![]() The current state of the healthcare industry has led to higher prescription costs, expensive medical procedures, and health insurance that doesn’t always cover consumer needs. Common expenses include medical bills, credit card debt, and funeral costs. A few extra dollars a month could make a big difference in the support your family receives when you’re gone.Ĭost is often the #1 factor people focus on…but it’s not the most important factor! Instead of focusing on how much the policy is going to cost, look at how many expenses will be left behind and how much they’ll cost your family. Remember, a cheaper rate usually means fewer features and benefits for surviving loved ones. ![]() Younger applicants who are in good health may qualify for rates in the $20-$50 range. If you have significant health conditions or are over the age of 70, your premium will probably be higher and may cost between $70-$120 a month (though it may be less). The average final expense policy costs between $30-$70 a month and depends on your age, sex, health, coverage amount, and life insurance company you choose. How Much Does Final Expense Insurance Cost? How the death benefit is spent is ultimately up to the beneficiary of the life insurance policy. Final expense life insurance was created to prevent this added pressure.Įven 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. These expenses can add to the sense of grief and stress surviving friends and family members feel. On top of this, surviving loved ones are often left to handle any end-of-life medical expenses and funeral costs. The hardest thing we must ever face is the death of a loved one. Not all policies are the same, so make sure you review the policy’s benefits carefully. What features are included in the policy?ĭepending 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. Most seniors get coverage as early as possible in order to lock in a lower rate. As you can see, rates increase substantially the older you get. In many cases, you don’t need to take a medical exam.īelow are some sample monthly rates for seniors. It’s typically easy to qualify because it’s issued based on answers to health questions. So how can final expense life insurance help? What can we do to protect our families from this financial burden? How can we make sure they aren’t left with a pile of bills when we pass?īurial insurance for seniors is a smart and compassionate insurance solution for seniors looking to protect their loved ones from rising funeral costs. ![]() ![]() ![]() The thought of our spouse or children going through the same experience is unbearable. Many of us have experienced the death of a loved one and remember how stressful it was to juggle our grief, the funeral planning, and the financial obligations we had. With no way to pay for these expenses, surviving loved ones often experience a financial burden during a time of intense grief. What we do need is a way to pay for any expenses we leave behind when we pass.Īccording to the National Funeral Directors Association, the median cost of a funeral can be over $9,000. Once we’ve retired, paid off the mortgage, and the kids are out of the house, traditional life insurance policies aren’t needed as much. These policies are most important to families during the earlier years when we’re working, paying a mortgage, making car payments, and raising our kids. Traditional life insurance policies such as term insurance are primarily intended to replace any income lost when a loved one dies. Final expense life insurance is popular with seniors because of its affordable price, smaller benefit amounts, and emphasis on covering funeral costs. ![]()
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