you should buy final expense insurance if you're in poor health

Who Should Purchase Final Expense Insurance?

Final expense life insurance is a great option for many individuals. How can you be sure that one of these plans is right for you? Let’s consider who should purchase final expense insurance.

You Should Purchase Final Expense if:

You Have Poor Health

Final Expense is one of the few life insurance options out there that do not require a medical exam before coverage approval. Qualifying for one of these plans, then, is relatively easy. Those with prior pre-existing health conditions or poorer health in general, then, may greatly benefit from a final expense plan.

You Want a Lower Cost Plan

Compared to other life insurance policies, final expense plans have a very low cost. This lowered cost can be accounted for in your monthly premium and is reflected in the smaller death benefit. So, with the lowered cost, you will have a smaller payout once you have passed away. But, for many individuals, the lowered premium is worth the lowered benefit.

You Have Aged Children

Final Expense also benefits those who have aged children. In other words, parents whose children are fully independent of them. If this is the case, chances are much of your original life insurance policy will have likely been used for things such as schooling, mortgages, etc. So, to leave an inheritance to said children, make up for the cost of your previous life expenses, and save them the struggle of paying your funeral and other costs on their own, a final expense plan is very helpful.

You Want a Lower-Cost Permanent Option

Final expense insurance is the cheapest option for a permanent plan. Compared to something such as a term life plan, permanent life insurance is guaranteed to remain stable over time without changes to your premium or death benefit. There are, then many positives to a permanent plan, and many individuals find it highly beneficial.

Permanent plans, however, can be very expensive. Because they are making up for the potential of decreasing health, more expenses, etc., plans will charge a much higher monthly premium compared to non-permanent plans. Final expense plans are a great middle-ground, providing inexpensive, affordable monthly premiums while still offering permanent coverage.

You’re Young and Want to Get in Early on a Policy

Final Expense plans are not reserved for the elderly or those in poor health. Many younger individuals find that getting in on an insurance plan early provides incredible benefits and security as they age.

Premiums are lower the younger you join and will not increase over time. However, be aware that joining too early may mean over-paying your death benefit, so be sure to relate the time you sign up to when the payout will be met.

Still Can’t Decide if a Final Expense Plan Is Right for You? Call Senior Life Services

With so many great reasons to join a final expense plan, it may be difficult to realize all of your options and find a plan that will offer you the best price and coverage. With Senior Life Services, you can rest assured that you are getting the best deal on the market. Contact us today to get started.