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Best Burial and Final Expense Insurance for Seniors, All Your Final Expense & Burial Insurance Questions Answered
Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance and is popular with seniors.
Most final expense plans have these features:
Most final expense plans have these features:
- Whole life insurance – no expiration if premiums are paid
- Cash value – insured may be able to take out a policy loan
- Fixed premiums as long as they’re paid
- Simplified issue – usually no medical exam (also called a Life Insurance Exam) is not required, just health questions on the application
- Easy application process
- Fast approvals – coverage can often be issued in days
- Affordable rates
What Questions Do Seniors Have About Final Expense Insurance?
What Questions Do Seniors Have About Final Expense Insurance? Qualifying for a final expense policy is often easier than qualifying for other types of life insurance (such as term insurance). But there are still important questions to ask, such as:
Does the policy expire?
Final expense policies don’t expire like term policies because they are a type of whole life insurance (. Your coverage won’t expire as long as you pay your premiums.
Do I have to take a medical exam?
In most cases, a medical exam isn’t required to qualify because the face amount is typically under $50,000. Coverage is usually issued based on the applicant’s answers to health questions on the application.
What features are included in the policy?
Depending on the life insurance company, your final expense policy may have added features such as child riders, accidental death and dismemberment, or support benefits for surviving loved ones such as funeral price shopping. Not all policies are the same, so make sure you review the policy’s benefits carefully.
How can the death benefit be used?
The hardest thing we must ever face is the death of a loved one. On top of this, surviving loved ones are often left to handle any end-of-life medical expenses and funeral costs. These expenses can add to the sense of grief and stress surviving friends and family members feel. Final expense life insurance was created to prevent this added pressure.
Even though final expense insurance focuses on covering funeral costs, the death benefit can be used for anything: medical bills, credit card debt, mortgage payments, etc. How the death benefit is spent is ultimately up to the beneficiary of the life insurance policy.
- Does the policy expire?
- Do I have to take a medical exam?
- What features are included in the policy?
- How can the death benefit be used?
Does the policy expire?
Final expense policies don’t expire like term policies because they are a type of whole life insurance (. Your coverage won’t expire as long as you pay your premiums.
Do I have to take a medical exam?
In most cases, a medical exam isn’t required to qualify because the face amount is typically under $50,000. Coverage is usually issued based on the applicant’s answers to health questions on the application.
What features are included in the policy?
Depending on the life insurance company, your final expense policy may have added features such as child riders, accidental death and dismemberment, or support benefits for surviving loved ones such as funeral price shopping. Not all policies are the same, so make sure you review the policy’s benefits carefully.
How can the death benefit be used?
The hardest thing we must ever face is the death of a loved one. On top of this, surviving loved ones are often left to handle any end-of-life medical expenses and funeral costs. These expenses can add to the sense of grief and stress surviving friends and family members feel. Final expense life insurance was created to prevent this added pressure.
Even though final expense insurance focuses on covering funeral costs, the death benefit can be used for anything: medical bills, credit card debt, mortgage payments, etc. How the death benefit is spent is ultimately up to the beneficiary of the life insurance policy.