When it comes to insurance, we all know that we need it for our health. Many Americans also realize the benefits of life insurance. Unfortunately, a large portion of the population does not realize the importance and benefits of final expense life insurance. This important piece of insurance covers expenses that are easy to ignore but can create a real burden on the loved ones we leave behind. Learn more about why you should consider investing in final expense life insurance, below.
Everything You Need to Know About Final Expense Life Insurance
What is final expense life insurance?
Sometimes referred to as “funeral insurance,” final expense life insurance is meant to cover the costs associated with funerals and burials. The costs of final expenses are ones that many seniors do not account for and without insurance can easily exceed $10,000. While the cost of a final expense life insurance policy is generally nominal, the payouts are generally between $5,000-$50,000.
How does it work?
Final expense life insurance requires the policyholder to name a trustworthy beneficiary who will receive the proceeds of the benefit. Like other types of life insurance, final expense policies are available as both term and permanent options. A term policy will cover you for a certain number of years whereas a permanent policy remains in effect as long as the premiums are paid. Permanent policies have the added benefit of including a cash value component, meaning cash is able to accumulate over time on a tax-deferred basis.
How do I qualify?
Final expense life insurance is often easier to qualify for than traditional insurance and policies are underwritten either as guaranteed or simplified issue. Guaranteed issue means that anyone can qualify and no medical questions are asked during the application process. While this type of policy generally comes with a higher premium, it is a good option for those who would not otherwise qualify for life insurance coverage due to health issues. Simplified issue policies do require some medical history during the application but a medical exam is not necessary.
Interested in learning more about final expense life insurance? Contact Global Premier Benefits!
Global Premier Benefits offers education for seniors on healthcare options available to them that could improve their quality of life and defray their healthcare costs as well. Our goal is to enable seniors to live healthy, rewarding lives without compromising their finances. Call us at 1-866-229-8447 to speak with a certified specialist to see if you qualify for extra help! You can also contact us here, and keep up with Global Premier Benefits on Facebook, Twitter, Google+, YouTube, and Pinterest.
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