Final expense Life Insurance for Seniors | Lifease Health

The death of a loved one brings so much pressure and responsibilities. Families have to make decisions and take responsibility for the final expenses. They also have to think about the out-of-pocket medical bills and burial planning. In such cases, final expense life insurance helps you out.

Final expense life insurance is a key to having a secure future. You secure your tomorrow with final expense insurance. It covers funeral and burial costs and protects your family from debts and medical bills.

What is Final Expense Life Insurance?

Funeral and burial services are expensive. The cost is increasing every year. To cover the funeral costs, you can now shop a life insurance. Final expense life insurance is one of those life insurances. It covers your end-to-life expenses.

This insurance also covers your medical and legal bills. It also offers death benefits. The beneficiary receives these death benefits. There are no restrictions on how a beneficiary can spend the death benefits. However, final expense life insurance offers smaller death benefits.

Understanding The Final Expense Life Insurance For Seniors

Final expense life insurance is one of the best life insurance for seniors. As you grow old, you start to think about financial security. You want to secure your loved ones. Final expense life insurance helps you with your financial issues.

This insurance provides final and burial services. Since it is a whole life insurance it covers your funeral costs regardless of your age and gender. Some life insurance policies offer final expense coverage based on age. However, with final expense life insurance for seniors, you do not have to worry about age.

Even if you are 70 or 80, you can buy this insurance. Keep in mind that the coverage depends on the plans you select and the premiums. You have to pay premiums every month to receive the benefits of final expense life insurance.

Why Final Expense Life Insurance Is Important For Seniors?

We all know that arranging burial services is hectic. It is an overwhelming process for families. Your family has to go through a lot on funeral day. Funerals are an emotional event for your family. Final expenses make them even more emotional. It becomes challenging for your loved ones to handle such situations. During this challenging time, the final expense of life insurance saves your family.

Final expense life insurance for seniors helps you in the most difficult times of your life. It provides coverage for your burial and funeral services. If your family does not have any resources to cover end-of-life expenses, they do not need to worry about it. This life insurance covers all the funeral and burial costs.

Final expense life insurance for seniors is crucial for many reasons as it ensures:

Financial support to your loved ones
Death benefits
Emotional relief
Peace of mind
Savings
Low financial burden

Final expense coverage

Life insurance for seniors pays for your financial services. It also covers your burial expenses. It covers funeral services including:

Cremation
Headstones
Casket
Flowers
Music

Death benefits

Your loved ones will receive a death benefit after you die. Final expense life insurance for seniors gives cash payment to the beneficiary. The beneficiary can spend the money on anything. This life insurance ensures flexibility, meaning there are no rules on death benefits.

There are no restrictions on how a beneficiary should spend the money. He can pay your medical bills, credit card bills, and other legal bills. Final expense life insurance for seniors is there to cover all those bills. It also covers your outstanding debts.

Financial support

Final expense life insurance is the best decision to make as it gives financial support. Your family becomes financially safe with final expense life insurance. It takes care of finances on the funeral day.

Final expense life insurance for seniors is even more vital for those adults who do not have any resources to cover end-of-life expenses. Families have to sell assets to cover final expenses. You can make your funeral less challenging with final expense life insurance. It will provide financial support and leave a gift for your family instead of a financial burden.

Peace of mind

Everyone desires peace of mind. Thinking about final expenses, medical bills, and debts can disturb an individual’s peace of mind. Knowing that you have taken care of your final expenses gives you peace.

Final expense life insurance helps to leave behind a legacy. This makes them peaceful as they know that they did not leave any financial burden on their families.

Average Funeral Cost

Funerals are expensive. They can cost a fortune. Covering final expenses becomes challenging for some families. Families even sell some of their assets to cover the funeral and burial expenses. Statistics show that an average funeral can cost $8000. The cost can go up to $9000. The cost of the funeral depends on the number of services included.

The cremation and burial services cost thousands of dollars. The average price of a casket is $2000. Caskets have many types. Caskets can be simple and luxurious. If you want a simple casket, it will cost you less. But if you want a luxurious casket, it is expensive. It can cost up to $3000.

The funeral and burial costs are increasing every year. For some families, it is becoming difficult to cover these costs. They may have to sell their assets if they do not have any resources. Therefore, seniors must have a final expense of life insurance. This will financially secure their families.

Types of Final Expense Life Insurance

Simplified issue

This life insurance offers funeral services. It is easy to apply for this insurance. Simplified issue does not need any medical exam.

However, there is an underwritten policy that you must qualify for. Simplified issue life insurance requires you to fill out a questionnaire. It includes questions about health. You need to answer the questions with “yes” or “no”.

Those who want immediate coverage can apply for this policy. Other traditional life insurance has long waiting periods. They take 40 to 60 days to process the application. In Simplified issue life insurance, you do not have to wait long. It is fast and you receive immediate coverage.

Another good thing about simplified issue life insurance is the fixed death benefits. The death benefits are predictable. However, this may not include the rising costs of funeral and burial services.

Guaranteed issue

As the name suggests, guaranteed issue life insurance provides guaranteed coverage. It is a whole life insurance that does not deny coverage. Final expense ensures that your application is accepted. It provides coverage regardless of age, gender and health status.

Guaranteed issue life insurance is best for seniors as it has no age criteria. You can apply for this policy at any age. However, you have to pay your premiums every month. Your chosen beneficiary will receive the benefits based on the premium amount. The premiums never change.

Another reason why it is best for seniors is its application process. It does not include questions regarding your health. Also, it does not need any medical exam. Guaranteed issue life insurance as a simple quote. It ensures instant coverage.

Those seniors who have any serious health issues can apply for guaranteed issue. It will provide coverage even if you have a terminal illness.

Pre-need plan

Pre-need plans offer funeral services that are directly paid for the services. This plan pays the funeral home to arrange the funeral and burial services. It ensures that services are delivered prior to your death.

Average Cost For Final Expense Life Insurance For Seniors

The average cost for final expense life insurance for seniors is $70 per month. The cost of the insurance depends on many factors like:

Age
Sex
Health status
Premium amount
Insurance company

If a senior is old and has serious health issues, they have to pay higher premiums. The premiums increase from $70 to $100. If the insured is a younger applicant, then the premium is low.

Furthermore, young females have to pay less premiums than male applicants. Females have to pay about $30 in monthly premiums. On the other hand, males have to pay $70 in monthly premiums.

Remember, the death benefits depend on the monthly premiums. Higher monthly premiums mean more benefits while low premium amounts mean fewer death benefits. With low premiums, there are few features. With high premiums, there are more features and benefits. Paying high premiums can make a big difference for your family.

Services of Final Expense Life Insurance For Seniors

Seniors can receive many benefits with final expense life insurance. Final expense life insurance provides end-to-life expenses. But that is not all. It has more to offer to seniors. Services that final expense life insurance cover are:

Funeral expenses
Burial expenses
Headstones
Crematory
Medical bills
Residential care
Outstanding debts
Credit card bills

Medical bills

Healthcare is expensive. Your health insurance policies cannot cover all your medical expenses. The healthcare industry’s current state has led to higher prescription costs, expensive medical procedures, and inadequate health insurance coverage.

In 2019, over 80 per cent of the United States deaths were on Medicare. However, it covers only two-thirds of healthcare. Government programs spend approximately $18,000 on the healthcare of seniors. Final expense life insurance covers medical expenses.

Now you do not have to worry about the medical expenses because final expense insurance has you covered.

Outstanding debts

If you have any outstanding bills, the final expense life insurance will cover for you. With final expense life insurance, you can cover debts. Final expense life insurance also covers credit card bills and other legal bills.

Pros and Cons of Final Expense Life Insurance

Some of the pros and cons of final expense life insurance are discussed in the table:

Pros	Cons
Covers funeral and burial costs	Has limited coverage
Does not need a medical exam	Offers small death benefits
Has lower premiums	Includes monthly premiums
Offers lifetime coverage
It has fast insurance claims

How Does Final Expense For Seniors Work?

Buying a final expense life insurance for seniors may seem easy but it is not. Before buying a life insurance, it is crucial to do some research on life insurance. Calculate the final expenses. After calculating the funeral costs, then do some research on the average cost of the final expense of life insurance.

Sometimes, the final expense of life insurance can cost you. The insurance policy may have high monthly premiums. Additionally, insurance policies have criteria. It is vital to look at the criteria as well. There is a criterion for females and males regarding premiums. Males pay more premiums whereas female seniors pay less premium amounts. The premium amount is also high for seniors with serious health issues.

How to apply for final expense life insurance?

Applying for final expense life insurance is easy. You can apply online through an agent. You can also apply online through the website’s page.

The application consists of personal questions and health-related questions. It is vital to fill the accurate information. If there is any incorrect data, you may not receive insurance approval. But if the information is correct, you will receive instant approval.

Who are the beneficiaries?

Beneficiaries receive the death benefits after you die. They must be trustworthy as they will have all the insurance benefits. You can choose 2 beneficiaries. They can be your family members or friends.

You can change the beneficiaries. You just have to edit your account and change the names of the new beneficiaries.

Steps involved in the application process for funeral insurance

Do some research on final expense life insurance for seniors before buying it. Check the types of policies and read their regulations.
Check the criteria for life insurance for seniors
After reading the criteria and policies, choose the final expense life insurance that fits best for you.
Start your application. There will be a few questions that you have to answer. Answer those questions correctly. Do not fill in any incorrect information. Filling out any incorrect information can delay the approval.
Select a beneficiary. The beneficiary should be trustworthy. Discuss your plans with him/her. You have the option to select two beneficiaries. Additionally, if you feel like changing one of your beneficiaries, you are allowed to do it.
Submit your application. Professionals will review your application. After a few days, you will get approval. Final expense life insurance for seniors has fast approvals.

Is Funeral Insurance Worth It?

Yes, funeral insurance is beneficial for you and your family. You leave a legacy for your family when you die. Funeral insurance takes care of all funeral services. Your family does not have to think about final expenses.

It becomes challenging for families to cover final expenses with no resources. During the challenging times, burial insurance covers funeral and burial costs.

Tips To Shop For Final Expense Life Insurance For Seniors

The smart way to shop for final expense life insurance for seniors is to plan. Always plan before you shop. Look for your budget and calculate the funeral and insurance expenses. The following tips will guide you to buy the best final expense life insurance for seniors.

First of all, calculate your funeral costs. Estimate how much the funeral services are going to cost you. You should also include medical bills, debts, and credit card bills.
Estimate how much final expense life insurance will cost. Calculate the monthly premiums and see if it fits with your budget.
Search for the death benefits. Evaluate if the beneficiary can receive the instant death benefits
Choose a trustworthy person as a beneficiary.
Now look for a policy type. You can choose from term or whole life insurance.
Choose an agent and speak to him. Ask questions and clear all confusion.
Pick a good insurance company. Visit websites and look for reviews and ratings. These factors will help you to choose the best insurance provider.