Final Expense Insurance for Seniors
Reaching old age can be challenging. Tying up the financial loose ends becomes the priority at this stage. Therefore, final expense life insurance is prevalent among seniors. The coverage provided by the final expense insurance policy is to cover the final expenses, including funeral expenses, returning the loans, or paying for the medical bills. The death benefit is provided to the declared beneficiaries after the death of the insurer. With affordable premium rates and limited-term length, final expense insurance is a viable insurance option for senior citizens. It is whole life insurance which means that the policy remains active for as long as the premiums are paid.
How can I get life insurance for my parents?
Final expense insurance comes with a waiting period of almost one to two years. The coverage ranges from typically $5,000-$20,000. The application process is straightforward as it doesn’t require a medical examination. The average cost of this policy is $30-$70, depending on the age, gender, and coverage amount. The older the individual gets, the more costly the premiums become. Therefore, it is recommended that you get the final expense policy as early as possible to live a secure life in your last days.
John Hancock provides final expense insurance to individuals who are above 50. The coverage amount provided ranges from $5,000 up to $25,000.