Final Expenses: Life Insurance
The final expenses life insurance that an individual needs is important to understand and know about ahead of time. As seniors it is difficult to think about and prepare for final expenses life insurance but this is something that helps the family when the individual is deceased.
Most companies can insure someone who is between the ages of 0 and 85 and this policy provides money for final expenses which include: funeral costs, credit card bills, and anything left over when an individual passes.
There are many different life insurance policies that offer final expenses life insurance and the reason to buy them is that their rates do not go up once the policy is purchased. Answer a few health questions for the application and fill out the information online.
Some policies provide coverage from the first day the individual dies, even when there is a suicide. Others have a waiting period of two or three years before they begin to pay full benefits. It is a good idea to shop around to get the best benefits.
Usually these policies allow the purchase of $2,500 to $150,000 depending on the age of the individual being insured. If individuals are in reasonably good health when they first start the policy they can save their families a lot of financial hardship.
There are critics of these policies, which argue that they are not worth the investment. They are usually higher cost over time than a regular policy with an accelerated death benefit rider. This means that it is important to check into the policy before buying, to see whether it is cost effective in the current market.
It is also important to check the price of final expenses life insurance policies against regular life insurance. You may be surprised to find that a regular life insurance policy is better cost and benefit wise.
Mail offers or television ads that look good should be discussed with an insurance agent to see which life insurance policy is right for you. An experienced agent can explain final expenses life insurance as well as other options you may have and help you pick the right one.