Final expense insurance is pretty famous among people of all ages, but the benefits seem specifically targeting the seniors. Final expense insurance for seniors are affordable as compared to other general insurance policies. Apart from several other benefits, your funeral costs are also covered in the policy amount.
Traditional final expense insurance policies are designed to help the family of the insured persons to deal with the funeral and burial expenses. The amount of final expense insurance policy can be used to pay other expenses like debts, mortgage, and other expenditures.
Once you have retired from the job and other expenses have been paid, you may feel that you don’t need traditional life insurance policies anymore.
At that stage, you need to manage finance for the final arrangements. Seniors don’t want to bother their family even after their death, so having a final expense insurance policy can make things a lot easier for your family.
Funeral and Burial Costs are high
2020 is an expensive year to spend your life. Even if you keep things as simpler as possible, the average funeral cost will cross $9,000. This is the average cost, and it can be a lot more than the given numbers. If you don’t leave enough amounts behind you, burial and funeral costs can be a financial burden for the loved ones.
Pros and Cons of Final Expense Insurance for seniors Policy
Although the benefits of the final expense insurance policy are impressive for the seniors, yet there might be some drawbacks too. How can you benefit from final expense insurance? Here are some pros of the final expense insurance for the seniors:
Normal life insurance doesn’t address the costs and expenses of the burial and the funerals. The cost of the funeral can cross your budget easily as the expenses of transportation. Preparation of the body, grave liners, and many other services can make management harder for the loved ones.
When you have all of these expenses already covered in your insurance policy, you don’t have to worry about the financial burden for the surviving ones.
Whole Life Insurance
Unlike a term policy, there is no limit or expiry date for the final expense insurance policy. So, when you buy a final expense insurance policy, generally. Policies are valid for the age of 121 years, and that’s more than enough time period for anyone.
The cost of every policy is the most important thing that is going to decide the worth of the policy. As compared to other insurance policies, the cost of final expense life insurance is pretty low and affordable.
Con of Final Expense Insurance
There is only one drawback of final expense insurance that might bother you, and that is the smaller face value of the policy. As compared to the other term policies, the beneficiary won’t get much.
Give us a call
If you have any other questions or want to know more about the available insurance policies, give us a call at Diskquote, and you can also hire a certified insurance agent.