Guaranteed Final Expense Insurance for Seniors Over 50 – No Exams, No Health Questions!
Planning for end-of-life expenses constitutes an important aspect of financial planning for many individuals over 50.
With the average cost of burial and funeral services in the U.S. ranging from $7,000 to $12,000, thousands of adults are turning to final expense insurance to ensure these costs are covered, protecting their families from financial burdens.
Final expense insurance, often called burial insurance, is a form of whole life insurance designed to cover such expenses.
Let’s dive into what final expense insurance is, its benefits, comparisons between providers, and other vital details.
Navigating Final Expense Insurance Over 50: Your Complete Guide
Quick Review
Final expense insurance for individuals over 50 is a type of whole life insurance designed to cover end-of-life expenses, such as funeral and burial costs, medical bills, or other debts. This insurance typically offers smaller coverage amounts compared to traditional life insurance policies, making it more affordable for older adults.
It provides peace of mind by ensuring that beneficiaries are not burdened with financial responsibilities after the policyholder's passing. Premiums are generally fixed, and the policy does not expire as long as payments are maintained.
Understanding Final Expense Life Insurance
Final expense insurance functions by providing a small life insurance policy, generally between $5,000 and $25,000, specifically intended to cover burial and funeral costs.
Unlike traditional life insurance policies that require extensive underwriting, final expense insurance often involves minimal health questions and no medical exams, making it an attractive option for many seniors.
Benefits of Final Expense Insurance
Here are some key benefits:
- Simplified application process with no medical exams.
- Quick approval, offering peace of mind.
- Affordable, with low monthly premiums.
- Benefits can cover a variety of final expenses, including medical bills and debts.
- Some plans offer guaranteed acceptance for coverage.
Average Cost of Final Expenses
Planning for end-of-life expenses requires a handle on the average costs in the USA. According to the Funeral Directors Association, the typical burial and funeral costs are around $8,592.
These expenses can swell beyond just the burial service to include a memorial, casket, and cemetery fees. Final life insurance aims to cover these anticipated costs, absolving your family from immediate financial burdens.
Top Final Expense Life Insurance Companies
When it comes to choosing a provider, many potential policyholders find themselves weighing options such as Allstate Benefits and Mutual of Omaha.
Allstate Benefits Insurance Company offers coverage up to $75,000 for individuals aged 18-70, without any waiting period.
In contrast, Mutual of Omaha provides coverage specifically tailored for seniors aged 45-85, with policy amounts up to $25,000.
Mutual of Omaha’s plans include a 30-day free look period, ensuring time to review the policy without financial commitment, while Allstate offers coverage for spouses and children as well.
Both offer level premiums and coverage, but consider the maximum coverage, waiting period options, and additional benefits when choosing.
Recent A.M. Best ratings highlight the financial strength of both companies, with Mutual of Omaha and Allstate Benefits both holding an "A+" rating, confirming their stability and reliability for policyholders.
Features of Allstate Benefits vs. Mutual of Omaha
Let's break down the features of Allstate Benefits vs. Mutual of Omaha for guaranteed acceptance coverage.
Allstate Benefits Insurance Company
- Guaranteed Acceptance: Ages 18-70
- Coverage Amount: $10,000 up $75,000
- Available in every state and DC (except NY)
- No Medical Exam Required
- No Health Questions Asked
- No Waiting Period
- No 2 Year Graded Death Benefit
- Policy builds cash value, loan available
- Lifetime protection
- Premiums never increases, coverage never decreases
NOTE: To qualify, applicants must be working at least 20 hours per week and not collecting any form of disability income or SSDI.
The policy goes In Force on the first day of the month after it's purchased.For example, if the policy was purchased during the month of January, it would be active February 1st.
Mutual of Omaha
- Guaranteed Acceptance: Ages 45-85 (50-75 in NY)
- Coverage Amount: $2,000 up to $25,000
- Two year waiting period limited death benefit
- No physical exam
- No health questions asked
- 30 day money-back guarantee
- Policy builds cash value, loan available
- Lifetime protection
- Premiums never increase, coverage never decreases
Cost of Final Expense Life Insurance
In terms of cost, insurance premiums can vary significantly based on factors like age, health, and coverage amount.
For a 55-year-old male, a $10,000 policy from Allstate Benefits typically offers premiums starting at $38 per month, while Mutual of Omaha provides plans that cost around $45 per month, based on desired coverage.
These costs remain consistent throughout the life of the policy, providing stability for those on a fixed income.
Understanding the average end-of-life costs in the U.S. is essential for planning. Funerals (including services, burial or cremation, and related costs) generally cost between $7,000 and $12,000. This amount can even reach up to $15,000 in some regions.
Securing final expense insurance enables policyholders to provide for such costs, alleviating significant financial strain on surviving family members.
Sample Premiums
Here's a comparison of monthly premiums for $10,000 coverage for non-smokers age 55:
Allstate Benefits:
- Male: Approximately $38.36/month for $10,000 coverage.
- Female: Around $38.36/month for $10,000 coverage.
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Mutual of Omaha:
- Male: Close to $45.40/month for $10,000 coverage.
- Female: About $37.50/month for $10,000 coverage.
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Average Cost of Final Expenses in the USA
Basic Services: $2,135
Transfer to Funeral Home: $373
Embalming: $763
Dressing and Casketing: $264
Viewing: $463
Ceremony: $548
Hearse: $354
Utility Vehicle: $190
Median-Priced Casket: $3,500
Total Cost: $8,592
Reasons to Buy Final Expense Insurance
Common reasons individuals may opt for final expense insurance include:
- Ensuring family is not burdened by funeral costs.
- Lack of existing life insurance.
- Desire for a no-hassle policy with guaranteed acceptance.
- Need for a policy compatible with pre-existing health conditions.
Eligibility Requirements
Eligibility for final expense insurance is broad, yet some factors are crucial:
- Age criteria typically range from 50 to 85.
- Citizen of the U.S.A.
- Able to pay the premiums required.
- Qualifications may vary between providers based on health questions, but many policies guarantee acceptance.
Factors to Consider
When purchasing final expense insurance, consider these factors:
- Your current health status.
- The financial stability of the insurance provider (check ratings from agencies like A.M. Best).
- Policy terms regarding premium payments and cash value accumulation.
- Graded death benefits and how they work (when full coverage begins).
- Your budget and cost of a policy.
Real-Life Examples of Final Expense Life Insurance
To illustrate the process, consider examples like:
- Mary, a 62-year-old with diabetes, who turned to a guaranteed issue policy after previously being denied coverage.
- Doug, a healthy 55-year-old, wanted to financially secure his legacy for his grandchildren by allocating funds for their well-being, choosing a policy with cash value benefits.
- Joan, at 70, decided on immediate coverage with no waiting periods from Allstate Benefits, providing peace of mind to her daughters after attending a close friend's funeral where planning was inadequate.
Is Final Expenses Life Insurance Right for You?
If you're pondering whether final expense insurance is suitable for you, evaluate your situation:
- Are you over 50 and on a fixed income?
- Concerned about unburdening loved ones?
- Are you unable to get insured for traditional life insurance?
- If your answer is yes to these, final expense insurance is likely a good choice.
How to Buy Final Expense Insurance
When buying final expense insurance, here are the steps involved:
- Determine the coverage amount needed based on estimated end-of-life expenses.
- Research and compare options, focusing on reputable providers.
- Contact insurance agents for personalized advice and quotes.
- Complete the application, noting health conditions accurately.
- Review policy terms during any trial period offered.
- Make premium payments regularly to maintain coverage.
Peace of Mind
Considering how life seems to speed up as we age, planning for what’s inevitable can feel pressing.
Many seniors embark on this journey to attain financial clarity, security, and peace of mind for their families.
Understanding the nuances of final expense insurance for people over 50 helps you make informed decisions benefitting everyone involved.
No Medical Exam – No Health Questions Asked
Although the decision may seem daunting, weighing your priorities and understanding your budgetary constraints are critical in securing the right policy.
With a variety of policies that do not require medical examinations, it’s easier than ever for seniors with pre-existing conditions to find coverage on their terms.
Protect Your Family from Financial Burden
Over 50 final expense insurance protects families from potentially debilitating debts tied to funerals and burials, offering a structured, manageable path to fulfill personal wishes regarding end-of-life ceremonies without exhaustive savings or loans.
Review Your Policy on a Regular Basis
It’s crucial to continuously review your coverage as costs and preferences could change over time. Policy holders should reconsider coverage annually to ensure that their policy aligns with current financial standings or familial obligations.
Summary
In conclusion, while final expense insurance isn't for everyone, it is an invaluable asset for many. By creating a structured plan and discussing with providers, you can ensure you're making the best choice for yourself and your family.
Ready to explore your options? Requesting a free quote today allows you to see firsthand how affordable, reliable final expense insurance can be, guaranteeing financial peace of mind in an uncertain future.
Final Expense Life Insurance Quotes
Top Pick – Allstate Benefits Insurance Company
Allstate Benefit's Guaranteed Acceptance policy offers $10,000 to $75,000 of coverage to working applicants between the ages of 18 and 70. Rates start as low as $9.65 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply today. Start Here to get a FREE Quote.
NOTE: To qualify, applicants must be working at least 20 hours per week and not collecting any form of disability income or SSDI.
Highly Recommended – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
Final Expenses Life Insurance Plans
Disclosure: Compensated Affiliate