Final Expense Insurance
It is an insurance policy used to pay for burial expenses and funeral services when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies.
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How it Works
Select Insurance Group offers individual’s burial, or final expense, life insurance to individuals who are between age 1 and age 85.
Burial insurance policies are permanent life insurance rather than term life policies. This means that these policies do not have a specific time period – or term – of coverage, and, provided that premiums are paid, the policy will not expire. In addition, these policies will also include a cash value component where tax-deferred savings can be built up over time. These funds may be withdrawn or borrowed against if the policy holder opts to do so. Your monthly payment will never increase, and your benefit will never decrease.
Why Select Insurance Group is a quality leader in helping families protect each other from the financial burden of death:
- No agent will visit you
- No medical or Physical exam
- Answer just a few health questions
- One call does it all
- You become a member of Funeral Consumer Guardian Society which includes:
- Pays families benefits in 24 hours (in most cases), so there is no stress of financial burden
- Handling funeral process with family members after your passing to relieve burden from family.
- Negotiate cost with funeral home to, leave more funds behind for your family, Last year we saved families collectively, over 12 million dollars
- Set up funeral to your exact specification you chose
Planning for Final Bills
Even if you do not want to plan your own burial, you will need to determine what kind of expense your family will be expected to pay so you can make sure you purchase a plan that will adequately cover these bills. Some states allow home viewing services, as long as the process doesn’t risk spreading disease. Needless to say, these types of arrangements will cost significantly less and require very different permits than a ceremony performed through a funeral home. Taking the time to discuss whether or not a home burial is something your family is comfortable with or enthusiastic about will determine how much burial expense insurance you need.
Estimating Funeral and Cremation Costs
Planning your funeral with burial insurance requires a careful consideration of all your final needs. Consider how you want to be remembered, where your final resting place should be, whether you wish to be buried or cremated and what type of casket or urn you prefer. Talk with a licensed, reliable Final Expense Agent in your community about the cost of the services you require. A funeral director will give you a list of the services and products that it provides. The value of your senior life insurance policy should cover the expense of the package you choose, plus any additional costs.
The most basic, economical option is generally an immediate burial plan. An immediate plan may a modest service at the graveside and a simple casket. The expense of a viewing is not included in most immediate burial policies. The costs of the plot, a headstone and flowers must be paid for separately and should be included in the estimate you give your insurance provider. An immediate plan may be purchased with either burial or cremation.
A traditional full service option, including a viewing, a hearse, a formal ceremony and entombment and cremation is more costly than an immediate or direct package. When you consider the costs of a package, you must take every extra expense into account in order to arrive at an accurate estimate of your financial needs. Your final expense insurance benefits can include the costs of preparatory tasks like washing, dressing and embalming. A procession, limousines, flowers and a wake can also be included.
Although most mortuaries offer packages with a pre-determined set of services and products, you have the alternative to choose only the options that you want. The overall expense of the ceremony, casket, entombment, plot and other options will represent the value of your funeral insurance policy. When you’re buying insurance, it’s important to have an accurate estimate of the amount of coverage you need to avoid leaving your loved ones with these financial responsibilities.
Selecting a Plan
Final expense insurance or burial insurance are interchangeable terms used to describe life insurance for seniors, in that a policy may be issued on a term or whole life basis. Term life policies provide financial protection for a set period of time, often up to the age of 80. At that time, if no claim has been filed and the policyholder is still alive, the policy will expire. Whole life policies cover you for your entire lifetime once you’ve signed your contract, no matter when your death occurs. Age limits for purchasing a final expense policy may vary. Some insurers sell policies to qualified applicants up until the age of 75.
Securing final expense insurance is relatively easy. You can apply for a simplified issue plan, which requires that you complete a basic medical questionnaire and meet specific qualifications, or for a guaranteed issue plan, which requires no questionnaire or medical exam and guarantees acceptance of your application. If you have a serious health condition, you may be required to purchase a policy with a graded death benefit, which provides coverage after the first few years of your participation.
Although a standard term or whole life policy can cover your last expenses, traditional coverage is not the answer for everyone. If you do not qualify for a standard funeral policy because of a pre-existing medical condition, or if you have other means of providing for your loved ones after your death, final expense insurance may give you just as much protection as you need.