LIFE INSURANCE FOR SENIORS

Oftentimes, the best life insurance policy for seniors is Final Expense Insurance, also often referred to as Burial Insurance. Is a form of Whole Life Insurance specifically designed for Seniors. 

For this conversation, “Senior” is anyone over the age of 55. 

Our selection of companies we work with make it so that we have access to Final Expense Life Insurance policies which can be bought starting from birth, all the way to age 89. 

This type of insurance is so vital because it helps solve a couple of problems. 

1. It is affordable and companies will often accept applications from people who may have begun to develop several health conditions – which happens as we age;

2. Oftentimes, many people haven’t been able to save for their final expenses and do not want to leave their families with a massive bill after their passing; 

3. There are even options for those with serious health conditions with no health questions required

****Please note that these Guaranteed Acceptance policies often have a two year waiting period where you will not receive the full death benefit until after two years

What is “Whole Life Insurance”? 

Well put simply, Whole Life Insurance is a type of insurance where it lasts for your WHOLE LIFE. 

How does this happen? Well basically, here is the process:

Step 1) Apply for insurance

Step 2) If approved you agree to make payments to the company for a set period of time. 

• Could be 10 years, 20 years, up til you’re 90, until you pass away, different companies offer different options. 

• You pay a regular premium (monthly, quarterly, twice a year, or yearly). 

Step 3) In exchange for this premium, your beneficiary will receive a death benefit when you pass away. 

• The amount of this death benefit was decided at the time of application

• This Death Benefit can be used to pay for your final expenses and anything else that may have come up

The agreement between you and the insurance company is that if you pay the agreed upon premium amount, your beneficiary will receive. Below are some sample rates, but please reach out to our office for a quote for your specific health and financial situation.