Talking to your family or heirs about your own death isn’t an easy subject and talking about the expense of the funeral and burial or cremation and memorial event isn’t easy either. There is one way to face the inevitable and that is an insurance policy expressly for your final expenses. This type of insurance is typically pitched at seniors who no longer are in need of income replacement and indeed may have lost their coverage when they retired from work and the policy purchased from the employers group terminated.
Final expense life insurance quotes requires no physical exam, can be purchased up to age 80 and pays a benefit directly to your heirs upon the death of the insured. It can be used as the family sees fit as it is paid in a lump sum with no strings attached. It can even be signed over directly to a funeral home as final expense burial insurance. Though it is a good practice for the family to ask for an itemized bill when the services are complete.
Policies of this type generally max out at $35,000 and have a fixed premium for the life of the policy. Some even have the provision of being interest bearing as well. The benefits of final expense insurance is its ready availability, no need for a physical exam and acceptance of individuals who have had some serious prior health problems if they have had no recurrence.
The drawback, and there are some, is that in most cases the heirs will not collect the face amount of the policy until at least two and sometimes three years have passed. Should the insured pass away prior to that exclusionary period the heirs will generally receive a refund of all premiums paid plus an interest payment on those premiums that is paid at a rate agreed upon in the policy. The other reason for thoughtful consideration is cost. This sort of coverage as insurance goes is relatively expensive. If the insured can qualify for a term life insurance policy that is usually a better option and considerably less expensive option. For those who would not qualify for a term policy the next question is how do you shop for final expense life insurance?
At ConsumerCoverage.com you can access free comparative final expense life insurance quotes from some of the best firms in the country who provide such insurance. Details to look for should include the length of the exclusionary period and a clear understanding of what sums will be paid in the event that the exclusionary period is not satisfied. If you are retired and looking for a Medicare Advantage Plan, Medigap or Medicare Part D prescription coverage. ConsumerCoverage.com can help you there as well with comparative quotes for all types of Advantage and Supplement plans. Health, home, life and vehicle insurance products are also available and all come with free comparative quotes, service from an agent if required and the assurance that you are getting a comparison that will keep you from spending too much!
