As a senior, you are concerned with leaving a burden for your loved ones. If you currently do not have life insurance, it may seem impossible to get the burial coverage you need. However, final expense insurance is an option you must look into for the below four reasons.
Don’t Leave Your Family Members Unprotected
If you’re considering final expense insurance, chances are you don’t have an annuity or large trust set up. This means every penny you have left for your loved ones need to be used towards their financial future. Don’t burden them with your final expenses such as burial costs or paying off debts. Final expense insurance ensures that’s taken care of.
Have Your Wishes Carried Out
Many seniors have lived through the sadness and burden of trying to plan out a loved one’s funeral. Either the funding is not there or they are stressed regarding other family matters. So you may have considered pre-planning your funeral. This ensures your wishes are carried out as you want. However, with funeral expenses running $6,000 and up, you may not have this money up front to cover that. Your next insurance is to ensure you have final expense insurance. This can help cover if you want to have specific flowers, a particular casket, and can be buried where you wish.
Because Term Life Insurance May Not Cover You
If you have had a lapse in insurance, you know all too well the monthly payment has increased. Being on a fixed income makes it difficult to pay this new amount. Alternatively, if you’re over 80 years old, your term life insurance policy may have expired. Most insurance companies don’t cover seniors over 80 years old if it’s just for term life insurance. At that point, your coverage is discontinued, and you will just receive your cash benefits.
There are No Medical Exams
Final expense insurance is a fairly easy policy to get covered under. There are no medical exams, so regardless of your health condition, you should be eligible for coverage. So you can rest easy signing up and knowing you are protected, and your family does not have to take on your financial burden.
As a senior, you have many other things to worry about, such as how early you can get up with your grandchildren or how many life experiences to cross off your list. Let worrying about your loved ones after you have passed-on be one less worry for you.
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