Final expense coverage is designed to cover the last stages of life expenses. Coverage amounts from $5,000 – $25,000 are available. A medical exam is not required in the underwriting process; applicants can have pre-existing medical conditions.
The thought of our own mortality becomes more prevalent. You may start to think about what will happen to your loved ones when we're no longer around.. This is why, many seniors opt for final expense insurance to ensure their end-of-life expenses are taken care of. However.. There's that one mistake that most seniors make when choosing final expense insurance that can leave their loved ones with more burden than relief. The mistake is... choosing the cheapest option available without considering the coverage and benefits included. Many seniors are on a fixed income and want to save money wherever they can, but this mentality can backfire when it comes to insurance. Cheaper policies often have lower coverage limits and fewer benefits, which means loved ones may…
Life Insurance Call it astonishing or whatever, yet death is a reality that we can’t escape. The insignificant idea of going into nothingness gets everyone nauseous, and the manner in which that the 21st century essentially doesn’t allow anybody to disregard to the contrary side without a dash of issue, both cash related and social... Senior Life Insurance a Pathway Forward... Life Insurance Call it astonishing or whatever, yet death is a reality that we can’t escape. The insignificant idea of going into nothingness gets everyone nauseous, and the manner in which that the 21st century essentially doesn’t allow anybody to disregard to the contrary side without a dash of issue, both cash related and social is further surprising. Luckily, the cash related condition has been made basic, in light…
What’s It All About? American Income Life... That is the biggest question we often get. A lot of individuals out there this is their best option is buying a guaranteed acceptance policy when answering a few simple health questions will allow them to get a lower price elsewhere. You read that right…not only will you get a lower price but also you no waiting period! Let us help you understand all the facts when it comes to obtaining a guaranteed issue life insurance and you can decide what’s best for you. There are so many types of life insurance because every person and their needs are different. Finding the right type of life insurance will ultimately help you and your family in the long run. Guaranteed life insurance has…
Final expense life insurance is popular with seniors because of its affordable price, smaller benefit amounts, and emphasis on covering funeral costs. Traditional life insurance policies such as term insurance are primarily intended to replace any income lost when a loved one dies. These policies are most important to families during the earlier years when we’re working, paying a mortgage, making car payments, and raising our kids. Once we’ve retired, paid off the mortgage, and the kids are out of the house, traditional life insurance policies aren’t needed as much. What we do need is a way to pay for any expenses we leave behind when we pass. According to the National Funeral Directors Association, the median cost of a funeral can be over $9,000. With no way to pay…
Life insurance isn’t one size fits all. Understand which KIND is best for you. Term life Whole life Fixed annuity/fixed income When to consider a life insurance policy Anytime is a good time, but these life events are especially important. Just married If you bought a new home Expecting a baby What type of life insurance is right for me? American Income Life offers three kinds of life insurance plans designed to meet different needs. Browse below to understand if term life, whole life, or fixed annuities/fixed income is best suited for you and your family. Term life insurance Provides affordable coverage to meet your temporary needs. You'll receive a guaranteed death benefit for the term you choose, and your payments are guaranteed to remain level for the length of…
It’s one of the life insurance industry’s best-kept secrets – a great number of life insurance policies in the U.S. tend to lapse, meaning the coverage runs out and is not available if you die. Some studies claim as many as 80 percent of policies will lapse before a payout is due. However, the reasons behind this phenomenon are far more complicated and avoidable than you may realize. Typically, life insurance policies have a 30-day grace period for paying your premium. If you forget to pay your premium within that time, your policy will be canceled. That can be disastrous for an older person who has health problems that he didn’t have when he initially bought the policy. Another major reason for lapsing policies is that people buy more coverage than they…
If you are single, with no children, and just starting out in your career, do you really need a life insurance policy? Maybe so, if: You have parents or other relatives who may need you when they’re older.You have a significant amount of debt.You want to leave a legacy, or at least not impose on others, after you’re gone. Of course, there are other financial priorities early in adulthood, not the least of which are building a budget, setting up an emergency fund, and establishing a retirement plan. And many young adults are focused on growing wealth as quickly as possible as well. Life insurance could be considered of lesser importance in comparison. And for some, that may be true. But for others, maybe not. To be sure, a close look at…
Want to void the protection and security you gained when purchasing a life insurance policy? Let it lapse. Simply put, a lapse occurs when premium payments on a life insurance policy are missed and, depending on the type of insurance, the cash value is exhausted. “Lapse” is shorthand for a “lapse in coverage,” which means the policy will no longer pay a death benefit for the insured person. At the other end of the spectrum is a paid-up policy, where all the premium obligations have been met and the policy remains in force for the rest of the insured’s life. We have a 76-year-old example below. Lapse procedures A lapse doesn’t necessarily mean immediate termination of a policy. Life insurance policies often have a grace period after a missed payment…
Senior Couple setting with their agent. Planning the funeral aggragemnts.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. AD&D coverage overlaps a bit with life insurance and disability insurance, but it shouldn’t be considered a replacement for either one. Accidental death and dismemberment insurance (AD&D) pays out if you die or get seriously injured in an accident, such as a car crash. The payout for injuries is limited to cases where you lose a limb or finger; lose sight, speech or hearing; or suffer paralysis or coma as the result of an accident. The coverage overlaps a little with life insurance and disability insurance, but…
Follow these tips to help your aging parent prevent medication-related health hazards: 1. Review your aging loved one’s medications with their doctor. Write down the names and dosages of all medications they take and how frequently they take them. Include over-the-counter drugs, vitamins, and herbal supplements, too. If your parent sees multiple doctors, it may be helpful to write down who prescribed each medication and what it treats. Go over this list at your next appointment with your parent’s primary care doctor. The more information your loved one’s doctor has, the more accurately they can pinpoint any potential adverse effects or drug interactions. 2. Ask questions and read medication labels. If your parent is starting a new drug, ask the doctor questions, such as how and when to take it, and if it…
