How can you plan for the funeral of a parent?
Nobody likes to think of a loved one disappears forever. And yet, many elderly or children of these elderly people are happy, they do some planning. One way is to buy a seniors policy for the final expenses.
These are whole life policies with a face value smaller. The amounts typically range from $5000 to $ 50 000.
Major life insurers have designed these policies with seniors in mind, so even seniors age 90 can still get a small policy to cover for their burial.
There are two forms – guaranteed and simplified issue. And they generally do not require a medical examination to apply.
Simplified issue policies health issues are rare, but accept most seniors who are not terminally ill or living in a nursing home. These generally have a immediate death benefit and premiums should be affordable for many families.
Guaranteed issue policies can cover many pre existing conditions. But they use a waiting period instead of health underwriting, and so the death benefit will not be resolved unless the insured person survives for a period of time. If the applicant dies before that time has passed, the premiums may be returned with interest, or part of the death benefit may be paid. Policies differ, and it is important to understand how they work before you buy.
Are Final Expenses Life Insurance for seniors the right plan?
If you are elderly, or guardian of a person, you may consider purchasing a policy of final expenses. If you are concerned about how your family will pay for funeral expenses and other expenses, Life Insurance for Seniors is a way to plan for that. Again, it is much easier to find a strategy for a young senior in decent health, than trying to find a policy where the applicant is already sick.
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If you want to speak to a professional life insurance agent call us at 813 964 7100 or compare rates of life insurance for seniors online at www.MintcoFinancial.com