Products:  [ LIFE | FINAL EXPENSE | HEALTH | MEDIGAP | LONG TERM CARE ]
   Services:  [ COVERAGE REVIEW ]


 
 

   

 

United of Omaha

  Foresters  

Transamerica

         

   

National Guardian Life

  Gerber Life  

American Continental


Final Expense Life Insurance ...

The objective of final expense insurance is to cover ones final expenses.  Final expenses include the cost of a funeral and all that entails, along with any final medical bills or other debts.

Most people are surprised to learn how much a typical earth burial costs.  The average price of a very basic funeral, not including embalming, headstone, burial plot, flowers, death certificate was just $708 back in 1960.  Today the same basic funeral is over $8,000.  When we add in the cost of embalming, a headstone and burial plot the cost increases to an average of $10,000.

For those with no plan in place to cover these expenses, the burden of paying these final expense bills will fall on their children or their surviving spouse.  Few people want to put their family through such a financial strain, especially when they are grieving for their loss, a time when they are most vulnerable. 

Final Expense insurance relieves the financial burden of paying for final expenses.  The check is typically delivered to the designated beneficiary very soon after death, providing comfort that the deceased�s final wishes can be met without a financial strain on the surviving children or spouse.  No one will have to worry or argue about where the funds will come from to pay for the funeral and all that goes with it.


Learning the Basics ...

  • What is a Final Expense Policy?

    Final Expense insurance is a small life insurance policy with a death benefit from $5,000 to $30,000, and offered to people between the ages of 50 and 85-years old.  The policy is typically a whole life insurance policy that can be obtained without a medical exam.  However, there are usually medical questions that must be answered in order to determine if the insured can qualify for the final expense coverage.  What is great about the policy being whole life is that coverage will continue for as long as the insured pays the premium. 

    It�s important that the final expense policy be a whole life policy and not a term insurance policy.  One of the reasons final expense insurance is so popular today is that too many individuals purchased term insurance in the 1980''s and 1990s that has expired or become cost prohibitive while they are still alive. The result has been a lot of seniors left without enough insurance coverage to cover their final expenses.
     

  • What Types of Coverage are Available?

    LEVEL DEATH BENEFIT (Good Health): 
    Offers a fixed life insurance benefit; your insurance benefit is 100% of your death benefit coverage from day one.  It never decreases.  As long as you pay your premiums your life insurance coverage continues and never changes.

    GRADED DEATH BENEFIT (Some Health Problems):  The death benefit is a limited benefit the first two years, usually 30% of the face amount in effect in the first year and 70% of the face amount in effect during the second year.  The death benefit is based on 100% of the face amount in year three and beyond.

    MODIFIED DEATH BENEFIT (More Severe Health Problems):  The death benefit in the first two years is based on premiums you have paid, plus interest.  The death benefit is based on 100% of the face amount beginning in the third year.

    GUARANTEED ISSUE (Guaranteed Acceptance):  The death benefit in the first two years is based on premiums paid, plus interest.  The death benefit is based on 100% of the face amount beginning in the third year.  For those who cannot qualify medically for other types of coverage.

  • Choose Carefully!
     
    It is important to note that each insurance company treats medical conditions differently.  We encourage people to use an independent agent when shopping for final expense insurance rather than an agent that only represents one company.  As independent agents, we work hard to find the best life insurance company for you, with the best coverage and rates.


Final Expense Insurance Information Request Form

Select the items that apply and then let us know how to contact you:

Send Product Literature     
Send Company Literature   
Have An Agent Contact Me

Name:

Title:

Company:

Street 1:

Street 2:

City:

State:

Zip Code:

E-mail:

Telephone:

Fax:

Comments:                                                                     

                   

                       


   Products:  [ LIFE | FINAL EXPENSE | HEALTH | MEDIGAP | LONG TERM CARE ]
   Services:  [ COVERAGE REVIEW ]
 

Copyright � 1998-2015  McClaren & Associates.  All Rights Reserved.
Last modified: March 01, 2015