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Understanding Final Expense Policies

By Marilyn Katz

Republish: EasyPublish™
Published: 08Apr2011
Word count: 440
Viewed: 160 time(s)

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What are final expense policies? They are simply whole life insurance with a fairly small face value. The death benefit usually ranges from a couple of thousand dollars to a couple of tens of thousands of dollars. Insurers sell them to older people as a way to plan for expenses associated with the time that a loved one passes away.

Sometimes these are also called senior burial policies. You may also see ads for senior life products. This is the same thing. They were created for people who are concerned about the high costs of funerals. Instead of worrying that a family will have to come up with thousands of dollars in cash to pay for final expenses, people buy these policies so their family can use the proceeds from the policy instead. Any cash that is left over, after expenses have been paid, can be kept by the beneficiary.

Bills can add up when a loved one passes away. Funerals in the US can cost eight thousand dollars or more. In addition, there may be other bills to handle. Guest may have to be fed, some family members may have to travel, and the person who passed on may have left some bills behind that have to be paid. For some families, this extra cash can provide security during a time of need.

Sometimes a senior will buy the policy for themselves. They name a grown child, other close family member, spouse, or friend as the beneficiary. That person will be expected to handle arrangements. Other times, a grown child or other close person will purchase the policy for an older person. Either way, premiums are paid every month.

One of the advantages of buying this type of policy is that it is not tied to any particular funeral home or burial plan. This means that the person who handles arrangements can make decisions and negotiate things without being stuck with one particular location or prior contract. So if you would like to make financial plans for final expenses, but are not sure exactly what type of arrangements you want to make, or where you want to make them, a burial policy may be a good option for you.

How do you find a burial plan? Many large and highly rated insurers offer life insurance for seniors. You can even find online final expense insurance quote forms so you can shop and compare to make sure you find the right plan at an affordable price.

Visit us to get final expense insurance quotes with our fast and free quote system! If you need a larger death benefit, you may still be able to find term life for older people too!

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