Can you imagine the number of commercials, and advertisements you’ve seen about insurance over your lifetime? Now think about the number of times you’ve actually talked to an insurance representative specifically about insuring your life and protecting your family.
You could probably count the number of times on one hand. When you decided to have this often dreaded conversation, maybe you decided to make a purchase or maybe you didn’t. If you purchased life insurance early on and let it lapse or didn’t buy any at all, its quite possible that if you’re older or have health issues you will not be able to purchase term or permanent insurance which normally pays larger death benefits to your loved ones.
If you’re mature in age (50+), fall into the aforementioned category, and you do not want to be a burden on your loved ones…then Final Expense Insurance is the way to go.
It is more flexible than burial insurance coverage which is limited only to burial expenses, it gives survivors freedom to apply the policy benefit to medical debts, legal costs, or other expenses as they see fit. Additional, Final Expense insurance is guaranteed to age 100.
The average funeral cost between $8 – 12,000 and must be planned in less than a week. While this is not the most pleasurable topic, it is important to decide how your family will pay for these expenses.
Final Expense Insurance is Guaranteed
2 Types Final Expense Policies
Guaranteed Issue final expense insurance policies will NOT turn you down – everyone 50 to 80 years of age who applies will be covered – no medical questions asked and no medical exam needed. The downside to guaranteed issue coverage: first your costs will be higher because the risk to the insurer, your health, is an unknown, and second the policy’s face value benefits at death may not be payable immediately.
Most policies that guarantee issue require a vesting period of up to 3 years during which full benefits will not be paid. Should you pass before the vesting period is over the policy will only return the premiums already paid in, most often with interest added.
Simplified issue policies do ask questions about your physical condition but they are primarily written for mature adults with a decent bill of health .
The monthly premiums for simplified issue policies are lower than the “guaranteed” policies and full face value benefits are payable right away.
Bottom line: If you are over 50 and are no longer able to purchase term or permanent insurance. You should consider Final Expense insurance. A simplified issue policy would be the best deal if you can qualify and be covered immediately.
Learn more at www.barcafinancial.com