Final Expense Life Insurance for Seniors

During your lifetime there are many different types of insurance policies that you can purchase.  Most people have some sort of arrangement for the unexpected; loss and damage to property, health problems, earning ability, as well as their children’s future care.  Then you also plan for the expected; policies for children’s education, weddings, general well-being and medical protection come into the ‘expected’ category.  Very few families can go through life without the need of doctors, hospitals and medicines.  Also in the ‘expected’ category, though most unwelcome, is the group of insurance arrangements for funeral.  Funerals can be expensive, and whether or not your family intends to spend a lot of money, these expenses usually need to be settled quickly and urgently.  It is very unlikely that selling off properties or bonds is going to raise the amount you need in time.

 The property and money of the person whose funeral it is will in any case be frozen upon his death until probate of his will is reached.

Probably the heaviest expenses for most people who lose their lives are those that are incurred immediately before and after their death.  Depending on the cause of death, these may involve vehicle accident expenses, hospitalisation, sick care and nursing at home in the case of chronic illness or stroke.  There are usually many other expenses involved in a funeral that are normally not covered by a funeral policy.  Family and friends may need to travel long distances and stay of several days.  All this costs money. Extra catering and help in the house on the occasion of the funeral need to be paid for.  At a time when extra stress is not tolerable for those left behind, a need for finances may possibly run high to pay for caregivers if there are children or other elderly people who need to be looked after.

The solution to this problem is to invest in a Final Expense Life Insurance Policy.

 Most Insurance companies who offer this kind of policy will sell cover for up to $ 100,000 maximum.  They generally recommend a minimum of $ 10,000 up to about $ 50,000 for most people.

The cost of Final Expense Life Insurance policy will obviously depend upon the age at the time of application.  You may be applying for a policy for yourself, your spouse, or both or you may be applying for a policy for elderly parents or relatives. Since most applications involve people who are 75 years or older, the premiums will be quite high.

You need to remember that there are different kinds of Life Insurance Policies, Graded Death Benefit policies, as well as Final Expense Life Insurance Policies.  There are all sorts of requirements and pre-conditions for the various policies.  In order to find out which policy will suit you and be the most beneficial to your circumstances, it would make sense for you to discuss the matter with a trained life insurance professional, who can answer your questions and advise you.

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