Final expense insurance tips for seniors

Over the years, more and more Ontario seniors looking for quotes and answers about life insurance. It’s because your family is a fundamental part of your life, and they deserve to be protected from covering your final expenses and other debts left behind when you pass away. Whether you are healthy, older or have an illness, you can buy final expense insurance at a reasonable price.

What is final expenses life insurance?

Final expense insurance is just a marketing term for a small whole life insurance policy that is easy to qualify for.

Final expenses life insurance coverage has helped thousands of people get the financial security they need through a simple application process, barrier-free eligibility requirements, and affordable plan options that can fit into any budget. Today, your final expenses and leaving a legacy behind for your family are more effortless than they have ever been before. It is usually a low-cost option that can provide peace of mind for you and your loved ones.

Depending on your age, health, and the amount of life insurance you need, there are many life insurance options that will give you peace of mind knowing your final expenses can be covered. No medical and simplified issue final expenses life insurance allows you the freedom and flexibility to secure a reliable coverage for your final expenses, without the need for a medical exam or needles. Even if you have health issues you can apply for convenient, reliable, and affordable life insurance.

Common reasons for no medical final expenses life insurance

Here are some of the common reasons you may benefit from this type of insurance:

• You have had health problems in the past that would make it difficult to pass a medical exam.
• You do not like doctor’s visits, needles, or blood tests.
• You are overweight.
• You have a health condition that might come up in a medical exam.
• You are considered “hard to insure” by life insurance providers.
• You are a smoker.

Key benefits of final expenses life insurance

• The application process is simple and straightforward
• You can be covered quickly
• Your premiums are fixed for the duration of your policy and term plans can be renewable upon term completion.
• Some quick cash for the survivor

7 Final expense insurance tips

Here are a few tips to learn how final expense insurance may just work.

1

Talk to an insurance broker

These guaranteed issue life insurance policies are costly as people with medical issues tend to purchase them as if they have no other choices. The burial insurance for seniors sold pre-need can be even more expensive. Talk to an experienced insurance broker who will help you to find the best option for you.

2

Shop around – get quotes and compare

A 65-year-old non-smoker male in good health can purchase $10,000 of permanent life insurance for about $30 per month. Moreover, if you can budget for it, you will save up to 8% interest by paying annually. Get quotes and compare the three types of senior life insurance “whole life,” “universal life,” and “term-to-100”. Usually, the least expensive will work for you is the purpose of providing just the death benefit, some tax-sheltered cash value, or both.

3

Consider regular life insurance

Consider regular life insurance – you might be qualified even if you are taking some medications. Insurance companies know that we will be taking medications for high blood pressure, cholesterol, and some others as we age. They will still issue a policy at regular or standard rates in many instances. Your insurance broker will get quotes from several companies to get you the best rates. You even can get a standard rating if you are a type 2 diabetic.

4

Reconsider your mortgage insurance from your bank

There are many reasons seniors do not purchase life insurance from their financial institutions. It is critical for those looking for life insurance over the age of 60 if there is a chance it will not be paid off by age 69 as the coverage for most bank mortgage insurance expires the same month you turn 70. In addition, bank mortgage insurance is far more expensive than traditional life insurance as you age. Ask your insurance broker about mortgage life insurance.

5

Use a joint life insurance policy to save for senior couples

If you are looking for payment if either partner passes, then a joint first to die life insurance policy can save money. If you want payment when the last partner passes to cover estate taxes, leave a legacy for children, grandchildren or a charity, then a joint last to die life insurance policy could save a lot of money.

6

Don’t be insurance rich and cash poor

While having lots of life insurance as a senior may feel good and it is comforting to your loved ones, be careful not to be insurance rich and cash poor. Your insurance broker can help you with this balancing. One senior with an income of $25,000 a year and living with his children wanted to purchase a small policy that would have cost over half his income due to his health issues. This made little sense – better to have money to enjoy your family and grandchildren now. He had enough cash around to cover final expenses.

7

Do not procrastinate. Now is when it’s the cheapest to buy a policy

As we age, it gets more expensive, but there is always the risk that health will deteriorate, and we will no longer be able to purchase any life insurance at an affordable cost. This is the biggest issue with finding affordable life insurance over 50 after a health issue. Suggest to your children (if they listen – I do have experience with this too) to get some permanent insurance now and, if possible, pay it off in 20 years so that they have the paid-up life insurance when they are seniors.