Senior Life Insurance
Life insurance protection for our senior clients
Most of our senior clients want permanent life insurance protection to cover their final expenses. Burial costs, medical bills and debt are the most common reasons that seniors buy life insurance. A final expense life insurance policy can pay for these cost and take the financial burden away from spouses and children.
What a final expense policy offers
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Guaranteed death benefit
Most final expense policies cover you from $2,000 to $40,000. As long as you make your premium payments you will continue to be covered.
Cash Value Accumulation
Since most final expense policies are whole life insurance, you will build up a cash value in your policy that you can borrow from to cover emergencies.
Simplified underwriting
Let’s face the facts. As we age we may develop health issues that effect our life expectancy. Our final expense policies do not require health exams. You will have to answer questions about your health that the underwriters will use to determine your insurability.
Two types of final expense life insurance
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Level benefit
You are covered on the first day that your policy is in force. As soon as you are approved and pay your first premium you are covered. If you are generally healthy, you will qualify for a level benefit policy.
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Guaranteed issue
If you don’t qualify for a level benefit policy due to your health, you can choose a guaranteed issue policy. Coverage will start after 2 full years of your policy issue date. If you die before the 2 years, your premiums plus interest will be refunded to your beneficiary.
Riders available for final expense life insurance
Accidental death benefit rider
If elected, this rider will pay additional cash if death is accidental.
Accelerated death benefit rider
This rider provides cash to the policy owner if certain critical, chronic or terminal medical conditions occur.
Guaranteed insurability rider
This rider will allow the insured to increase their life insurance coverage without future underwriting.
Terminal illness or nursing home confinement rider
Offers a one time election to receive a portion of the death benefit if the insured is confined to a nursing home for 90 days or more.
Seniors ask these questions about final expense life insurance
Final expense life insurance is a type of whole life insurance that cover the cost associated with end of life expenses such as burial, medical costs and debt.
This type of life insurance is most suitable for seniors that do not need a large amount of life insurance. Furthermore, since there are no medical exams, seniors with health issues are also good candidates.
No. The premiums for a final expense life insurance policy are guaranteed to remain level. The younger you start your policy, the lower the cost will be.
If you miss a premium payment on your policy, there is usually a grace period during which you can still make your premium payment. If you fail to make the premium payment during the grace period your policy may lapse and your life insurance coverage end.
Types of life insurance we can provide:
| Your payments (premiums) | Payout for loved ones (death benefit) | Builds cash value | Guaranteed cash value growth | Potential earnings (dividends5) | Market growth potential | May go from temporary to permanent | |
|---|---|---|---|---|---|---|---|
| Term Life | Remains level for a period of time you select, then increases over time | ||||||
| Whole Life | Always the same amount | ||||||
| Universal Life | Can be adjusted | In some cases | Guaranteed minimum interest credited | ||||
| Indexed Universal Life | Can be adjusted | Cash value growth subject to market growth |
Wondering What a Senior Life Insurance Policy Might Look Like For You?
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