Final Expense Life Insurance For Senior Citizens

You may have seen ads for final expense insurance policies on TV, or maybe you got a card in the mail or in a magazine aimed at retired people. Many people are confused about what a final expense policy is, and if they should look into purchasing one.

In general, a final expense policy for seniors is a type of a whole life insurance policy. It has a lower face value then other policies, because it is intended to cover funeral costs, with some left over to pay for transportation, settle debts, and in general, leave the survivors with enough cash so they don’t have the double pain of grief and huge bills.

If you, or your parents, do not really have the extra cash to cover a funeral, then a final expense policy can be an affordable way to handle it. It is really awful to show up at the funeral home, after a death, and have to worry about how an average bill of $8,000 will be handled.

In general, monthly premiums are fairly low because the face values are low, and these policies are designed for older people, so they do not ask a lot of intrusive health questions. In fact, some policies are guaranteed issue, and do not ask any health questions! However, they are usually more expensive and may not pay out an immediate benefit, so look into your options before you buy.

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