Funeral expense insurance is an insurance plan designed to cover burial expenses and provide funeral services to the insured after his death. With this policy, one can protect his family from the huge burden of his final expenses.
It helps you plan ahead to cover future expenses and offers financial relief in an already tough and emotional time.
Final expense for seniors also commonly known as burial insurance is one of the basic issue life insurance plans. It offers coverage to seniors until they are 100 years old and concerned about their end-of-life expenses.
It is a type of permanent insurance plan quite similar to universal life insurance. Just like any standard insurance plan, it remains active until the premiums are paid. The policy covers you from medical bills to the burial and cremation services costs, hence providing financial stability for your surviving family.
As an inexpensive insurance plan, it allows older adults to free their loved ones from the burden of burial and funeral expenses. It features lower coverage rates, being a reasonable option for retired persons having fixed budgets.
The application process of this plan is quite easy and quick and some insurance companies don’t even require any questionnaire. So as little as in a day, you get insured. After getting insured, the policyholder has to pay regular premiums so that his policy stays active and builds a cash value.
One of the primary benefits of this plan is the mental satisfaction it gives you while ensuring your end-of-life ceremonies are secured financially. Other benefits it provides are:
Well, there is a significant price difference between traditional insurance and final expense insurance plans. Remember that any insurance plan that does not need a medical exam is guaranteed and costly whether it’s a simplified issue or guaranteed issue and the same goes for this plan.
To get an estimate here is an example: A 50-year-old healthy man can expect to give $46/month for final expenses with a death benefit of $10,000.
Mostly individuals buy this plan to relieve their loved ones after their deaths as it covers all their end-of-life expenditures. However, the insurance plan could also cover:
Because the plan comes with high costs of regular premiums, it’s not suitable for everyone especially when you are young and healthy enough. However, if you want to get quotes for the final expense plan, it would best fit you if:
Funerals are very expensive in the US with the average cost from $8,000 to $12,000. This insurance plan helps you to pay for these expenses. It comes with a fixed premium and doesn’t expire until the premiums are paid. Moreover, the medical exam free procedure makes it a simple plan to enroll as it is issued regardless of the health condition of the applicant.
If you want to know more about this insurance plan, contact our certified insurance agent.
Burial Senior Insurance provides information and services related to burial insurance for senior citizens, including policy options and end-of-life support services.
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