Understanding Final Expense Insurance for Seniors in 2023

Planning for the future and ensuring your loved ones are financially secure during difficult times is important. Final expense insurance, also known as burial insurance or end-of-life insurance, offers seniors a way to cover funeral costs. If you’re considering this type of insurance, here’s what you should know.

Final Expense Insurance Lasts a Lifetime

Unlike term life insurance, final expense insurance provides lifelong coverage. You can have peace of mind knowing that your insurance won’t expire, so you won’t outlive your coverage. This makes final expense insurance a form of whole life insurance.

Inclusivity in Final Expense Insurance

Final expense insurance has higher age limits compared to other types of insurance. Most companies accept applicants between the ages of 50 and 85. However, it’s important to note that rates may increase as you apply at older ages.

No Medical Exams, Just a Few Questions

Qualifying for final expense insurance is easy and doesn’t require extensive medical exams. Instead, you may be asked a few questions about your medical history and past medications. The extent of the questions depends on the specific policy you choose.

Simplified vs. Guaranteed Issue

Final expense insurance can be either simplified issue or guaranteed issue. Each option has its own advantages and suitability for different individuals.

Simplified issue:

• Requires answering questions during the application process
• Ideal for younger, healthier applicants
• Immediate coverage with the full death benefit paid after the first payment

Guaranteed issue:

• No medical underwriting
• Suitable for older individuals with health issues
• Waiting period of 2-3 years before the full death benefit is released
• Refund of premiums if death occurs during the waiting period

Flexible Use of the Death Benefit

The death benefit from final expense insurance can be used for various purposes. While the benefit typically doesn’t exceed $50,000, it is sufficient to cover funeral costs, which average around $9,420 according to the NFDA. Your beneficiaries can use the benefit to settle personal debts or for leisure purchases, and they won’t owe any taxes on it.

Simple Application and Claims Processes

Companies offer expedient application processes, often utilizing electronic analysis to approve applications within minutes. Applications can be completed through agencies, online, or by mail. In the event of the policyholder’s death, beneficiaries will need to submit a death certificate and signed claim forms. The full death benefit will then be provided within 48 hours.

Secure Your Final Expense Policy Today

We understand the importance of providing policies that bring lasting security and ease the financial burdens of your loved ones. Our dedicated team will help you find the best policy that fits your coverage needs and budget. Don’t wait any longer. Call us today at (800) 398-9821 to secure your final expense insurance.