Final Expense Insurance For Seniors

Seniors purchase final expense insurance for many reasons, including its affordability. Not only does it come at a competitive price, but it also has funeral cost coverage that’s going to be helpful when they pass.
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If you’re a senior or you know one, here’s what you need to know about final expense insurance. 

What It Is
Final expense life insurance is a type of life insurance that covers medical and funeral expenses when someone passes. It’s also known as burial or funeral insurance and is often acquired by seniors.

Typically, final expense policies have the following elements:

• Whole life insurance that doesn’t expire if premiums are paid;
• Cash value that allows the insured to take out a loan from the policy;
• Insured can get fixed premiums if premiums are paid;
• Typically, no medical exam is required;
• Rates are affordable; and
• The application process is easy.

The Pros and Cons
Just like other insurance types, a final expense insurance plan also has its pros and cons. This will help you assess your need for the policy.

If you’re planning to acquire final expense insurance, here are some of its pros and cons:

• Compared to other insurance policies, final expense insurance is relatively more affordable.
  Since final expense insurance is typically acquired to cover funeral costs, the coverage rates are typically lower than other policies’. On average, people who acquire insurance plans spend $10,000 to $20,000, making the premiums of final expense insurance purchasable at lower rates.
• Final expense insurance has an easy qualification process.
  Due to its low coverage amount, final expense insurance policies typically don’t require a medical examination. Usually, final expense policies are issued depending on health questions in one’s application.;
• The face amount of final expense insurance is lower.
  Unlike other insurance types, final expense insurance has a lower face amount. Moreover, beneficiaries are allowed to use the death benefit for anything. This can be done even when the policy was acquired to cover funeral costs.

Conclusion
Funeral costs get higher as the years go by. With this, acquiring financial burdens when someone passes can be inevitable. However, keep in mind that purchasing a final expense insurance plan can help protect your finances.

At The Medicare Space, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (866) 717-8683. You can also request a free quote by CLICKING HERE.