Virginia Senior Benefits and Family Care

At Virginia Senior Benefits and Family Care, we focus on Final Expense and Burial Insurance

 

Every senior should be concerned about their final expenses and we help you with those concerns.

Final Expenses consist of the costs for your funeral and burial and any unpaid nursing home and medical expenses.

If you want to make certain that your final expenses are not passed on to surviving loved ones, final expense and burial insurance is the most affordable and guaranteed solution.

Burial Insurance is whole life insurance that comes with the same benefits and guarantees that traditional whole life insurance contains. They are easy to understand and easy to purchase.

 

How Final Expense and Burial Insurance will Work for You

 

First, let’s examine the most important features and benefits:

 

Whole Life Insurance is very simple. You decide how much you need and then we’ll take it from there. If you need help choosing a death benefit, we can help with that as well.

Once your policy is issued, you simply make the monthly premium payments and if/when the worst thing happens, your beneficiary will receive the death benefit from your policy tax-free and will have the money needed to take care of your final expenses and funeral and burial costs.

There are no stipulations on how your beneficiary can spend the death benefit so be sure and speak with your beneficiary (a trusted friend or loved one) and make them aware of your final wishes.

If there is money remaining after your final expenses have been met, the balance will go to your beneficiary and other surviving loved ones.

 

We can insure any Virginia Senior Benefits and Family Care

 

Companies that offer final expense and burial insurance to seniors are well aware that most applicants will have health issues. In an effort to accommodate every applicant, many of our insurance companies have 3 options to ensure that anyone can get coverage:

 

The Level Benefit Policy

 

Applicants that can answer “no” to all the medical questions on the insurance application will qualify for the Level Benefit Plan which offers the lowest rates and your life insurance coverage begins on the day the policy is issued.

 

The Graded Benefit Policy

 

The graded benefit policy was designed for applicants who do not qualify for the level benefit policy because they said yes to one or more medical questions on the application.

Applicants who are offered the graded benefit option typically have minor medical issues so the insurance company will pay a graded benefit over two or three years if the insured dies as a result of natural causes. Typically death from accidental causes is covered 100% on the first day.

The companies we represent have different benefit levels but typically they will pay 25% to 40% for death in the first year, 50% to 70% for death in the second year, and then 100% for death in the third year and thereafter.

 

The Guaranteed Issue (Guaranteed Acceptance) Policy

 

The guaranteed issue policy was designed for applicants who could not medically qualify for the level benefit policy or the graded benefit policy.

When you apply for a guaranteed issue policy, the insurance company does not consider your health as part of the underwriting process. This means that virtually any living person who is of eligible age can purchase guaranteed issue whole life insurance.

Since the insurance company is accepting an unknown health risk, there are several caveats that you must understand and accept to purchase guaranteed issue burial insurance.

1. The monthly premium will be higher than level benefit or graded benefit policies
2. The death benefit is generally capped at $20,000 to $30,000
3. If the insured dies within the waiting period (generally 2 years) the death benefit will be the sum of all premiums paid into the policy plus interest (typically 10%)

It’s important to note that with all three plans, death resulting from accidental causes will be covered 100% from the first day of coverage.

 

Now that we’ve laid the foundation about Final Expense and Burial Insurance, let’s look at some important frequently asked questions…

 

What Seniors Are Asking about Funeral and Burial Insurance

 

Question: What’s the difference between final expense insurance, burial insurance, and funeral insurance?

Answer: There isn’t one. Final Expense, Burial Insurance, Funeral Insurance, are marketing terms used for whole life insurance policies that are designed for seniors and are generally purchased so your surviving loved ones won’t be burdened with the costs of your final expenses which include funeral and burial costs and unpaid nursing home and medical bills that are not covered under Medicare.

Question: Is it difficult to qualify for a level benefit policy when you have health issues?

Answer: The life insurance companies that offer final expense insurance understand that most seniors will have health issues when they apply for life insurance coverage. Knowing this, and the need to be competitive with other companies, most life insurance companies have very liberal underwriting guidelines when it comes to health issues that you have now or have had in the past. Call us and we will identify which company is the best match for your case in your state.

Question: Do the life insurance rates differ depending on where you live?

Answer: Yes, and that is why we offer a map of the U.S. which identifies which insurance companies in each state have the best rates. We can help you with your SeniorCare insurance needs no matter which state you are living in.

Question: What’s the easiest and quickest way to purchase final expense or burial insurance at rates I can afford?

Answer: This is the easy part. You can get instant quotes anytime using our world-class final expense quote form or you can call us at 540-226-8715 during normal business hours. If we’re away from the phones leave a message or contact us through our website.