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Senior Final Expense Program

Senior Final Expense Program

Senior Final Expense Program

A Senior Final Expense Program Covers Your Funeral Expenses

A senior final expense program is a life insurance policy that is designed to provide enough money to pay for ones final expense costs. These life insurance plans are a great financial tool to do just that. The assumption with a senior final expense program is that you don’t want to leave your financial problems behind. Typically, you wouldn’t want your family to be saddled with the financial obligation to pay for your funeral. Using a burial insurance policy to provide the money necessary for your final expenses will prevent your family for having to pay for this expense on your behalf.

A Senior Final Expense Program is a type of insurance policy that is best suited for senior citizens. There are some instances where middle-aged people would need this type of life insurance coverage, but it is sold more commonly to people over the age of 60.

The main reason why people purchase a Senior Final Expense Program is because they want their funeral expenses to be paid for. All of the funeral costs associated with a burial can be paid for with the proceeds of your burial life insurance policy. Some of these costs would include the funeral home costs, burial plot, casket, hearse rental, flowers, etc. The average cost of a funeral today could easily run into the $7,000 to $10,000 range, and that’s for a basic funeral setup. A Policy for a final expense insurance plan can have a face value from as little as $2,500 up to $25,000 with $10,000 being a good average.

Typically, a senior final expense program is sold as a guaranteed issue insurance policy. What this means is that you won’t be turned down for coverage based on your medical health. This is a great way for persons with cancer, diabetes, or similar health issues to get life insurance coverage. There is no health or medical exams necessary to qualify for this coverage. The basic information the insurance company will require are the age, gender, address and other personal contact information.

Buying a senior final expense program usually assumes that the proposed insured does have some major health issues to deal with.

If you are in excellent medical health and would be willing to take and able to pass a medical physical and laboratory testing, you would be able to qualify for either a fully under written life insurance policy, or perhaps obtain a graded death benefit policy. The advantage to these types of policies is the cost. If you can pass medical underwriting, a whole life burial insurance policy will be about half the price of a guaranteed issue life insurance policy.

The life insurance policy of a senior final expense program is a whole life policy and will remain in force until the insured pass away, provided the premiums are kept current. The premiums are fixed and won’t increase; the death benefit is also fixed and won’t decrease.

Your funeral insurance policy can also build cash that can be borrowed against in the future if the need should arise. Many people will use their regular life insurance policy to leave money for their heirs, and purchase a senior final expense program to pay for their burial costs.