Final Expense
Life Insurance...
...Can Be
Easy & Affordable
Final Expense & Burial Life Insurance Explained
A promise to pay, for a price YOU can afford.
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What is Senior Select’s Niche?
The short answer is Final Expense Life Insurance.
These types of contracts are life insurance policies specifically earmarked to cover funeral costs and final needs. Also, know as “burial insurance”.
You would purchase this type of policy so that you would not leave the financial burden of your funeral cost and “final needs” on your loved ones.
What does Final Expense Life Insurance Pay For?
Funeral Cost
The funeral cost would include cremation or traditional funeral.
Traditional funeral alone costs between $7,000 and $12,000 across the United States.
The average cost of a funeral with cremation is $6,000-$7,000.
The average cost of a cremation alone is $600-$1,100 This does not involve any tradition funeral services or viewing of the body before cremation. This means you wouldn’t need a casket, embalming of the body, or a plot.
Funeral costs are currently going up around 3% each year. This means funeral costs will average almost $20,000 in 15 years.
“Other Needs”?
What are these “other needs? “
As far as the “other needs”, this would include the medical cost with an average cost of $16,834.
This cost all depends on where you are when you die. Whether it be at home, hospital, hospice, nursing facility, or an ER. Cheapest at home would be at home at around 4800.00. Most expensive would be in the hospital at around $33,000.
Next, you have legal fees, debt, taxes, probate, and so much more.
What Can I Do to Minimize The Burden?
These burdens are exactly why Final Expense Life Insurance and Burial Policies exist.
This information has been gathered to help you to understand what they are and why they exist. We have compiled this information in one place so you can make the most informed decision.
Key Features of Final Expense Life Insurance
Final Expense Life Insurance policies have key characteristics that separate it from other forms of coverage.
- PERMANENT Coverage Regulated By The State
- No Physical, Blood Work, or Medical Exam for Approval
- Builds Cash Value That You Can Borrow From
- You CANNOT be canceled
- Premiums NEVER increase
- Coverage NEVER decreases
- Tax-free benefits paid directly to your beneficiary.
Shapes and Sizes of Final Expense Life Insurance
Level Death Benefit
These plans provide a level death benefit. This means from the day you pay your first premium you are covered for the full face amount. These policies have very lenient underwriting.
Level benefits range from 0-85.
Modified Death Benefit
These plans provide 110% of premiums paid when death occurs of natural causes in the first 2 years.
If death occurs due to an accident within the first 2 years 100% of the death benefit is paid.
After 2 years the full benefit is paid no matter how you die.
Modified benefits range 50-80.
Graded Death Benefit
These plans provide 30% of the death benefit in the first year and 70% of the death benefit in the second year.
If death occurs due to an accident within the first 2 years 100% of the death benefit is paid.
After 2 years the full benefit is paid no matter how you die.
Graded benefits range from 50-85.
Final Expense Available Face Amounts.
Policies start as low as $2,000 and go as high as $45,000. How much depends on your needs. Funeral costs and final needs will vary for everyone.
Who is Eligible for a Level Final Expense Life Insurance Policy?
Final Expense Life Insurance is a unique form of Life Insurance because people with the following conditions will be more likely to eligible.
This is all in part to the lenient underwriting that determines eligibility.
Final Expense Policies will usually accept the following health conditions.
(Age and State my limit your options)
Anxiety Medications
Arthritis
Asthma
Atrial Fibrillation
Bi-Polar Disorder
Blindness
Blood Clots
Blood Thinners
Cancer
Cholesterol Issues
Chronic Kidney Disease
COPD, Chronic Bronchitis & Emphysema
Cystic Fibrosis
Defibrillator
Depression
Diabetic Nephropathy
Diabetic Neuropathy
Diabetic Retinopathy
Epilepsy
Fibromyalgia
Heart Attacks
Hepatitis A, B, or C
High Blood Pressure
Insulin Usage
Liver Cirrhosis
Mental Disorders
Mini Strokes
Morbid Obesity
Multiple Sclerosis
Non-Cancerous Tumors
Pacemaker
Parkinson’s Disease
Schizophrenia
Seizure Issues
Sleep Apnea
Systemic Lupus SLE
Strokes
Type 1 Diabetes
Type 2 Diabetes
So chances are there is something out there for everyone.
Have You Thought About Purchasing a Final Expense Life Insurance Policy Through the Mail?
Are you considering AARP or Globe Life?
AARP and Globe Life offers policies that might be similar to the products we offer. They are quite different.
These policies are Term Insurance, not whole life. Again Final Expense is a Whole Life insurance policy.
Term essentially means they only cover you for a set period, often to the age of 80. if you live so much as one day past your 80th birthday (or whatever date the term policy ends), you lose every penny you have paid into the policy, and your loved ones receive nothing! Also, their premiums increase significantly every 5 years. Every time you enter a new age bracket your premiums will increase.
Imagine paying thousands and thousands of dollars into one of these policies only for it to one day become unaffordable. If you can not continue to pay the scheduled premiums the policy will lapse and you will receive nothing.
In both of these scenarios you and your loved ones would end up losing every penny, you paid in.
What if You Purchased a Whole Life Final Expense Life Insurance Policy Through the Mail?
Some companies do sell whole life final expense policies through the mail. These policies are very expensive because they ask no health questions and are guaranteed issue. Since they have no health questions they always have a two year waiting period before coverage begins. If you read the fine print they are issued at a very high sub-standard rate. Which means you could be paying more than necessary.
All policies sold through the mail are very profitable for the insurance companies and very expensive for you.
Just because its whole life doesn’t mean you are receiving the best rate.
The best thing to do is email us, message us, or call us. This will allow us the opportunity to give you the information needed to make the best decision for you and your family.
Thank you
Senior Select