Final Expense in The Prairie State
Illinois boasts two cities among the top 10 in the nation with the highest costs for funerals (Peoria and Bloomington-Normal). These costs can create added stress at a difficult time, and not everyone has a life insurance policy or inheritance to lighten that burden for their loved ones. Final expense life insurance policies give you the chance to prepare for these costs for a low monthly premium.
What Is Final Expense Insurance?
Final expense insurance, which is also called burial insurance, is a type of life insurance policy made for seniors. If you are between ages 50 and 85, you can find an affordable life insurance policy with a modest benefit to help you pay for the costs of your funeral and cremation or burial.
Final expense policies cover between $2,000 and $50,000. Most policyholders choose plans of $10,000 to $20,000 so they can comfortably cover their funeral costs. After the policyholder passes away, the death benefit goes to a designated beneficiary, who can use it to pay for the funeral, medical bills and other end-of-life expenses. You can document your wishes for the final arrangements, and even plan to leave an excess of coverage directly to the beneficiary.
Choosing a Final Expense Plan
It’s easy to qualify for final expense. With no medical exam, you simply answer some health questions. If you have serious medical concerns and think you may be denied coverage, don’t fret. You can choose a guaranteed issue final expense plan, which asks no health questions. These plans will cost slightly more and may have a waiting period before full coverage kicks in, so speak with an advisor before choosing guaranteed issue.
Final expense plans are designed to pay for your burial costs. In Illinois, the average cost of a full services funeral with burial is $8,126. Cremation with a funeral costs an average of $6,697. Your final expense coverage of $10,000 or more will help your beneficiaries make the advance payments required by many funeral homes. Gift your family peace of mind after your passing by taking care of funeral costs.
Find a Final Expense Plan in Illinois
The team at Senior Life Services is experienced in matching people with final expense insurance. For personalized help and a free quote, work with our agents. Call us today at 800-548-3249 to get in touch.
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