final expense life insurance
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Final Expense life insurance?
- What is final expense life insurance?
- What does a final expense life insurance policy do?
- Is burial insurance and funeral insurance the same as final expense insurance?
- Is final expense insurance right for me?
What is final expense life insurance?
Final expense is a smaller permanent life insurance policy typically intended to help older adults cover funeral costs and other end-of-life expenses.
Also sometimes called “funeral insurance” or “burial insurance,” final expense life insurance typically provides a guaranteed payout to help loved ones pay for a funeral service, burial or cremation, doctor or hospital bills, or other immediate expenses after a death. Like other types of permanent insurance, final expense insurance will never expire as long as you keep up with your premiums.
Since coverage amounts are lower than other types of life insurance, like term or permanent insurance, the premiums for a final expense policy tend to be affordable. Coverage amounts can range from a few thousand dollars up to $35,000, in some cases.
Final expense insurance is easy to qualify for, with no medical exam required. As long as you fall between the age limits of 50 to 85 years old, you can often get approved for a policy within days.
What does a final expense life insurance policy do?
Curious about the purpose of final expense life insurance? The definition of final expense includes any policy meant to help ease the financial burdens of your final send-off.
As an older adult, many of life’s biggest expenses are behind you, like paying off a mortgage or saving for a child’s college tuition. But there’s still one big expense to plan for: your funeral. The average funeral costs more than $9,000 today, burdening loved ones financially while they’re already grieving.
Final expense insurance can help. The payout comes with no strings attached, so your family can use it to pay for:
- A funeral service
- Burial or cremation
- A post-funeral gathering
- Flowers, music, obituary, or other funeral arrangements
- Medical Bills
- Nursing home or other residential care
- A nest egg for a child or grandchild’s future
- A special trip
- A donation to a charity that’s meaningful to you or the deceased
This kind of insurance is typically a good option for people whose age or health makes it difficult to qualify for other types of plans. While it’s more expensive dollar for dollar than term life insurance, the lower coverage amounts help to make it affordable. Once you lock in a premium, it stays the same for the entire policy, which is helpful if you’re on a fixed budget. You also can’t have your coverage canceled because of health issues once you’re approved, giving you and your family peace of mind.
Like other kinds of permanent insurance, final expense insurance builds cash value over time. You can borrow from that cash value during your lifetime or use it as collateral for a loan, giving you another way to pay for expenses as needed.
Final expense insurance offers guaranteed protection and level premiums, backed by Fidelity Life’s track record of financial strength.
Your family has the flexibility to use the death benefit to pay for burial or funeral costs, medical bills, credit card debt, or anything they choose.
Is burial insurance and funeral insurance the same as final expense insurance?
Final expense insurance is also called “burial insurance” or “funeral insurance.” These terms are often used interchangeably to describe a type of permanent life insurance intended to pay for funeral arrangements.
Unlike traditional permanent life insurance policies, burial insurance coverage amounts are much smaller, designed to only cover your funeral costs and related debts. It’s not meant to replace your income, cover large expenses, or work as a retirement plan. Final expense insurance also doesn’t require a medical exam, like many other life insurance policies do. You’ll only need to answer a few health questions to apply, and approval is quick and easy.
Is final expense insurance right for me?
Wondering if a final expense policy is worth it? If you don’t already have money set aside to help your family pay for funeral, medical, or other expenses after your death, final expense insurance can be an affordable alternative to saving the thousands of dollars needed to cover these costs.
Plan on having your estate or Social Security pay for your funeral? Those sources have limitations. Relying on your will to cover final costs can be tough on your family, since it’s typically read after the funeral and can take months to be settled. Social Security life insurance makes a one-time death payment of $255 if you qualify – far less than the average cost of a funeral. Final expense can provide your family with access to thousands of dollars quickly after your death with no waiting periods, giving them a way to pay for expenses in the weeks and months right after your death.
For people between 50 and 85, final expense insurance is an affordable way to give your family peace of mind during a difficult time. If you have an existing life insurance policy, a final expense plan can also offer guaranteed death benefits to cover unexpected expenses.
Keep in mind that the maximum amount of final expense coverage is around $35,000. People with kids or other family members who depend on their income should strongly consider a term or permanent policy that can provide additional coverage.
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Why should I consider Medicare Advantage?
You get the same coverage as Original Medicare plus additional benefits from the Medicare Advantage insurance provider when you enroll in a Medicare Advantage plan.
What additional benefits and savings may be available?
There are many of savings to be had, but here are a handful you might not be taking advantage of right now:
- Your Social Security benefit will be reduced by $144 each month.
$2,500 to spend on dental procedures such as crowns, implants, and dentures. - $1,000 to spend on vitamins and aspirin at your neighbourhood drugstore
- Hearing aids and batteries cost $2,000
- $300 will be used on eyeglasses and tests.
Can’t I just find all this information through government websites?
It’s not simple to learn the ins and outs of Medicare. While Medicare.gov has a wealth of information, there is no real how-to when it comes to determining what is best for you and your lifestyle.
This is where we can help! We put our 20+ years of industry experience to work for you, giving you the peace of mind that you’re getting what you’re entitled to without the hassle.
When can I enroll in a new Medicare plan?
- Initial Enrollment Period – Most persons can enrol in Medicare Part A, Part B, Part C, and/or Part D for the first time within a seven-month period: three months before, three months during, and three months after they reach 65.
- Special Enrollment Period (SEP) – Certain life circumstances, including as moving or losing current coverage, may qualify you for coverage. You usually have two months to enrol, depending on your circumstances.
- Medicare Part C & D Annual Enrollment Period (AEP) – Every year, from October 15 to December 7, Existing Medicare beneficiaries can take advantage of this time to review and adjust their Medicare Advantage (Part C) and Medicare prescription medication plans (Part D). You cannot utilise AEP to enrol for the first time in Part A and/or Part B. The following year’s coverage begins on January 1st.
- Medicare General Enrollment Period – Every year, from January 1 to March 31, While the majority of individuals will receive Part B coverage when they join in Medicare, this period is allocated for those who did not enrol in Part B when they initially became eligible. Coverage begins on July 1st of the following year.
- Medicare Advantage Open Enrollment Period (OEP) – Every year, from January 1 to March 31, You can change to a different Medicare Advantage plan with or without medication coverage during this period, or move to Original Medicare and join a separate Medicare Prescription Drug plan. You cannot, however, go from Original Medicare to a Medicare Advantage plan, join a prescription drug plan while on Original Medicare, or change from one prescription drug plan to another prescription drug plan while on Original Medicare.
