If you have been told that obtaining affordable and quality final expense insurance for seniors was not possible, you will be happy to know that there are a variety of outstanding policies available. This is even true when you have previously been refused coverage or that you now have pre-existing health issues. Today, there are a variety of policies that are convenient and easy, and you can receive approval without the need for medical exams. The coverage on these policies will vary as well as options on how you prefer to pay for the premiums.
An Overview of Life Insurance
Today the average life expectancy for Americans has become longer in the last couple of decades. The majority of final expense insurance businesses has caught onto this trend and is now willing to provide affordable life insurance options for the senior citizens. In fact, senior citizens and baby boomers have offered a variety of insurers with an extensive amount of business lately.
However, the rates are still generally higher when it comes to older people when compared to younger people. This is why it is extremely important to ensure that you decide on the right coverage and amount that will suit your needs. It is advisable to take enough time to have an understanding of the different policy types that are available specifically for seniors.
How to Find the Best Final Expense Insurance for Seniors
Before you decide on a policy, you need to ask yourself the reason for the policy. Are you interested in financing your funeral, or are you perhaps interested in life insurance that facilitates a method to leave money or transfer your estate to your children.
The Basic Types of Life Insurance Dedicated to Seniors
There are three types of insurance policies that senior citizens usually consider. These include the following:
- Term Life
These policies may offer a method for affordable life insurance. However, the term policies expire after a specific time.
- Whole Life
This type of policy is costlier than term insurance, but the policy will not expire on a specified date. Also, this policy also grows in value in monetary terms.
- Burial Policies
Burial policies offer a simple method to obtain life insurance if you are a senior citizen because the plans will accept the type of applicants even if you happen to be unwell.
This insurance is also sometimes referred to as a final expense insurance policy as they are typically used to ensure that your family will have sufficient funds to provide you with a decent funeral. Currently, funerals cost into the thousands, and this often places a large burden on middle-class families. This type of policy is a form of whole-life insurance developed to ensure an easier way for senior citizens to obtain coverage.
Some features of a burial policy include:
- The policy has a smaller face value which can range from $5,000 to $20,000.
- They can be guaranteed issue or simplified issue policies.
- These types of policies accept applicants between the ages of 50 and 80.