Final Expense Life Insurance
Final expenses are the expenses a person acquires at the time of death. This usually includes burial arrangements and medical expenses. The average burial runs around $8,000 – $12,000. This does not include funeral. Funerals as morbid as they may sound can be as expensive as a wedding. It is a gathering of loved ones and depending on where funeral services are held and how many people attend, the average funeral can run around $8,000 – $15,000. Medical expenses are another story and have no cap on how expensive they can turn out to be.
Generally when considering a Final Expense Life Insurance policy you want to think about purchasing around $8,000 – $25,000 in coverage. Traditionally Final Expense Life Insurance polices do not exceed $25,000 in coverage. The cost of Final Expense policy really depends on the age of prospect at the time of application. Final Expense Life Insurance policies are not necessarily inexpensive. Usually grown adults will purchase these policies for their elderly parents because they had or have no life insurance at the present moment. There are two factors that make Final Expense Life Insurance policies more costly than others. First it is of course the age of the applicant. Usually age 75 or older. The older the applicant the more inflated the insurance premium. Second is that generally at the age of 75 or greater the prospect tends to have health issues. This may or may not hinder their ability to purchase a regular Life Insurance Final Expense policy. In some cases they may only be eligible for a Graded Death Benefit policy. A Graded Death Benefit policy requires no medical exam and only pays out 100% of the Life Insurance face amount after the policy has aged 3 or more years. It is also a lot more expensive than traditional Life Insurance.
It is important to remember that Life Insurance is a financial tool to help offset the costs involved in a persons passing. It is for this reason that the eligibility of an applicant is always subjective and not objective. An applicant must meet minimum requirements to purchase a Life Insurance Policy. It is for this reason that there are many different types of Life Insurance products to meet all types of needs. When considering a final Expense Life Insurance policy it is wise to speak to trained Life Insurance professional. Since Life insurance is very personalized and not generic to everyone it is important to have an experienced agent customize a policy to meet your specific needs.
This is why we are here. Feel free to use our site as a resource but more importantly take advantage of our experienced staff of Life Insurance Agents. Call today. We are readily available and we pride ourselves on our providing a great customer experience. Final Expense Life Insurance is not always the easiest thing to discuss but we have grown accustom to providing a level of comfort to the applicant. Most importantly our services are 100% Free of charge. So fill out the above quote form with your information or simply call us to talk to an experienced agent today.
Life Insurance Final Expense
Questions and Answers
- Q1: What is the higher amount of Final Expense Life Insurance I can purchase?
A: Usually the highest amount is $100,000 with most companies.
- Q2: I need to take a medical exam to purchase Final Expense Life Insurance?
A: No, Final Expense Life Insurance is done without a medical exam, however there is usually a phone interview required.
- Q3: Is Final Expense Life Insurance Term Insurance or is it Whole Life?
A: Depending on the age of the applicant it is almost always Whole Life.