FINAL EXPENSE INSURANCE
- Don't pass the buck!
Having a loved one pass away is one of the most
difficult days we
experience as a family. The last thing we want to do
is add to their
grieving, and pass on an $8,000 to $12,000
funeral bill
with no means to pay it off.
Most people don't want their spouse, or kids to reach
into their own
pockets, or sell off investments that are put aside for living
expenses.
With insurance rates at all time lows, and funeral
expenses going up,
the sooner you plan, the less expensive it is, and
the sooner you
will have the peace of mind of preventing a financial
hardship
upon your family.
Ask yourself, what's harder? Will it be more
difficult now to come up
with $40-$60 a month for a few years, or your family coming up
with the
$8,000 to $12,000?
Many have procrastinated way too long! By the
time we are 65 or
older, insurance costs just get harder to afford!
Our age, and
health condition determine these costs.
If your 55 or older the time to act is now!
There are no free funerals.
The government only pays out $250 to our beneficiary.
Your family is important to you and protecting them
is your top
priority. It’s always a good idea to look ahead at
how they’ll be
taken care of should anything happen to you. Now there
is an
affordable way to guarantee your family will have the
cash it
needs to cover bills and other expenses after your
death.
NOW YOU CAN GET AFFORDABLE LIFE INSURANCE!
Even those with some
health issues can be covered.
Term vs. Whole - you decide.
Term insurance is what it sounds like -
it ends!
Most Term insurance "ends" at the worst time, when
our parents
or you reach 70 or 75 years old.
Since we are no longer in great health, and older, our
rates to renew
or convert has quadrupled , or worse our health condition
disqualifies
us.
Most seniors are "persuaded" towards term
insurance, because
the "rates" are lower. The risk is really on the
seniors due to the
above, as we live longer, the risk to the
insurance carrier of
paying out claims declines.
Plainly speaking, one must "die" before the "term"
ends, to
receive benefits.
Whole Life is, what it sounds like -
stays in place your whole life!
As long as premiums are paid, this insurance will
not end.
Cash values can build up, in case of hard times,
it can be used to
pay the premiums. This is "very important" as many
find themselves
paying for nursing home care, or increased medical
bills make it
difficult to pay other bills.
By having cash value, most companies today allow
the use of the
cash value to pay the premium to keep it in
place without any
hardship on the individual and secure
insurance for the purpose
intended!
For this reason "whole life" is a few dollars more
expensive than term.
The lifetime guarantee, is priceless.
You can read my article on how to protect this
cash value, and still
qualify for Government aid (nursing home care)
using
a
Funeral Trust:
GUARANTEE ISSUE - what's the catch?
With a few minor health exceptions, many will
qualify for final
expense insurance that will pay out immediately
upon death to
the remaining beneficiary.
Guarantee issue implies a "graded benefit".
What this means, is due to health conditions
existing within the
last 5 years, such as "heart attack" or heart
surgery with continued
medications (Lisinopril, Zestril, Prinivil, Plavix)
or even confined to
a wheelchair, you still can be issued a final
expense insurance
policy. (Death benefit starting at $2,000 up
to $15,000)
However, the death benefit will typically be paid
out
"after the first 2 years" of
coverage. During this period, the
death benefit will consist of all premiums
returned that were
paid in, plus 10% each year. After 2 years, the
full "face amount"
of the policy will pay out to the beneficiary.
This is superior than being declined, as there is
no waiting to
get "healthier" to qualify for better rates.
That can happen, and
changes can be done if health does improve.
Committing your final expense funds to a specific
funeral home is not a wise decision:
The Funeral Home where you pre-paid for your final expenses might
not still be in business - or if it is, the person(s)
that you placed your
trust and confidence in when you created your final
arrangements
plan might not be available to carry out your
instructions - when you
need their services. Read the AARP article
exposing the
scandal and risks:
R.I.P. OFF
by Barry Yeoman, Jan & Feb 2008
"A Funeral-Industry
Scandal that's FLEECING Thousands of
Americans."
http://www.aarpmagazine.org/money/funeral_rip_off.html
The Funeral Home where you pre-paid for your final expenses might
be sold or merged into a larger, less personal
organization which you
might not want handling your final arrangements - and
they MIGHT NOT
honor your request for a refund
Your future plans might have you moving to a different city and/or
state to retire - or to be near loved ones - thereby
making your
earlier arrangements obsolete With a 'Funeral Trust'
you are not
obligated to have your final arrangements handled by
any one specific
person or entity - your arrangements can be handled
by any relative,
other person, entity or funeral home at the time of
your passing
Call us for a "free no
obligation" quote to see what you
qualify for, or your parents.