Given that there is so much media advertising, most seniors have an understanding of what final expense insurance is but they're not really clear about the policy features and benefits. Obviously, a TV advertisement can't present a whole lot about an insurance solution during a minute and a half of airtime. Here we'll discuss these features and benefits along with some awesome $15,000 final expense insurance quotes.
What is Final Expense Insurance Used For?
The function of final expense insurance is to furnish the money that will be necessary to pay your final expenses when you pass away. Even though most advertising just speaks about a funeral, burial, or cremation, there can be additional expenses that your surviving loved ones might have to deal with:
Unexpected Funeral and Burial Expenses: These days the average funeral will run about $8,000 to $10,000, but other expenses are likely to come up as well. For example, in many instances, family members who are residing out of the state might need a small loan to help with the unexpected travel expenses and last minute hotel accommodations because of the timing of the funeral.
Let's be honest, a lot of people have less than a paycheck in their savings, so needing to pack up and take a trip to another state to go to a funeral could be a substantial financial problem, so having extra final expense death benefit funds might soften the blow to their savings.
Nursing home costs: A lot of seniors will likely spend time in a nursing before they pass away and will probably have an outstanding account when they leave or pass away. These nursing home expenses could be paid by using a portion of the death benefit in your final expense insurance policy.
Outstanding personal debt: Although personal debt is not ordinarily passed on to surviving family members if the debt is guaranteed by a family member, he or she will become responsible for it after you die. Adding this outstanding debt to your final expense death benefit will make sure there will be enough money to pay off these debts.
What are the Features and Benefits of Final Expense Insurance?
Final expense insurance policies are usually written using whole life insurance. Whole life insurance is the most appropriate type of insurance for final expense policies when you consider the many features and benefits it provides.
- Whole life insurance will stay in force for the policyholder's lifetime as long as the monthly premiums are paid. We all know we're going to die someday, we just don’t know when. Having lifetime coverage offers you the peace of mind that occurs when you are sure your policy will be in force when your time arrives.
- Once your policy has been issued and your monthly premium established, your payment cannot be changed by the insurance company. When you know your insurance payment cannot go up because you've aged or have become ill, you know your monthly premium is going to remain the same, month after month and year after year.
- Since your final expense insurance policy is written using whole life insurance, your policy will accumulate cash value that will grow year after year. Financial emergencies can impact anybody. Since your policy accumulates cash value, you can borrow against it for any reason having your credit checked. In fact, you don't even have to pay the loan back.. The insurance company will deduct any outstanding loans and unpaid interest from the death benefit.
Will I have to Qualify?
Yes, to get a level benefit final expense policy that provides first-day coverage, you do have to qualify but you don’t have to take a medical exam. This is where Life Policy Shopper provides outstanding service.
You see, not all insurers who offer final expense insurance have the same underwriting requirements. For example, you might be suffering from a serious illness and be declined by one company but accepted by another. We take senior benefits seriously and will perform the due diligence to find a company that will accept your medical conditions. If one is out there, we are going to find it.
Here is an example of an Applicant who can get a level benefit and first-day coverage:
Harry is looking for a $15,000 final expense insurance quote. He is currently being treated for Hepatitis C.
In Harry’s case, he may not qualify for a level benefit first-day coverage final expense policy with many companies, however, Life Policy Shopper can offer a $15,000 Final Expense Quote for only:
As you can see from the above rate chart, Life Policy Shopper represents the companies who are willing to offer level benefit policies that offer first-day coverage. When other agents have to go to the guaranteed issue market, we are able to find affordable final expense insurance for seniors, even when your being treated for Hepatitis C.
To get awesome $15,000 Final Expense Insurance quotes even when you may be suffering from serious illnesses like COPD, contact the professionals at Life Policy Shopper at (540) 226-8715 during normal business hours or you can contact us through our website at your convenience.