Final Expense Insurance for Seniors Over 70 | Affordable Plans

Getting older is not easy. You have to think about your loved ones and their stress-free future. You want to protect them and leave a legacy for them. No one wants to leave debts behind for their family.

Final expense insurance is one way to protect your loved ones from financial burdens. Securing an affordable plan when you are over 70 is difficult but not impossible. Many policies offer final expense life insurance.

Final Expense Insurance For Seniors

Final expense insurance is a funeral insurance that covers your funeral expenses. This life insurance is made for older adults. Adults that age 50 to 80 can buy final expense life insurance. Some plans offer coverage even if you are over 80.

Final expense insurance for seniors over 70 also covers medical and legal bills. It offers many policies with many benefits. Some policies offer coverage to seniors even when they are 85 years old.

However, securing life insurance becomes critical as you get older. It is best to consider a final expense of life insurance before 70. If you buy life insurance after 70, the risk of getting a low coverage is high.

If your final expense life insurance does offer high coverage, your family may have to face financial burdens. They may have to cover the final expenses from their pockets. During this challenging time, they may have to experience a financial crisis. So, considering final expense insurance before 70 is more valuable.

Final Expense Life Insurance For Seniors

If your age is 70 and you are looking for life insurance then final expense insurance is best for you. It aims to decrease the burden on your loved ones by covering your final expenses. Final expense life insurance for seniors over 70 is like a reward for your family. Buying final expense life insurance during your 70s is the right decision you can make for your family.

Final expense life insurance for seniors over 70 covers end-to-life expenses. This whole life insurance is permanent. It will provide coverage for a lifetime. In the United States, seniors over 70 widely use final expense life insurance. You can buy this insurance easily since it has a simple application process.

You can purchase it through online. You can also consult an agent and obtain it through him. Obtaining life insurance through an agent helps you to get accurate information. Once you have secured final expense life insurance your family is financially protected. It will cover your burial and funeral services. Your family does not have to pay for the expensive services.

Life Insurance Final Expense Coverage

The coverage of life insurance final expense varies from company to company. Some insurance providers offer high coverage while others offer low coverage. Additionally, the coverage depends on the policy type.

Typically, this life insurance offers coverage of $35,000. The coverage can increase depending on the company and policy.

Some policies offer high coverage but you may have to pay a higher premium. This may be expensive and many people may not afford it.

Final Expense Life Insurance and Family’s Security

Final expense is the most popular form of life insurance in the United States. More than half of all policies of life insurance are in force. Purchased through agents, it is primarily used for family protection. It is also used for business purposes to protect against economic loss.

Final services are expensive. Covering them from your pockets can be challenging. Some families sell their assets to cover the final expenses. Your death can be a burden you’re your family. It may weaken your loved ones even more. To protect them from such financial crises, you can look for life insurance.

Financial protection

You can purchase final expense life insurance to replace income loss in case of death. It provides cash to support the family immediately after your death. If you have any legal or medical bills, final expense life insurance will cover them as well. In addition, it provides coverage for your outstanding debts.

After your death, the final expense of life insurance will financially take care of your family. You do not have to worry about the expenses. They will receive a good amount to cover final expenses and medical bills.

Costs of Life Insurance For Seniors Over 70

The cost of life insurance depends on many factors. When it comes to the cost of final expense, factors like age, gender and health conditions come into play.

Age

If you are 70 or older, you must know that age is a crucial factor. Your age will decide how much premiums you will have to pay every month.

In the final expense life insurance, seniors have to pay more. Seniors who are 70 will have to pay more than people who are 50 or 60. As you get older, the premium rates increase too.

Typically, a final expense life insurance costs about $40. However, it increases to $250 if you are older. Additionally, the premium rates are different in every policy type. For instance, term life insurance costs you less than whole life insurance.

Gender

Gender is another crucial determinant when it comes to the cost of final expense life insurance. The premium rates are less for females than males. A female may have to pay a premium of $30. On the other hand, male has to pay $40 to $50.

However, if you are over 70 you have to pay more. Senior females have to pay premiums of $60 or $70 every month. While senior males have to pay a premium of $80 every month. Again the amount of the premium depends on the policy type.

Health condition

Last but not least, health condition is also one of the vital determinants of life insurance cost. The health condition of an applicant will decide the premium rate. For example, if you have serious health issues like kidney disease, you will have to pay a high premium. But, if you are in good health, you will have to pay less premium amount.

Moreover, the insurer records the health history of the applicant. This helps them get health information. The company will check your medical records and health history. If you have any medical condition in your medical history, you have to pay high premiums. The premiums increase with health issues like diabetes, cancer or cardiovascular disease.

Since older people are vulnerable to health issues, they have to pay high premiums. Besides, smokers also pay high premiums. They are also vulnerable to health risks like lung diseases. Thus, the premium amount hikes up for them as well.

Why Final Expense Life Insurance Is Important For Seniors

Reduces financial burden

The price of final services is high. A normal family cannot afford the services of funeral and burial. They have to face financial challenges during this emotional situation. They may face income loss to cover the final expenses.

The funeral expenses and medical bills can cause a financial crisis. Your death can be the reason for financial burden or income loss. In such situations, final expense life insurance plays a crucial role. Replacing income loss is another crucial reason to buy life insurance.

Cash payment to your loved ones

If you die, your income ceases. Your family might not have as much money as they once did. What you can do while you are alive is to buy life insurance. It will support your family and provide cash payments. You may leave behind a debt but final expense life insurance will cover it.

Moreover, some life insurance needs a medical exam. Seniors over 70 are especially asked for a medical exam and to fill out a health-related questionnaire. However, in final expense life insurance, you do need a medical exam.

Leaves a legacy

Final expense life insurance will help to create an estate for your heirs. It can cover final expenses and estate taxes. It will also help you to create a legacy for the surviving family.

Other key benefits

Fast insurance claims
Peace of mind
Fast approval
Lifetime coverage
Guaranteed funeral and burial services
Tax-free benefits
Accessible
Affordable

Whole vs. Term Life Insurance

Term life insurance

This life insurance protects you for a short time. There is a predetermined amount of time for applicants. This period is one year or more than one year. If you are looking for temporary life insurance, then term life insurance is best for you.

However, keep in mind that there is an expiry date. When the expiry date is over, you cannot receive the benefits. You will receive the benefits within this end date.

Moreover, term life insurance does not have any cash value accumulation. You can get limited benefits in a limited time. As soon as the coverage ends, you will receive any death benefit.

Whole life insurance

Whole life insurance provides several death benefits. You will receive these death benefits for a lifetime. This permanent insurance is the opposite of term life insurance. There is no expiry date. Furthermore, it offers final expense life insurance for seniors over 70.

Additionally, there is a cash value. With this cash value, you can cover extra expenses. This cash value will also support your family. Your family can cover debts or run a business.

The policy’s cash value, which holds excess premiums in reserve, grows over time. In case you want to give up, you will get a cash value. Whole life insurance has three types such as:

Universal life insurance
Traditional life insurance
Variable universal life

Universal life insurance

Universal life insurance offers cash value. This cash value increases with time. However, the premium amount is not fixed. It varies over time. The varying premium amount leads to the largest or smallest benefits.

Traditional life insurance

In traditional life insurance, the yearly premium doesn’t change. The price is higher than the real cost of the insurance in the early years. However, the premium significantly drops below the real cost of protection in later years.

Variable universal insurance

In variable universal life insurance, the policyholder can choose the investment. Variable universal life insurance decides the benefits based on the investment portfolio. The investment portfolio also decides the cash value.

There are diverse options for investments in variable universal life insurance. The diverse investment possibilities of variable insurance and the adaptable premium payment options of universal insurance are combined in variable universal life insurance.

Best Plan For Guaranteed Acceptance For Seniors Over 70

It is important to keep in mind that not all plans provide guaranteed coverage for seniors. Seniors who are over 70 can face challenges in finding the best plan. A plan that provides guaranteed final expense life insurance for seniors over 70 is important.

Some plans do not have guaranteed acceptance, especially for seniors over 70. It is best to buy life insurance as soon as possible. However, if you are over 70 and need the best life insurance plan, buy a whole life insurance. Gerber Life Insurance is the best life insurance for seniors over 70 seeking a guaranteed acceptance.

Gerber life insurance

This is a whole life insurance that offers the best pricing. Gerber Life Insurance is the best final expense life insurance for seniors over 70. It offers a guaranteed acceptance for seniors over 70. It does not matter if you are 80 or 85, this whole life insurance will cover your final expenses.

Gerber Life Insurance is available in all states. Even if you move to another state, you will still receive death benefits. The premiums do not change. It builds cash value. It does not need a medical exam and the application process is simple. You will receive an instant approval. But, there is a waiting period of 2 years.

Top Companies For Final Expense Life Insurance For Seniors over 70

Many companies offer final expense insurance for seniors over 70. Yet, they offer different policies. If you are over 70, it is important to choose a plan that offers maximum coverage for seniors over 70.

As discussed above, the cost of life insurance increases with age. Still, some companies provide final expense life insurance for seniors over 70. You can find some of these companies below.

Mutual of Omaha

Mutual of Omaha is one of the best companies in the United States. It is known for its burial insurance. This life insurance offers final expense life insurance offers seniors over 70. The age requirement for this whole life insurance is 45 to 85.

The premiums in the mutual of Omaha do not change. It has fixed premium rates. Seniors receive a coverage of $40,000. If you have any terminal health issue, the mutual of Omaha will give 50 per cent of death benefits.

Furthermore, if you need residential care or are already in nursing home care, you can collect 50 per cent of the death benefit. Also, you do not need any medical exam. It offers term and universal life insurance. A senior can choose whatever is feasible for him.

Guardian life insurance

Guardian life insurance is another whole life insurance that offers final expense life insurance for seniors over 70. The payment flexibility of Guardian life insurance is the best thing that everyone loves. Customers love this company because of its payment flexibility and customizable policy riders.

You do not need a medical exam. You can adjust the premiums according to your budget. However, it may have higher premiums than other companies.

State farm life insurance

State Farm is another company that has the best life insurance policies. It provides final expense life insurance for seniors over 70. Seniors aged 80 are also eligible to apply for the final expense insurance.

It offers guaranteed final expense life insurance to its applicants. This guaranteed issue policy is for applicants aged 50 to 80. You can receive coverage in all states.

Prudential life insurance

Prudential Life is a universal life insurance. The death benefits are valuable. It offers final expense life insurance for seniors over 70. It gives continuous coverage even if the cash value is small.

Seniors can have competitive rates as compared to other companies. They can customize their policies. In addition, it does not need any medical exam.

Bottom Line

Securing an affordable life insurance plan when you are over 70 is difficult. However, there are companies the offers best policies of final expense life insurance for seniors over 70. You can now ease the financial burden of your loved ones with final expense life insurance. Search the company that offers final expense insurance for seniors over 70. Look for the age criteria and seal the deal.