ARE YOU OVER 50?
Final Expense Life Insurance:
Most People have NOT Planned to Die
According to a 2007 survey by AARP, 34 percent of the over-50 population has done some pre-planning and 23 percent have pre-paid a portion or all of the funeral or burial expenses for themselves or someone else.That translates into 20 million people age 50 or older who have already paid some funeral expenses.
The sad part is that most people have not planned to die and will leave the burden to their children, grandchildren,or someone close to them.
A traditional funeral, including a casket and vault, costs about $6,000, according to the Federal Trade Commission (FTC), and additions such as obituary notices, flowers and limousines easily run up the total to over $10,000.
But don’t get too worried because there is a way to take care of some or most of those expenses now, even if you are 65, 75 or 80 years old.
FINAL EXPENSE life insurance can fill the void and help your loved ones, even if you are one of those people that did not plan in advance.
Most funeral homes today offer pre-planning services. This allows you to go in and make arrangements for some or all of your own funeral, down to every detail. The funeral director will give you a price list for goods and services, which is required under the FTC’s “Funeral Rule.”
Final Expense also knowN as “Burial Insurance”.
FINAL EXPENSE INSURANCE, also known as “burial” or “funeral” insurance, is a life insurance policy with a low face value, such as $5,000 to $50,000, that you buy from an insurance company. You can name any beneficiary, typically a family member, who would make the claim and receive the money upon your death. That beneficiary would then be responsible for using the money to carry out your wishes.
TYPES OF POLICIES AVAILABLE
FINAL EXPENSE POLICIES are generally either “simplified issue” policies, for which you’re asked several medical questions but don’t have to take a medical exam, or “guaranteed issue,” where the policy is issued to anyone who applies with no medical questions asked.
People who have a serious health problem may receive a policy with a “graded death benefit” or a “modified death benefit,” which means the coverage amount increases over time and your beneficiaries won’t receive the full face value if you die within the first few years of the policy.
Remember that any life insurance policy can be used to pay for a funeral.
For more information about purchasing a FINAL EXPENSE POLICY, feel free to contact us. Our service is designed to be informative without any obligation on your part to buy unless you believe that this product is right for you. You can also request a free, no obligation quote at:
or call us at: 877-224-3690.
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