The Cost of Funeral Insurance is increasing everyday, what seems affordable today might not be in upcoming years. Discover affordable plans to suit your needs.
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Final Expense Life Insurance for seniors covers the cost of your funeral, cremation, and other products and services. Final Expense Insurance is something we all know we need, but often put off.
Many licensed insurance agent will try to rip you with an expensive plan, but you should carefully pick a plan according to your income and budget. The best advice is to pick a cheap plan first. Why? Because losing insurance is a big loss and rather disappointing.
TV commercials and junk mails mostly offer you expensive plans. These plans come with no “First Two Years Coverage”. Death benefits are not guaranteed, and premiums are usually not fixed. It is recommended not to deal with them directly, rather consult with an licensed insurance agent.
As we explained above, an licensed insurance agent will help you get you the most affordable plan according to your needs. You can discuss your income, plans, and expenses with him, and he will find you the best insurance company or coverage.
About 80% to 90% of the people purchase final expense insurance, because they know that their future is uncertain. They don’t know whether or not they will leave enough wealth to cover their funeral expenses.
Hundreds and thousands of people go to bankruptcy every day. Patricia Kluge, a well-known millionaire, lost it all during the 2008 housing-market prices. She even had to sell all her jewelry to make a living.
We do not know whether or not she had her final insurance in place, because that’s just one less thing to worry about in a situation like this.
People often buy huge final expenses insurance plans leaving behind a legacy for their family. With this amount of money, their loved ones can continue to live their luxurious lives.
Other than that, sometimes people leave with a big pile of hospital bills, credit payments, or hefty loans. Final expense insurance, if planned accordingly, serves a great purpose here.
When it comes to choosing an licensed insurance agent, you must understand the difference between a captive and an licensed insurance agent.
A captive licensed insurance agent is someone who works with a single insurance company only. The policies he recommends are limited and only within the taglines of that insurance company. Normally, it is not recommended to go with a licensed insurance agent.
On the other hand, an licensed insurance agent does not work with a final expense insurance company. An licensed insurance agent builds connections with almost all the decent final expense insurance companies. He will opt for the best policy for you. It will not only suit you financially but also be easy for you to qualify.
It is recommended to go with an licensed insurance agent because he brings the best deals to the table. He is not confined to a single company but brings different options for different clients. Read more about Hacks to save money on life insurance
Term insurance does not fulfil the exact criteria of final expense insurance. However, many licensed insurance agent or insurance companies will try to rip you with incomplete information. The reason for not choosing this coverage is simply because of the word “Term”, which is short for Terminate.
Term life insurance will be cancelled after a specific age or time. Life is too uncertain. You don’t have to take such a risk. Moreover, the premiums for Term Insurance increases every 5 or 10 years.
Many licensed insurance agents will try to persuade you in their cunning way, like “Term Insurance is like gambling. You can either win a jackpot or nothing.” It is completely absurd to think of final expense insurance like that. Your future is most likely to be in safe hands if you take the correct decision today.
The second on the list in the insurance plans not to buy is Universal Insurance. Universal Insurance is almost like Term Insurance. Your insurance ends at a particular age, and the premiums after sometime increase substantially.
The only difference between Term and Universal Insurance is that Universal Insurance gives you guaranteed level premiums. You need to make sure that you’re getting coverage with guaranteed premiums if you are going for it otherwise it is not recommended.
Now let’s discuss the type of Final Expense Insurances you should be getting. The very first one, that tops the list is;
Also known As Permanent Insurance, final expense whole life insurance never ends as long as you are paying the premiums. Premiums remain the same for the rest of your life.
Moreover, most of the final expense whole life coverages provide large death benefits. Choose a plan in which the death benefits do not decrease.
In short, you should always go for final expense insurance that provides the following features;
Your chances of getting the best final expense insurance quotes depends on the licensed insurance agent you choose to work with.