Many people have a fantasy about how people would like to remember you, even how you want to get buried or how your funeral would be; can be a reality now. Life insurance for seniors is all about it. This expense insurance helps to manage the final or funeral expenses of the policyholder. Here you need to pay a fixed monthly premium and your insurance provider will pay for the funeral-related expenses. So by ignoring some factors, you are paying for your funeral, and that would be a great gesture to the world about your integrity. The insurance allows you to choose how you want to be remembered after death or how your funeral would be; you can choose a suitable option and insurance plans accordingly. In events of your death, the insurance company will directly pay for your funeral expenses and make sure it happens the way he wished. It is a great plan and can help you take away the financial burden your family might feel in case of your death.
Types of final expense policies
Based on the plans and terms and conditions, there are four main types of final expense policies: –
- Level: – by this policy with a level benefit system. Translating into, when you’re declared dead, and you’ll get the insurance money you’ve collected to pay for your funeral. Unlike other life insurance policies, this will get all the money.
- Graded: – in this type of policies, you can benefit from grading higher after the first two years. It is designed for people with serious health problems.
- Modified: – by this policy, you can get death benefit waiting period vary from a span of 2-3 years. In case die in the waiting period, your benefits will receive a percentage of the full death benefit sum. It is usually for those and gets approved quickly due to its period.
- Guaranteed Issue (GI): – these policies are known as a guaranteed issue where someone on the edge of life span and you is not confined to a nursing home or in an assisted living facility. Usually, the person above the age of 80 gets easily approved to this.
Life insurance for seniors is the same as your insurance to cover funeral and burial expenses. Normally people choose to ignore it or just don’t know about it. In case you die, then all the expenses can come to your family. By this insurance, you can avoid and would be indirectly paying for your funeral.