Life/Final Expense
Plan for the Unavoidable
End-of-life planning is the most neglected subject among seniors and financial professionals. It’s no secret why we tend to overlook this topic — death isn’t fun to talk or think about.
While we can’t prevent death, we CAN plan ahead by making sure the people we love are always financially protected. At Oak Haven Insurance, our life insurance policies can be tailored to match the needs of your family. Every family is different. Keep reading to learn about final expense insurance, an affordable whole life policy meant for seniors.
What Is Final Expense Insurance?
Final expense insurance is sometimes called burial or funeral insurance. It was designed to help your family take care of your final arrangements. However, your beneficiary can use the death benefit to manage everyday things, pay outstanding debt, or even take a vacation. The money doesn’t have to be used for funeral and burial expenses.
Dying Is Expensive
Whether it was sudden or foreseen, we all know a story about someone who passed away. Unfortunately, many people go sooner than expected. And did you know? The average adult funeral with a viewing and burial costs roughly $9,000 (or more)! What may surprise you more is that thousands of Americans have LESS than that amount in savings.
The last thing you want to do is leave your family with burdens of unpaid debt or a costly funeral bill, especially during their time of grief. So, what can you do? You can purchase a life insurance policy to plan for the finances and uncertainty surrounding death. But not just any policy. Choose one that’s affordable, doesn’t require an invasive health exam, and has an investment element, like final expense.
Get the right coverage at the right price.
Why Final Expense?
✔ Premiums Never Increase
✔ Benefits Never Decrease
✔ Give Yourself Peace of Mind
✔ No medical exam — just health information
✔ Most people who apply are accepted for coverage
✔ Ensures that your family can pay for your burial and funeral
Types of Final Expense Policies
There are two types of final expense insurance, and each type has slightly different prices, benefit amounts, and application requirements.
Many companies that provide guaranteed issue policies will insure you regardless of health. This means that guaranteed issue life insurance will be more expensive and offer lower maximum coverage amounts, usually between $5,000 and $25,000.
Meanwhile, simplified issue policies are better for people who may NOT be accepted for standard life insurance, but are considered moderate risk. You’ll complete a medical questionnaire but get to skip the exam. Typically, seniors can get a simplified issue policy with coverage as high as $50,000.
What Determines Your Cost?
The cost of a final expense policy will depend on your age. For example, your average monthly premium will be higher at age 76 than it would be at 56. This is due to the fact that insurance companies take on more risk when they insure older people — who are statistically closer to death.
Have health conditions kept you from getting a competitive rate or dismissed you from traditional life insurance? If so, final expense may be a great option for you.
How We Can Help
Let us do the hard work for you.
- Access to the top insurers in your area.
- Give you the freedom to compare and choose.
- Analyze your circumstances and identify which company is best for you.
The Bottom Line
For those who think their loved ones may struggle to pay the cost of an unexpected funeral bill, having final expense insurance is critical. Plus, your mind will be at ease knowing that your family will be able to carry out your final wishes — just as you wanted — and be left with pleasant memories, not burdens.
If you’re not sure about making this decision on your own, reach out to a professional like the ones at Oak Haven Insurance. We’ll help you get affordable coverage for your needs.
