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Final Expense Insurance for Seniors

The median cost of a funeral is $7,848.1 This doesn’t include other end-of-life costs, such as medical bills or travel to attend the funeral. Fortunately, seniors can ease the burden on their loved ones by applying for a final expense insurance policy. That way, loved ones can grieve without the extra worry about financial matters. This article will explain what final expense insurance is, its benefits and costs, and what it helps cover so you decide if this type of policy is right for you.

What is final expense insurance for seniors?

Final expense insurance for seniors is a whole life insurance policy designed to help cover end-of-life expenses. Since this type of policy doesn’t require a medical exam, it’s usually easier to qualify for than other life insurance policies. The death benefit is smaller, but premiums tend to be low. Aflac offers final expense insurance plans with death benefits ranging from different amounts, allowing you to pick the coverage level you need.

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What expenses can final expense insurance for seniors cover?

Final expense insurance can help loved ones pay for many end-of-life expenses, such as:

  • Funeral costs
  • Memorial or headstone expenses
  • Medical bills
  • Estate taxes
  • Legal fees
  • Travel to the funeral

The amount of expenses your loved ones could help cover may depend on the amount of coverage you get.

Final expense insurance for seniors cost

Final expense insurance for seniors can cost less than larger permanent life insurance policies. According to Forbes, an 80-year-old man can purchase $10,000 in final expense coverage for an average of $197 per month. An 80-year-old woman will spend an average of $158 per month on the same coverage.2 Your premiums can vary based on factors such as age, lifestyle, and coverage amount.

Pros and cons of final expense insurance for seniors

Here are a few benefits and drawbacks of final expense insurance for seniors:

Pro: Can help loved ones cover your end-of-life expenses

One of final expense insurance’s primary benefits is that it can help ease the financial burden end-of-life costs place on your loved ones. Your family can worry less about handling funeral costs or medical bills out of pocket while they grieve.

Pro: Premiums won’t increase

Final expense insurance premiums don’t change once you get your policy.3 This lets you lock in lower premiums if you purchase the policy earlier, helping you save money as you age.

Pro: Easy to qualify

Final expense insurance for seniors is typically easier to qualify for than other life insurance policy types. This is because this policy usually doesn’t require a medical exam. Instead, you must only fill out a short application with a few medical questions. As a result, you can often receive approval within a few days instead of a few weeks.

Con: Smaller death benefit

Final expense insurance typically has a smaller death benefit than traditional life insurance policies. Death benefits often range from $5,000 to $25,000, depending on the life insurance company and coverage amount.2 This means your beneficiaries will receive less money when you pass away. This death benefit may not be enough to help with loss of income, pay off all debts, or save for other long-term goals.

Con: Can cost more than other types of policies

Final expense insurance policies can cost more than some other life insurance policies.3 However, they tend to offer enough coverage to help pay for most final costs and don’t require a medical exam. This can make the cost appealing.

Should seniors get final expense insurance?

Final expense insurance may work well if you want to help make sure your own end-of-life expenses do not place financial stress on your loved ones. You can get coverage that lets beneficiaries receive enough of a payout to help cover many of these costs at a rate that fits your budget. A final expense plan can be especially helpful if your family may need help paying end-of-life costs and you want a less expensive policy with a smaller death benefit.

Aflac offers final expense insurance

Final expense insurance can help provide peace of mind for seniors and their beneficiaries by helping loved ones pay for final expenses. Plus, lower premiums and simplified underwriting make these policies good options for those who need more reasonable coverage quickly. If you think this policy type is right for you, talk with an Aflac agent today to learn more about our final expense insurance plans.

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