Final Expense Life Insurance for Seniors 50 – 80!

Although there are many reasons for purchasing life insurance, one thing is for sure – most of us will likely have at least some amount of funeral, or “final,” expenses upon passing away. Unfortunately, without some type of insurance to pay for these costs, the responsibility usually falls to our family or other loved ones – which could mean having to dip into their savings, or worse yet, needing to pay on credit.

If you’re between the age of 50 and 85, having life insurance for final expenses can ease a lot of financial stress for those you care about. And the good news is that the premium for this type of coverage is typically very affordable.

What Is Final Expense Insurance?

Final expense life insurance is a type of whole life policy used to pay for final expenses such as funeral and burial services when the person insured dies. This type of life insurance policy helps to lessen the financial burden often placed on a family member when a loved one dies.

Now that you are getting older, however, life insurance might be on your mind. You may be concerned that it is too late to buy any worthwhile coverage.  Well, even though it is always better purchasing policies at a younger age,  obtaining coverage at an older age may not be as difficult as you may think.

In fact, many life insurance companies offer policies that are created specifically for the mature market. In particular are senior life insurance plans for final expenses.  These type of plans often have very few medical question and in some cases have none at all.  There are traditionally no medical exams required and features include…

  • No medical exams
  • No blood draws
  • Affordable premium rates that never increase
  • Quick underwriting process – policy may be issued in 2 days when application is fully and accurately completed
  • Policy can never be cancelled as long as you pay the premiums
  • Tax free proceeds under current tax law
  • Competitive rates
  • Non-tobacco class defined as no tobacco for last 12 months

If you need to explore the possibilities of purchasing a life insurance policy, we’d be happy to help you sort through your many options.

Senior Life Insurance for Burial and Funeral Expenses

Let’s face it: Final expenses are not cheap. Funerals alone can cost thousands of dollars, let alone the potentially hefty medical or home health care bills that accumulate for the years or months leading up to your eventual death. Being prepared with proper life insurance can help to relieve the financial burden your spouse, children or other loved ones might otherwise have to endure.

Examples of Final Expenses

  • Burial and funeral expenses
  • Probates fees
  • Outstanding personal debt
  • Unpaid medical bills

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 you want, 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.

Life Insurance Companies That Specialize in Final Expense Life Insurance in Florida

There are more than 75 life insurance companies that provide final expense life insurance in Florida, but there are only a handful that really specialize in it. These companies include Mutual of Omaha, The Foresters, Assurity Life, Oxford Life, Equitable Life, Colorado Bankers, Forethought Life and Liberty Bankers and several others.  .

If you would like more information on senior life insurance to address final expenses, please call us at 888-564-7662 and speak to one of our Senior Life Advisers. Or, if you’d prefer, stop by our office.  We are in The Sebastian Center located on US Hwy 1 midway between Vero Beach and Palm Bay / Melbourne, Florida.

We look forward to helping you find a life insurance plan that works best for you, your family or your employees.

Our Insurance Companies!

Mutual of Omaha
american-memorial
aig
kemper
Sentinel Life Insurance Comapny
Aetna Final Expense Life Insurance
Royal Neighbors Life Insurance
Phoenix Life Insurance
Oxford Final Expense Life Insurance
Lafayette Life Insurance Company
Gerber Final Expense Life Insurance
Foresters Final Expense Life Insurance
Assurity Life Insurance
Americo

How to Apply for Coverage!

If you would like more information on senior life insurance to address final expenses, please call us at 888-564-7662 and speak to one of our Senior Life Advisers. Or, if you’d prefer, stop by our office.  We are in The Sebastian Center located on US Hwy 1 midway between Vero Beach and Palm Bay / Melbourne, Florida.

We look forward to helping you find a life insurance plan that works best for you, your family or your employees.

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