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Re: Final Expense Insurance

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Final expense insurance is what it is, it's the last chance for someone entering (or in) their golden years to purchase a WHOLE LIFE policy. The nature of insurance is the higher the risk and the longer the commitment an insurance company has to make, the higher the premium.

 

Comparing Term to Whole is not apples-to-apples. The insurance company is betting you will outlive the term, while with whole life the insurance company will have to payout at some point.

 

One interesting point is the $9.95 policies on TV are "Guaranteed Issue", meaning there are no health exams but more importantly NO HEALTH QUESTIONS. The insurance company is making a blind bet on you, and YOU pay a much higher premium for that.

 

 

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Re: Final Expense Insurance

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@nctarheel wrote:

 

I checked the internet and found a rate of $338.00 a month for a 10 year term for a female of 79 years of age for $250,000 worth of insurance. Them policies that are marketed as final expense insurance that are $9.95 per thousand would have a premium of almost $2,500 a month for that same amount of insurance !!!!!!

 

Buyer beware.


Final expense is only for burying you and perhaps paying a few incidentals so nobody would want $ 250,000 worth of final expense insurance.  There are many ways to cover ones final expenses so getting insurance to cover it is only one way and is usually for those who financially can't do it another way because it is relatively expensive compared to other choices.  But a person who has little money for the whole bill at one time at death might opt to pay a bit per month to cover it if that is their option.

 

There are tons of different types of insurance in the marketplace, each with a specific purpose,  so it is best to understand the need, purpose and content of what product is best so that it is best for the person paying for it.

 

Sometimes family buy a final expense policy or arranges for a prepaid funeral for loved ones who they know they may have to foot the bill. 

 

If a person is specific in how they want their funeral - all of it - they can determine the price or at least an approximation and make those financial decisions as best they can.  Cremation is cheaper especially the way you plan it than a full out funeral with casket and perhaps a vault. 

 

The best way is to put the style in the The Last Will and Testimate and then have the funds somehow allocated in written form therein to cover it - whether by cash, prepaid arrangement, final expense insurance, etc.

 

Death and its associated cost are just another part of life's planning.  

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Final Expense Insurance

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I dont much about the insurance and specially meical health insurance because  i am very unclear about insurance companies and there policies.
the complex policies and percentage they give is different from real offer they give thus
Health insurance companies must be very clear about the amount of money or transparency in policies
they will be giving in case of different situation

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Re: Final Expense Insurance

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@Spfspark wrote:

Hello all.  Has anyone researched, with success, final expense insurance?  I am trying to find something affordable for my mother, but she has dementia (78 years old) and I'm not having any luck.  

 

Thank you in advance.

 

Ken


Pretty sure AARP has one -  This link list some of the options including the plans with AARP/ NYLife among several others.

Nerdwallet - find the Best Burial Insurance

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Final Expense Insurance

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@Spfspark wrote:

Hello all.  Has anyone researched, with success, final expense insurance?  I am trying to find something affordable for my mother, but she has dementia (78 years old) and I'm not having any luck.  

 

Thank you in advance.

 

Ken


@Spfspark, I haven't done much research but I will tell you this........

 

From what I have seen advertised on television and magazines, final expense insurance is a RIP OFF.

 

Most of the examples I see advertise $9.95 premium per month and then they use the term "per unit". Per Unit is actually per $1000 increment of insurance. So $1000 is $9.95 a month; while $10,000 is $99.95 per month. Almost sounds like a bargain, doesn't it?

 

That's until you figure out how really, really expensive it is!!!!!!

 

I checked the internet and found a rate of $338.00 a month for a 10 year term for a female of 79 years of age for $250,000 worth of insurance. Them policies that are marketed as final expense insurance that are $9.95 per thousand would have a premium of almost $2,500 a month for that same amount of insurance !!!!!!

 

Buyer beware.

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Final Expense Insurance

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Hello all.  Has anyone researched, with success, final expense insurance?  I am trying to find something affordable for my mother, but she has dementia (78 years old) and I'm not having any luck.  

 

Thank you in advance.

 

Ken

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