Final Expense Insurance
While the thousands of dollars that a funeral can costs, seems like a lot of money, it is rather small in the realm of life insurance benefits. That is why funeral policies are a very affordable form of life insurance, even for older people and those with health conditions! And even though the face values seem small, 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, and can cost twice as much or more! If you do not have that much cash waiting around for an emergency like a funeral, then you may want to start thinking about how you are going to pay for a funeral expenses. Likewise, a deceased person many leave some outstanding bills, and loved ones may incur expenses while they travel to a funeral or transport a body.
Why permanent Policies Are Smart Buys
Final expense policies are small face value whole life policies. These can usually be purchased for face values (death benefits) from a couple thousand dollars and up. Some may even go up higher but these 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. They cover you when you need coverage the most! Even seniors on fixed incomes find them affordable.
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 get them 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.