FINAL
EXPENSE
What is Final Expense?
We understand that everyone has varying needs for coverage. That’s why we are here to help you find an insurance policy that fits your exact needs.
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Final expense insurance is often purchased by seniors who are looking to cover funeral costs, otherwise known as “final expenses.” Its death benefit, or amount released to beneficiaries, is enough to cover either a significant portion or pay all funeral expenses.
Many companies allow individuals to enroll up until they are 80 years old. This is important because people at the age maximum would be disqualified from joining other types of life insurance, which highlights how inclusive this policy truly is.
The death benefit is relatively small compared to other types of life insurance. But it can still be a source of financial peace of mind for the loved ones it’s disbursed to.
Even if you already have life insurance, final expense can still be a worthy addition, as the death benefit far outweighs its low monthly costs.
Policy size ranges from $2,000 to $50,000. The premiums are relatively low considering the age group. For instance, someone enrolling at the age of 60 will pay a monthly cost of no more than $52 (if female) or $67 (if male). This is favorable considering that other policies would charge more in monthly costs for individuals of the same age.
The enrollment process is among the fastest of all life insurance policies. The enrollment process is different depending on which of the two final expense policies you sign up for. A simplified issue policy only requires you to answer a medical questionnaire, whereas a guaranteed issue policy doesn’t require any medical underwriting.
If you choose a simplified issue policy, your premiums will be lower and you’ll be able to get a policy with a higher death benefit. This is because the insurance company has a clear idea of your insurability risk.
The opposite is the case for guaranteed issue, but the fact that it’s an affordable policy you can get with no questions asked makes it worth considering.
The death benefit can be used for any purpose. And, your loved ones will get the exact amount you signed up for. They will not have to relinquish any portion of it to the IRS, as it is untaxed.
Your final expense policy can give your loved ones the benefit of being able to pay debts such as student loans, car payments, and credit card bills, as well as vacations and traveling.
Alvarado Master Agency is here to help you secure the policy you need. If you’re interested in helping your loved ones after you pass away, we can find the exact policy that accomplishes that for you, and for a low price.
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