Last Updated on November 22, 2018 by lifepolicyshopper
For senior citizens who might be shopping final expense insurance, it’s very likely they are finding the undertaking fairly challenging, particularly if they have medical problems to deal with. Not simply because is life insurance products can be difficult to understand, but having life insurance companies turn down your case simply because it should not have been presented to them in the first place can be very disappointing.
Life insurance companies have a variety of underwriting rules where what’s desirable to one company might be rejected by another company. If this is something that you have been coping with, Life Policy Shopper is ready to take the guesswork out of applying for final expense insurance. Here we’ll discuss $20,000 final expense insurance quotes.
Why Buy Final Expense Insurance?
Final expense insurance, which is also called burial insurance or funeral insurance, is a permanent life insurance policy delegated to pay for final expenses the majority of senior citizens leave after they’ve passed away. Final expenses are traditionally made up of funeral and burial costs, unsettled nursing home costs, and unsettled medical bills. Normally, the most significant final expense is the cost of a funeral. .
According to the National Funeral Directors Association, there are multiple components that are involved in the final price of a funeral, but on average, people should anticipate the following:
National average cost of an Adult Funeral with View and Burial Service:
It’s also worthwhile to note that the funeral services listed above are standard for an average funeral but not every one of them is necessary. As an example, many places of worship will hold a memorial and viewing service for its members at no charge and many jurisdictions do not mandate embalming, particularly if the funeral is held within a few days of death. It’s also worthwhile to note that the Total Cost mentioned above does not include the cost of the gravesite.
Aren't there other Methods to Pay for a Funeral?
Absolutely, there are choices when it comes to having to pay for a funeral beforehand and it’s a personal decision that you should think about:
Pay cash in advance to get a discount. Many funeral directors will offer a reduced funeral service package if you agree to pay cash in advance. The benefit is that you will save money on the cost of the funeral, however, if the funeral home goes out of business, you will probably lose your investment and that coveted discount.
You can establish a pre-need contract with a funeral home that enables the funeral home to invest the money in hopes of being able to pay the expense of the funeral at some point in the future. The downside with this option is that if the account does not accrue sufficient funds for the cost of the funeral, your surviving loved ones will most likely have to pay the balance.
Funds from the Deceased’s estate can be used to pay for the funeral however, it might take time for the estate to go through probate and the majority of funeral homes will expect to have payment in advance of the service.
Will I have to have a Medical Exam and Blood or Urine Tests?
No, a medical exam or blood/urine tests are not required. To get the best final expense insurance quotes, you will have to medically qualify for coverage but the underwriting guidelines for traditional final expense insurance are usually liberal. As far as a medical exam is concerned, you won’t have to worry about that. In fact, Life Policy Shopper represents many final expense companies and we have identified several that will offer standard rates to applicants who have severe medical conditions like COPD, Hepatitis C, and Sickle Cell Anemia. It’s unlikely that you’ll be able to get standard rates from companies like Colonial Penn or Lincoln Heritage.
Here is an example where we were able to identify a company who will offer standard final expense insurance rates to an applicant that is suffering from Sickle Cell Anemia:
Joseph is looking for a $20,000 final expense quote and is currently suffering from Sickle Cell Anemia.
Joe's case is pretty typical. He wanted to get a $20,000 Final Expense Insurance policy because he wanted to leave enough for a funeral and pay off his mortgage which was only about $8,000. This way he would leave enough money for his wife to pay his funeral expenses and live in a paid-for home that she could easily reverse-mortgage if she needed additional money to live comfortably.
Joe had applied to companies that he'd seen advertised on TV but was disappointed with their insurance coverage because there was a two-year waiting period before they would pay the full benefit if he died from natural causes. Other than his Sickle Cell Anemia, Joe was a pretty healthy guy who never smoked.
Joe found LIfe Policy Shopper online and got in touch to see if we could do better. The good news for Joe is we did. We identified a highly-rated insurance company that would offer Joe standard insurance rates even though he had Sickle Cell Anemia.
We presented Joe with the following $20,000 Final Expense Insurance Quotes:
Certainly, Joe was extremely happy to find out that his policy offered a level death benefit with first-day coverage. He was also happy that his rates were much lower than the rates he got from Lincoln Heritage or Colonial Penn, the companies he had seen on TV.