You can purchase a final expense policy, also known as burial insurance, at any age, with different benefits and uses depending on when you choose to purchase it.
Purchasing Final Expense for Young Adults
There are many surprising benefits to a final expense policy while you’re young.
Final expense has a payout—like most life insurance policies, you will receive what is referred to as a death benefit upon the policyholder’s death to cover funeral costs, medical bills, and any other remaining fees to relieve the policyholder’s loved ones. And, unlike other, larger, and more expensive life insurance policies, final expense has a much lower death benefit, ranging anywhere from the thousands to the tens of thousands.
But what does all of this mean for a young person? Unlike other types of life insurance, final expense is easy to understand and easy to qualify for. Bigger life insurance policies require a much larger, longer commitment, and can be very easily intimidating.
And, especially if you are a young person with a serious health condition, final expense plans are far easier to qualify for than other policies. Final expense does not require a medical exam for approval, with only the potential for a few medical questions on the application.
Purchasing Final Expense for Middle-Aged Adults
If you are a middle-aged adult, now may be the perfect time to invest in a final expense plan. The premiums for final expense are determined by your age and health condition. It does not, however, require a medical exam for approval.
Purchasing a policy before you are considered a “senior,” then, may mean that your monthly premium is significantly lower. Also, because final expense plans have a fixed premium, your monthly cost will remain the same throughout your plan. As you age, then, your premium will not increase.
Purchasing Final Expense for Elders
Elders are among the most common recipients of final expense plans. Because these plans are intended to cover funeral costs and other remaining debts after the policyholder has passed away, it simply makes sense to purchase it as one nears the end of their life.
A final expense plan can help relieve the burden of planning and funeral arrangements off of the policyholder’s loved ones. It also ensures that you receive the funeral you want, while not restricting additional funds to those costs, as the remaining funds of the death benefit can be used for other fees as well.
Considering Purchasing a Final Expense Plan? Contact Senior Life Services
Choosing the right life insurance plan can feel like you’re lost without a map—how do you know if a plan is right for you? What if the insurance company rips you off? With Senior Life Services, you can get back on track. If you want friendly, no-pressure insurance guidance, contact us today.