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November 27th, 2007

Final Expense or Burial Insurance Tips

MSN MONEY has just published a new article with tips on purchasing a final expense or burial expense policy. Most of the time people plan for funerals by purchasing a small face value life insurance policy that is designed to be issued to seniors. Some people also purchase pre-need plans through a funeral home.

In my mind, the advantage of the senior life insurance policy is that it actually provides cash to use as needed, and at the time of death, your loved ones are likely to incur more expenses than just a funeral. They may also need to travel, transport a body, or even feed a lot of mourners! I am not trying to take a serious issue flippantly, but I’m sure that pre-need plans do not include cake and punch, though you can comment to correct me if I’m wrong.

Senior Life Insurance policies, as I’ve said are designed to be no medical exam life insurance policies with very few health questions. Some accept applications up to age 85. Almost all seniors, who are not in a nursing home or have a terminal disease (i.e. told by a doctor they will not live for 12 months), can qualifiy.

Even seniors with very serious health plans can qualify for guaranteed senior health plans which use a waiting period instead of a health application to qualify applicants. If the senior does not survive a specified amount of time, usually 2 or 3 years, the premiums will be refunded with interest. So this is seems a no-lose insurance investment to me for those who cannot qualify for an immediate benefit. Of course, it is almost always cheaper and better to buy an immediate benefit policy if you can qualify!