior work. Let’s have a look and understand in a better way.
- First you have to apply for coverage for this. You have to fill out a simple application form that comes often without a medical exam.
- Then you have to choose the coverage amount for this you have to decide how much coverage you want, depending on your expected funeral costs
- Then you have to pay the monthly premiums and for this you pay affordable monthly or annual premiums to stay your policy active.
- When you pass away, then your beneficiaries will receive the guaranteed payout to cover the final expenses
Why Seniors Choose Final Expense Insurance
Seniors choose final expense whole life insurance because it is very simple, affordable and permanent. It does not expire as long as you are paying your premiums on time and it also bill a cash value overtime.
There are some key benefits that Y seniors choose final expense insurance
- It comes with no medical exam
- Fix premiums for life
- Permanent coverage
- Fast claim payout
- Peace of mind for family
All these things make it ideal for seniors in so many states or anywhere else who want financial security for their family
What Is The Best Final Expense Insurance For Seniors
The best final expense insurance depends on your age, health and your budget. There are so many reputable companies who were offering the strong options for senior including these names
Mutual Of Omaha
This is great for a quick approval and affordable rates
Aetna
The company is providing the flexible plans for seniors over 80
Prime BPO
This is best for the seniors who have some health conditions and want a final insurance plan without medical exam
Gerber Life
Gerber life is known for a simplified coverage for seniors over 85.
Colonial Penn
There are no exam plans for those with pre-existing health issues so that this company stands out as the best.
Is Final Expense Insurance Worth It?
Yes, for most of the seniors the final expense insurance is worth it because it takes financial stress off loved ones during a difficult time.
Even a small policy can make a big difference covering the funeral service and cost, medical bills that are not covered by the insurance, any unpaid debts or credit card balances and any legal or administrative costs.
What Are the Disadvantages of Final Expense Insurance
While the final expense has so many benefits, there are also some disadvantages to be aware of. And all of these disadvantages are given below
- The plant has the smaller coverage amounts that are usually capped at $25,000-$30,000
- There are high premiums per dollar as compared to the term life insurance.
- Some policies have a two year waiting period before the full benefits
- These plans are designed only to cover the final cost and there is no investment oriented thing and it is not for wealth transfer
Final Expense Insurance for Seniors Over 70
Seniors in their 70s often still qualify easily so that the coverage amount will be $10,000-$25,000. There is no medical exam needed and also get the affordable monthly rates. This is perfect for covering the funeral and period expenses and making sure that you’re allowed ones are not burdened.
Final Expense Insurance for Seniors Over 80 and 85
Even seniors over 80 or 85 can get the final expense insurance. There are so many companies who are offering guaranteed acceptance policies that approval is automatic. There is no need for a medical exam or any health questions.
What Is the Senior Final Expense Life Insurance Plan?
A senior final expense life insurance plan is specially designed for older adults. This plan will help to pay for the funeral or cremation cost, medical or hospital bills and outstanding loans and debts.
Final Thoughts
Find an expense insurance for seniors as a caring, simple and smart way to prepare for the future. These plans make sure that your loved ones don’t face any financial stress or your final wishes are fulfilled peacefully.
No matter what your age is you can still find a plan that will fit your needs and budget. The best part is the approval is quick and the coverage lasts a lifetime.
Get a free quote for final expense insurance today with Insure Omni and protect your family from unexpected costs.
