Final expense life insurance is popular with seniors because of its affordable price, smaller benefit amounts, and emphasis on covering funeral costs.

Traditional life insurance policies such as term insurance are primarily intended to replace any income lost when a loved one dies. 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.

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. What we do need is a way to pay for any expenses we leave behind when we pass.

According to the National Funeral Directors Association, the median cost of a funeral can be over $9,000. With no way to pay for these expenses, surviving loved ones often experience a financial burden during a time of intense grief.

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. The thought of our spouse or children going through the same experience is unbearable.

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?

Final expense for seniors is a smart and compassionate insurance solution for seniors looking to protect their loved ones from rising funeral costs. It’s typically easy to qualify because it’s issued based on answers to health questions. In many cases, you don’t need to take a medical exam.

Sample Rates for Seniors

Below are some sample monthly rates for seniors. As you can see, rates increase substantially the older you get. Most seniors get coverage as early as possible in order to lock in a lower rate.

$10,000 Policy with Funeral Planning

Age Female Monthly Rate Male Monthly Rate

* Rate estimates based on standard health and no tobacco use
 ** Funeral planning with American Income Life Funeral Plans includes price shopping for common funeral items. Families save on average $1,800 on traditional funerals and $600 on cremations with Funeral Advantage.

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?
• 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 (learn how whole life insurance works). 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 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 all this seem like a lot to process?  Don’t Worry! Call Us 888-502-5267. The insurance experts at Elite Insurance Brokers are here to help answer your questions, address your concerns, and guide you in the direction of a final expense life insurance policy that fits your needs and your budget. Visit us today to get a free, string-attached qoute, and then come back often for more information and inspiration about life and life insurance.

Keep In mind in the spirit of transparency, Our blog post are for informational Purposes only. We know how quickly things change, so we can’t guarantee the   content and the links to unaffiliated parties are up to date.