Final expense – Cheap life insurance for seniors
Life insurance gets more expensive as you grow older, and certain products will be either very expensive or simply not available.
But even as you grow older, there are cheap life insurance options available.
Final expense life insurance is better known as burial insurance, since the goal is usually to cover burial costs, with a little extra.
The average funeral cost is between $7,000 and $9,000. This can be a financial burden on your loved ones. Even if you have enough money saved, the cost could be avoided for just $25 a month (sample quote: $9,000 coverage for a 50 year old individual).
Qualifying for final expense:
In order to qualify for final expense, you don’t have to be in superb health. After all, most individuals over 50 have some sort of health condition or history.
However, if you have a history of serious health conditions, such as heart attack or stroke, qualifying could become problematic.
Just like with most life insurance products, applying while you are healthy will pay off dramatically rather waiting until you are not.
Final expense policy duration:
A final expense life insurance policy is also known as a whole life insurance policy, meaning it will last your entire life (unless you decide to terminate the policy).
During the life of the policy, the price will never go up, and your death benefit will never go down.