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What is Final Expense Insurance?

Before we can answer the question of why seniors buy final expense inssurance, we need to understand what this product is. Sometimes it is also called burial insurance, but it is really a smaller face value whole life insurance policy. They are usually simplified or guaranteed issue policies which make them open to most senior citizens without going through a long underwriting process.

Why Buy Final Expense Insurance?

The face values generally range from $2,500 – $25,000, though a common amount of coverage may range around $8,000 – $10,000. This is intended to provide cash to pay for a funeral when the insured person passes away. Since the cash will be paid directly to the beneficiary, and not a funeral home, it may also provide some extra money for other expenses associated with the end of life like medical bills and travel, or even leave the survivor with some money left over.

You should compare the cost of final expense insurance, and not just buy from the first tv advertisement or agent you see. Costs and types of policies do vary by company and location. Also, the senior’s general health and age could affect their premium and other choices.

For instance, many seniors could qualify for a simplified issue policy with a guaranteed death benefit and lower premiums. Many TV ads push buyers into guaranteed issue policies, but these are not always the best choice. Guaranteed issue policies may not have an immediate death benefit, and may have a waiting period. They will also cost more for the same amount of protection. They may be a good choice for an older or ill person, but you should find out if another policy that is cheaper and pays out right away can be qualified for!

How do you find the best final expense insurance?

You can find No Medical Exam Life Insurance For Seniors here. The online quote forms can help you find companies that work in your area, and also help you compare plans and rates.

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