Guaranteed Issue Final Expense Life Insurance
Protecting your family from unexpected funeral expenses
Many seniors in NW Florida and Coastal Alabama are under insured when it comes to life insurance. Often the main reasons are the cost of insurance and being unable to secure coverage due to poor health. Guaranteed issue final expense life insurance is often the solution. Many people refer to final expense life insurance as burial insurance, but there is no requirement that it be used expressly for that purpose.
With the average cost for a basic funeral being near $6000 in NW Florida, there is a need to protect your family from this unexpected expense. If you are currently without life insurance or have less that you will need to cover final expenses, you may want to ask yourself these questions:
- How will your bills and funeral expenses be paid?
- Who will pay for any hospital or outstanding medical bills?
- Could your family afford to pay these bills without sacrificing their retirement or other savings?
If you cannot answer these questions, you may want to explore how a final expense life insurance policy can help you protect your family. Having a plan in place, will not only remove the financial burden from your family, but will also let them know that you care enough to lessen the emotional burden that often comes with paying for funeral expenses.
The benefits of final expense life insurance
Final expense insurance is generally whole life insurance offered in benefit amounts of $2,000 to $50,000. Underwriting is limited and some companies offer coverage on a guaranteed issue basis. Applicants with major health conditions, such as cancer, stroke, heart disease and diabetes are able to secure coverage so their families will not be left with a financial burden. Some benefits of final expense life insurance include:
- No medical exams – just a few questions.
- Rates never increase.
- Coverage cannot be canceled due to age or health.
- Cash value accumulation.
- Terminal illness accelerated benefit rider on some policies.
- Often available up to age 80 or 85.
- Generally an income tax free death benefit.
Rates on final expense life insurance are generally reasonable with non-smokers and healthier applicants qualifying for lower rates. The application process takes only a few minutes and policies are generally issued in a matter of days.
January 15, 2010
Tags: burial insurance, final expense life insurance Posted in: Life Insurance
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