Last Updated on November 22, 2018 by lifepolicyshopper
Final expense insurance which is also known as "funeral" or "burial" insurance, is a life insurance policy that is delegated to covering the final expenses of the insured person that commonly accrue leading up to and rather quickly after the insured person's death.
It' certainly no mystery to anyone in the United States that there is a substantial cost for burying or cremating a family member or friend who has died. You are generally never allowed to simply bury a deceased person in the backyard of your neighborhood home. There are specific rules and procedures in place that govern the disposition of a dead person.
Knowing this, unless you choose to prepay for the costs associated with your funeral or cremation, you are very likely going to leave those costs to your surviving loved ones and friends after you have died. If you love and are concerned for your family and friends, you will take care of these inevitable expenses before you die rather than leave them for others to contend with while they are grieving your loss.
There is a Cost Associated with Dying
One of the more substantial costs associated with dying is the cost of a funeral and burial. The fact is that funerals are not impacted by technology like many other services. Funerals cost more today than ever before and those fees will continue to go up due to the fact that funeral service involves labor and land.
Other sorts of expenses that are usually passed on to friends and surviving loved ones are unpaid medical bills, nursing home expenses, mortgages, and any debt that was guaranteed by the policyholder and another family member. Even the cost of cremation could certainly become expensive when you add a memorial service or decide to have the urn buried in a cemetery.
Final Expense Insurance is the Most Affordable Solution
One of the more substantial costs associated with dying is the cost of a funeral and burial. The fact is that funerals are not impacted by technology like many other services. Funerals cost more today than ever before and those fees will continue to go up due to the fact that funeral service involves labor and land.
Other sorts of expenses that are usually passed on to friends and surviving loved ones are unpaid medical bills, nursing home expenses, mortgages, and any debt that was guaranteed by the policyholder and another family member. Even the cost of cremation could certainly become expensive when you add a memorial service or decide to have the urn buried in a cemetery.
Here’s an Example of an Applicant Who will get First-Day Coverage:
Joseph Brooks
Joseph is looking for a $13,000 final expense insurance quote and is currently suffering from Sickle Cell Anemia.
In Joseph's situation, he may not qualify for a level benefit first-day coverage final expense insurance policy with many companies and will typically be forced to buy a guaranteed issue policy, however, Life Policy Shopper can offer a $13,000 Final Expense Insurance Quote for only:
|
Age of Applicant |
Male Non-Smoker |
Female Non-Smoker |
|
50 |
$48.47 |
$41.06 |
|
55 |
$56.73 |
$45.87 |
|
60 |
$61.42 |
$46.72 |
|
65 |
$72.17 |
$54.64 |
|
70 |
$91.96 |
$68.21 |
|
75 |
$136.07 |
$98.18 |
|
80 |
$189.79 |
$136.07 |
As you can see from this rate chart, Life Policy Shopper represents the companies who are willing to offer level benefit policies that offer first-day coverage. While other agents have to go to the guaranteed issue market, we are able to find affordable final expense insurance for seniors, even when you may be suffering with Sickle Cell Anemia.
What if I Don't Qualify Because of Other Issues?
At LIfe Policy Shopper, we have made it our mission to be able to offer final expense insurance to every applicant, even those applicants who suffer from multiple illnesses. If you are unable to qualify for level benefit first-day coverage, we will instantly offer a guaranteed issue policy that does not take health issues into consideration.
Although there is a typical two-year waiting period for death from natural causes, most guaranteed issue insurance policies will pay the full death benefit for death from accidental causes from day one. Yes, guaranteed issue life insurance is more expensive than traditional life insurance, our applicants have peace of mind knowing that they've done everything possible to not pass on their final expenses to surviving loved ones.
Here are actual rates for a Guaranteed Issue $13,000 Final Expense Insurance policy:
|
Age of Applicant |
Male Non-Smoker |
Female Non-Smoker |
|
50 |
$66.90 |
$45.98 |
|
55 |
$72.84 |
$51.21 |
|
60 |
$81.52 |
$58.08 |
|
65 |
$94.42 |
$70.26 |
|
70 |
$120.48 |
$90.94 |
|
75 |
$161.24 |
$123.96 |
|
80 |
$227.09 |
$175.06 |
After a quick review, you'll certainly notice that the guaranteed issue life insurance rates are considerably higher than the level benefit rates but keep in mind, the insurance company is accepting an unknown health risk and because of that, they're entitled to charge more.
