Senior Funeral Insurance Article - Finance Insurance Articles

	1888 Articles Home \| Finance Articles \| Insurance Articles \| Personal Issues Articles	Insurance RSS
Senior funeral Insurance

Have you ever seen those cards in the mail, or the famous gentleman on the screen of your television touting final expense insurance? Telling you how the government only pays 255$ for funerals, and that this is only for a surviving spouse? I am sure you have. By the way, the 255$ from the Federal Government has not changed since the 1940s. So many companies with their mailing cards, T.V. spots, online ads, and the list goes on! So what is this final expense insurance? Is it not the same as regular life insurance?

Author: David James Boozer

Article Tools:

There are many names for life insurance, and this is just another. The difference is in the selling point itself. This would be because of the beneficiary designation. Made out to a family member, it is life insurance. Now if the beneficiary is a funeral home? Well then it is a "final expense plan" because the funeral home now is guaranteed their payment. A person should also ask the producer if their local funeral home even accepts that particular companies life insurance policy. Some funeral homes do not accept certain companies insurance plans.

I have seen the good side, and the bad side of these policies that are sold to the senior market. There are policies sold through Senior Membership Programs that are underwritten by life insurance companies, for term life to age 80. I have seen these types of plans (and many others) sold to seniors and wonder why? Do you need some type of coverage for funerals? YES! Why? Tell me this. Who is going to pay for your funeral? The all wise government with their 255$ bailout to your grandmother? I think we have learned where bailout dollars go. Will it be from the state you live in? NO. Your family has to pay. In this day and age, most folks do not have the up front costs of a family members funeral in the bank. Funeral homes accept as payment: Cash, Credit Card, or a qualified Pre-Need Insurance Plan.

I am in the business of writing business. But what kind of "business" are they getting? Most qualified plans pay out rather quickly, although companies cannot promise a certain period. Those that are qualified through the funeral homes though, are paid rather quickly. Term insurance to age 80 bought by an individual at age 68, well, that is not a fiscally responsible choice, you would be hoping to pass away before you were 81, not fun to think about. When you turn 81, by the way, you are dropped and your money gone. Seriously. You can convert to whole life, and I have to tell you that it can be expensive. Here is what you do. Get just the coverage amount you need! Average funeral costs are around 6,400 and up to 10,000. Cremations differ from place to place, but always keep coverage around 2-3 thousand for services, transportation, the urn and any extras.

Yes, you can become insurance poor, that is why you should only get the amount you need. Call your local funeral home and ask for a total price on everything. I suggest you get the Insurance coverage through a company though. Funeral homes have plans, but if something, heaven forbid, did happen before it was paid off, your family will have to pay the difference that day. A whole life plan would be sufficient and made out to the funeral home itself, even better. Term insurances should be bought by the younger generation. These would help to protect young homebuyers and business owners. Dying is no joke, it is as sure as taxes right?

Funeral costs rise from time to time, not nearly like the price of our gasoline, but they do rise. Most, and I am talking about honest to goodness agents, but most will suggest no more than 10 to 15 thousand in coverage. These agents are telling you the truth. 10,000 is the perfect amount. There are many good companies out there and they are all rated. Remember this as well: That you might not be covered 100% if you have not been visited by a producer of the company itself. Paying for 10K in coverage for three years without the benefit, well it simply does not make sense. Watch what you get. Ask about guarantees. Ask when coverage starts. Ask if their plan is accepted at local funeral homes. Ask if it is canceled at a certain age. Protect yourself.

About Author

online business, mentoring, insurance, surfing, camping, fishing, Shakespeare, festival, Oregon, Ashland, www.familywealthbiz.com

Article Source: http://www.1888articles.com/author-david-james-boozer-27326.html

Senior funeral Insurance