Senior Life Insurance coverage and premiums
Typically, final expense insurance in Florida is offered at a minimum of $2000 and maximum of $50,000 face amount. You have the option to buy as little or as many units depending on the amount of coverage you need. Additionally you have the option of purchasing a policy with more than one company.
Like other forms of whole life insurance, premiums remain level for life. However, the premiums for final expense life insurance increases if you purchase at an older age. Some companies might issue senior life insurance only up to age eighty. After that age, it might become more difficult to obtain coverage. Also, note that some final expense plans offer coverage at a very young age, even as low as 18 years old.
In addition to paying a policy fee, a female who purchases a final expenses life insurance plan at age 20 could pay about $10.42 each year for a $1,000 policy. An 80-year-old woman could end up paying $126.51 for the same coverage. A 20-year-old man could pay $11.79 each year for the same $1,000 policy for which an 80-year-old man would pay $167.77.