Burial Life Insurance for Seniors

Burial Life Insurance for Seniors

Michigan

One of our goals is to help you feel at peace knowing you are well informed for end-of-life and prepared to make the best decisions possible to protect your assets, your family and your legacy ... So ... WHAT IS BURIAL LIFE INSURANCE?


WHAT IS BURIAL LIFE INSURANCE?

One of our goals is to help you feel at peace knowing you are well informed for end-of-life and prepared to make the best decisions possible to protect your assets, your family and your legacy ... So ... WHAT IS BURIAL LIFE INSURANCE?

The reason people purchase Final Expense is for a death benefit, period. Everything else is secondary. Don't be fooled by anyone saying that Final Expense Life Insurance is great because it accumulates cash value. While that is indeed true, the cash value accumulated is far less than the benefit you start to approach age 100.

DID YOU KNOW? In most states carriers (insurance companies) by law have to deliver death benefits within 60 days after a claim is submitted. Many times the benefit is delivered in 7-10 days, maybe faster in some rare cases.

- Final Expense Policies are WHOLE (PERMANENT) LIFE insurance for people over the age of 50
- A few companies have policies for ages 45+ (i.e. Mutual of Omaha)
- Lower face value (lower benefits) policies designed to cover end-of-life expenses

Because they are for people over 50 and have lower benefits, final expense policies are designed to be affordable for any and all budgets.

BURIAL LIFE INSURANCE OPTIONS

In some cases, usually for people between the ages of 45-60 and in some cases for healthy people up to the age of 69, there are some INCREDIBLY VALUABLE yet not well known options. The reason they are not well known is that most Final Expense agents and companies focus on selling products and not solutions.

If you are between the ages of 45-69 and are healthy, I can guarantee you have MUCH better options than a simple final expense policy. Below are the some of the other options;

Participating Whole Life Policies that Pay Dividends and Interest
2o or 30 Year Term Final Expense ROP Policies

WHAT ARE THE DIFFERENCES FROM COMPANY TO COMPANY?

The differences between companies and policies are minimal. Below is a handy list of things that may vary from company-to-company and policy-to-policy.

- Benefit Amounts - Minimum benefits range from $2,000-5,000, maximum benefits range from $20,000-$40,000 depending on carrier.
- Accelerated Death Benefits - If diagnosed with a terminal illness, most companies and policies have built-in Accelerated Death Benefit Riders that will pay out 50% of benefit while still alive. 50% is the standard, but may vary from company to company.
- Riders (Add-Ons) will vary from company-to-company. Accidental Death Riders and Child Riders are common.
- Health Classifications will vary from company-to-company (see next section)
- Reputation, Reviews & Rating - Some homework or research is required
SIMPLIFIED, GRADED, MODIFIED, GUARANTEED ISSUE, NO 2 YEAR WAITING PERIOD?

No 2 Year Waiting Period - NO HEALTH EXAMS, ONLY HEALTH QUESTIONS -Policies that will pay full benefits from day 1 (as opposed to graded/guaranteed). This is some times called Level or Simplified Issue for healthy people.
Graded Policies - NO HEALTH EXAMS, ONLY HEALTH QUESTIONS - Policies for people with minor health issues (i.e. Diabetes with A1C's below > 7, heart attack > 2 years ago, etc.). Graded policies are more expensive and will have reduced benefits (or no benefits) for the first two years.

Modified Policies -NO HEALTH EXAMS, ONLY HEALTH QUESTIONS - Policies for people with major health issues. Modified policies are more expensive than graded and will have reduced benefits (or no benefits) for the first two years. IF YOU GET A QUOTE FOR A MODIFIED POLICY, MAKE SURE TO READ THE FINE PRINT!
Guaranteed Issue - NO HEALTH EXAMS, NO HEALTH QUESTIONS - Guaranteed issue simply means NO MEDICAL EXAM and NO MEDICAL QUESTIONNAIRE (Simplified, Graded and Modified all require a medical questionnaire). Guaranteed issue just requires you to provide name, age and a few other pieces of contact info then you are automatically issued you a policy. Cost will be much higher and benefits much lower, however for anyone that is uninsurable, this is their only option.

Original Page Here: https://cheapestfinalexpense.com/

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