The Boomer generation has seen thousands of ads for insurance products - term life policies, whole life, universal life, and on and on in a confusing parade. Prudent boomers bought one or more types of policies when they were young and have them still. Some of us did not, or we lost our coverage through financial and health issues.
You Have Another Chance To Be PrudentFinal Expense insurance gives us a second chance to plan sensibly for our own passing, and to express our concern for the well-being of those we leave behind. Not limited to limited just to burial costs, the flexibility of final expense insurance gives those we leave behind freedom to deal with many types of expenses, credit card debt, mortgage balances, medical bills, or even just as a gift to a family member.
No Such Thing as "Average" Funerals Funeral service costs are poorly reported, vary widely across the country, and have numerous options. Just relying on an "average funeral price" of $8 - $10,000 is a poor way to plan. Funeral services in rural areas can be notably less than this amount while ceremonies in large cities could run you more than double!
Local Funeral Costs Can Easily be Discovered Question your friends, minister or insurance professionals in your area about actual costs. Be certain that you discuss the level of service appropriate for you and your circumstances. It isn't fun to think about our passing yet you must plan now, or your loved ones will be forced to deal with these difficult issues at an especially difficult time.
Designed For Easy Issue Most of us in reasonable health between 50 and 80 can obtain final expense insurance. This is possible because the maximum amount of coverage is limited to $50,000, and by separating the policy types into two classes - guaranteed issue and simplified issue.
Medical Exam Not Required With Guaranteed Issue No one between 50 and 80 years of age is turned down for guaranteed issue policies. Everyone will qualify and no medical exam will be required when you apply for this type of policy. Most guaranteed issue policies have a waiting period of 2 - 3 years before death benefits can be paid out.
Some Drawbacks With Guaranteed Issue Policies Rates are higher for guaranteed issue policies because the insuror doesn't know the health risks of the applicant. Another negative is the 2- 3 year waiting period required. Should the insured person pass away during the waiting period death benefits will not be payable. The premiums already paid in will then be refunded and interest on them is sometimes paid as well. Simply put, if you don't want to answer any health questions insurers are taking a bigger risk - they protect themselves will higher rates and a delay of benefits.
Average Health Yields Reasonable Rates Written to include reasonably healthy older people,simplified issue final expense plans do ask some health questions. If you qualify premiums are less than guaranteed issue plans and the benefits are available immediately - there's no waiting period. Choose a simplified issue final expense insurance policy if you possibly can. You'll save money, be covered immediately and give your loved ones freedom and flexibility during a difficult time.
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