Most people do not want to think about final expenses. However, you need to get coverage. Doing so will release any financial burden on your loved ones. When you look at the benefits, you will be convinced that buying a policy is a wise move.
What Is Life Care Final Expense Insurance?
Final expense insurance represents a whole life policy with a death benefit of $2,000 to $50,000. Also called funeral insurance, a burial policy is not much different from regular whole life insurance policies. The benefits are just smaller. See more here.
What the Insurance Covers
Final expense insurance covers the costs for a funeral or memorial service, a casket, and embalming or cremation. You won’t need the insurance if you have already prepaid your funeral expenses.
Qualifying for the Coverage
If you are someone who is older, you can qualify for a policy, up to 85 years of age. Limited policies are available for seniors with moderate or advanced health issues. You can receive an immediate whole life policy if you are in good health. Should you be placed on a waiting list and pass away during that time, your beneficiaries will receive the premiums you paid but not the benefit payout.
As you will see, the benefits far outweigh the disadvantages if you opt for this policy and are a qualified buyer. This type of protection is exceptionally helpful for a senior on a fixed or limited income.
Reviewing the Benefits
1. Tax-Free Payouts for Lifetime Coverage
If you buy a life care final expense insurance policy, your survivors will receive from $10,000 to $30,000 in tax-free benefits. The coverage extends during your lifetime, which means, like a regular whole life policy, the plan builds a cash value over time. Once you are accepted, you can maintain the policy as long as the premiums are paid.
2. Easy Acceptance
All seniors qualify for this type of insurance plan. Your medical history does not matter. All you need to do is answer a few basic questions about your health when you apply. The answers you give will determine what whole life policy is best designed for you. You don’t need to go through a background check or get a medical exam.
3. Borrow Against the Policy Amount
If you need cash, you can borrow against your policy amount. Also, you don’t have to worry about your rates increasing, as they are locked in when you purchase a policy.
4. Quick Payments of Claims
Your survivors can cash the policy in as little as 24 hours and receive the death payout. Your heirs may use money for any purpose.
5. Complete Financial Control
A burial insurance policy gives you complete control over your final expenses. Only you can cancel the policy. As long as you don’t buy term life insurance and you pay your premium payments, the death benefit is guaranteed.
Buying burial insurance is a smart move if you want to cover your funeral costs or need to borrow money at a future date. Because a policy is easy to buy, you can get the protection you need regardless of your health, income, or circumstances.