final expense insurance for seniors over 70

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Burial insurance is an affordable and thoughtful way for seniors to provide financial protection against rising funeral costs. Because it is issued on the basis of answers to health questions, it's usually easy to qualify. A medical exam is not required in most cases.
Sometimes, qualifying for a final cost policy is easier than applying for other types (e.g. term insurance) of life insurance. However, there are still some important questions that you need to answer.

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Easy qualification. The coverage amount of some final expense policies is less expensive than other types. This means that you don't need to take a medical exam in order to be eligible. Most procedures can easily be issued based upon answers to the health questions in the life insurance application.
One of the biggest drawbacks to final expense is that its face amount can be much lower than other types life insurance, such as term insurance. Don't forget to mention that your death benefit can be used by the beneficiary for any purpose, even if it was originally intended to pay your funeral expenses.
Final expense insurance is perfect for those over 40 who need to insure their final expenses and funeral costs. Due to the policy's death benefits (typically between $5,000 and $20,000), premiums are typically more affordable for those with fixed incomes.

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The focus is on after-life planning. The majority of life insurance policies don't cover funeral expenses for loved ones. Caskets may cost as much as $10,000, depending upon the style and material. This does not include funeral costs like transport, preparation, burial liners, flowers, and headstone. This policy will help cover these expenses and prevent your family from being financially burdened.
Final expense insurance, a type or whole-life plan, is an option. Traditional whole-life strategies have the death benefit and insurance premium remaining the same throughout the policyholder's life. Many whole-life policies will last the policyholder's lifetime, while some may accumulate cash value. Because whole-life insurance doesn't have a time limit like term insurance, it is sometimes called "permanent insurance".

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Families expect that the estate will pay for the funeral. Families don't realize that an average funeral can cost $9,000 or more. If there is a set amount, final expense insurance can help lower these costs and keep families from emotional overspending.
The median cost of an adult burial with viewing and burial was $8.755 (including vault). Families could spend thousands of money on funeral and cremation fees, often within days of their loved-one's death. Costs for caskets alone can exceed $2,000, depending on what material is used. The funeral home may charge families $300-$1000 for the simple task of opening and closing the grave. These costs are covered with final expense insurance. Sometimes referred to as burial or funeral insurance.
The increasing costs of funerals has been well documented throughout the years.

Frequently Asked Questions

Why should I get final expense insurance?

Final expense insurance can cover a number of costs. This allows loved ones to use the benefits for the expenses they need to pay, as opposed to just covering burial costs. This coverage includes common final costs, such as medical bills, probate or legal fees, and other expenses other policy types don't cover.

How do you pay final expenses?

Most families will use cash, check or credit card to pay for all or part of the funeral expenses. Most funeral homes today expect payment in full up-front. Sometimes you can pay a portion using an installment plan negotiated with the funeral home.

Does final expense have cash value?

Does Final Expense Have a Cash Value? Final expense insurance does allow for a cash value to build because it's a form of a whole life insurance policy. However, the savings must accrue, and there are some things to keep in mind when you want to borrow against the cash value.