Final Expense Life Insurance for Seniors
Final Expense Burial life insurance is primarily designed to pay the final and last expenses.
These expenses could be noted as funeral costs, credit card debt, medical bills etc. The face amounts of these policies are commonly written in the area of $10,000 to $100,000. Burial Insurance: What is it all about and should I purchase a final expense plan? These are the most common questions in reference to Burial Insurance, other wise known as Final Expense insurance. We use all the most trusted A+ Rated Final Expense companies.
These plans are small whole life policies that are designed to last the insured’s lifetime and never terminate like a term plan does leaving you with no coverage at all. If you are looking for the lowest life insurance rates feel free to use our quote engine to review the best Term life insurance quotes & comparisons.
Here are the main types of Final Expense Burial Life Insurance:
Level Final Expense
These are policies for applicants in good health. Level benefit means once the policy has been issued, the insured’s beneficiaries are eligible for the full face value immediately after death of the insured occurs.
Graded Final Expense
The insured usually has a two year waiting period before the entire face amount can be paid to their beneficiary. If non-accidental death occurs before two years, the policy will only pay a percentage of the face amount. Example: If non-accidental death happens in year one the policy will pay 10% of the death benefit. If non-accidental death occurs in year two, 20% of the face amount will be paid. Death in year three or later will trigger the policy to pay the full face value of the policy.
Modified Final Expense
Benefits paid to the beneficiary usually have a two year waiting period before the entire death benefit can be paid. If non-accidental death occurs before two years, the policy will only pay a return of premiums plus a percentage. For example, if non-accidental death happens in year one the premiums will be returned plus 10% will be paid. If non-accidental death occurs in year two, premiums paid are returned plus 20%. Death in year three or later will pay the face amount of the policy.
Guarantee Issue Final Expense
Policy benefits are very similar to a modified policy, but more expensive due to fact there is no health underwriting what so ever. These policies are way to go for people with very serious health problems such as Cancer or a major heart disease etc. Guaranteed issue policies normally have a two year waiting period before the entire face amount of the policy will be paid to the beneficiary. If non-accidental death occurs before two years, the policy will only pay a return of premiums plus a percentage. Example: If a non-accidental death occurs in year one, all of the premiums paid will be returned plus 20%. If non-accidental death occurs in year two, all premiums paid are returned plus 20%. Death in year three or later will result in the policy paying out the full face value.
Feel free to contact us 7 days a week to get answers to any of your questions. You can call us toll free at 800-897-5699.