Final Expense Life Insurance Can Help You Cover Funeral Expenses!

Insurers will normally offer final expense life insurance to individuals who are between age 50 and age 85. There are some insurance companies, however, that will offer coverage to those who are over age 85. Burial insurance policies are permanent life insurance rather than term life policies.

Funeral2This means that these policies do not have a specific time period – or term – of coverage, and, provided that premiums are paid, the policy will not expire. In addition, these policies will also include a cash value component where tax-deferred savings can be built up over time.

When applying for final expense insurance, a medical exam is not typically required. This means that the applicant will not need to submit a blood and urine sample. This can be a relief for those who have a fear of needles, as well as for those who may have certain health related conditions. Applicants will, however, be asked certain questions on the application for life insurance coverage.

Because there is no medical exam requirement, applicants can usually be approved quite quickly. Insureds will also usually have a choice in how they make their premium payment on these insurance policies. One premium payment option is the traditional monthly mode. Another option that burial insurance buyers have for paying their premium is to simply pay one single lump sum. This way, the policy will immediately be paid up, with no further premium payments due.

A graded payment option is also available. With this type of payment, the insured will be able to decide on how long he or she would like to pay their premium and then the insurance policy will provide an amount of coverage that will be equivalent to the amount of coverage that the premium will buy.

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