Life insurance is a measure of protection that you take out for your loved ones in the event of your death. The greatest benefit of life insurance coverage is the ability to name beneficiaries. The average life insurance policy can be anywhere from $250,000 to $500,000. After years and decades of paying premiums, a policy can begin paying out to beneficiaries after the death of the policyholder.
Life insurance coverage is cheaper if you are young and healthy. However, it is worth it to protect your loved ones. The issue is that too many people consider getting life insurance too late in life. Only about six out of ten people even have life insurance. Over 40% of people don’t have any life insurance at all. Also, the longer that you wait to get it, the more expensive it can be to purchase. The older that you get, the more likely you are to be affected by illness or injury.
The priority of a life insurance company is to minimize financial risk. This doesn’t mean that you can’t get life insurance as you get older. It will just be more expensive to do so. Fortunately, there are several kinds of life insurance products. Final expense insurance is a stripped-down version of life insurance and is basically burial insurance for seniors. It is more affordable and is designed to cover end-life and burial expenses.
Ease of Application
The application demographic for final expense insurance is quite large. This is a class of applicants who can’t afford life insurance coverage. Or, they can’t be easily approved for it. As long as you don’t have any serious preexisting medical condition, it is hard to be declined for final expense insurance coverage. People over 50, the elderly and people of low-income status are usually the target demographic for final expense insurance coverage.
For these reasons, the application process for final expense insurance coverage is quite simplified. You can apply over the phone in a ten-minute application process. There is usually no medical examination required. You may have to submit your medical and/or medication prescription history. After supplying some basic information, you could be approved immediately or within hours.
Peace of Mind
If you are worried about your end of life expenses, a final expense insurance policy can take away those worries. The average cost of a funeral can cost anywhere between $7,000 to $20,000, depending on where you live. Final expense insurance can also pay for certain end-of-life medical bills, depending on the policy.
Affordability
As long as you use final expense insurance for the purposes of paying your final expenses, premium payments should be affordable. The average final expense insurance can cost you a few dollars a month. However, the more benefits that you want out of a policy, the more expensive it will become. A final expense insurance policy can name beneficiaries or can be leveraged for loans.
Yet, its main function is to pay for funeral expenses. If you are of advanced age and want a large benefits package, you could end up paying hundreds of dollars a month for a policy. As long as you use a final expense insurance policy to cover end-of-life medical and funeral expenses, it can be very affordable.
The Benefit of Final Expense Insurance
If you have missed out on the benefits of life insurance in your younger life, you can make up for it with a final expense policy as you advance in age. It is easy to apply for and can be very affordable with a modest benefits package. The greatest benefit that a final expense insurance package can offer you is the knowledge that your final life expenses will be managed.
