Final Expense Life Insurance for Seniors 101

As we age, our needs change. One thing that doesn’t change, however, is the need for protection. For senior citizens, final expense life insurance can provide peace of mind that their family will be protected after they are gone. 

In this blog post, we will discuss what final expense life insurance is and how it can benefit seniors. We will also answer some common questions about final expense life insurance for seniors, such as “How much is life insurance for a senior?” and “What is included in senior final expense life insurance?”

So if you are looking for information on final expense life insurance for seniors, you have come to the right place!

Final expense life insurance for seniors is a type of life insurance that pays for medical bills and funeral expenses. It is also known as burial or funeral insurance. Final expense life insurance is a popular choice among seniors because it can provide peace of mind in case something happens to them.

Qualifying for final expense life insurance is often easier than qualifying for other types of life insurance (such as term insurance). This makes it a good option for seniors who may not be able to qualify for other types of life insurance.

As well, final expense life insurance policies do not expire like term policies. This means that as long as they pay their premiums, their coverage will continue.

There are two main types of life insurance: term life insurance and whole life insurance.

Term life insurance is the more affordable option, but it only provides coverage for a set period of time (usually between five and 20 years). Often, those over age 65 are ineligible for term life insurance.

Whole life insurance is more expensive, but it provides coverage for your entire life. Final expense insurance is a type of whole life insurance that is designed for burial expenses and it does not require any medical testing or blood draws whereas other whole life policies may.

The cost of final expense life insurance for seniors depends on the senior’s age, health, and lifestyle. However, final expense life insurance for seniors is generally more affordable than traditional life insurance policies. This is because final expense life insurance policies have smaller benefit amounts and do not require a medical exam.

The monthly fee for final expense life insurance for seniors is typically around $30-$70. The monthly cost will also be determined by the senior’s age, gender, health, coverage amount, and life insurance firm selected. If the individual has significant medical problems or is older than 70, their premium will most likely be higher and cost between $70 and $150.

It’s important to remember that a cheaper final expense life insurance policy usually means fewer features and benefits for surviving loved ones. A few extra dollars a month could make a big difference in the support their family receives when they’re gone.

Final expense life insurance for seniors can provide peace of mind in knowing that their final expenses will be covered. This type of life insurance can also help to ease the financial burden on loved ones.

If your customer is a senior citizen, final expense life insurance may be the best, and perhaps only, option for them. This type of life insurance can provide coverage for funeral costs, medical expenses, and other final expenses.

The main disadvantage of final expense life insurance for seniors is that the benefit amounts are often not enough to cover all final expenses. This type of life insurance is also not intended to replace income lost when a loved one dies.

If your customer is looking for a life insurance policy that will provide coverage for final expenses and replace lost income, they should consider a traditional whole life insurance policy.

Final expense life insurance for seniors typically covers funeral expenses, medical bills, and other final expenses such as travel costs. Some final expense life insurance policies also offer coverage for probate costs.

For customers looking for final expense life insurance, it’s important to know that most policies have a death benefit of $25,000 or less. This is because final expense life insurance is designed to cover specific final expenses and not replace lost income.

 

Many seniors will want to know if final expense life insurance expires. The answer is no, final expense life insurance does not expire as long as they continue to pay the premiums (technically many final expense plans expire at age 121).

Some seniors also ask if they need to take a medical exam in order to qualify for final expense life insurance. In most cases, no medical exam is required.

Here are a few more questions your customers might ask when shopping for a final expense life insurance policy:

• Does my policy expire?
• What features are included in the final expense policy?
• How can the death benefit be used?
• What is the difference between final expense life insurance and whole life insurance?

If you’re ready to get started selling final expense life insurance, the first thing you should consider is bringing on a final expense underwriting software to streamline your process.

Best Plan Pro offers an all-in-one final expense insurance software that can help you get started with final expense life insurance for seniors. With our software, you can:

• Get quotes from multiple carriers
• Compare final expense life insurance policies side-by-side
• Find the best policy for your client

We’ve helped hundreds of final expense agents simply their underwriting process and get the best coverage for their clients.

To learn more about our final expense life insurance software, contact us today. We’ll be happy to answer any of your questions.

Get your 7-day free trial!