FINAL EXPENSE LIFE INSURANCE FOR SENIORS IN FLORIDA
Designed for Seniors age 50 – 85 that are looking for Life Insurance!
Types of Final Expense Life Insurance
Final Expense Life Insurance for Seniors in Florida are designed if you are between the age of 50 and 85. And the good news is that the premium for this type of coverage is typically very affordable.
GUARANTEED ISSUE LIFE INSURANCE:
is a small whole life insurance policy with no health qualifications and does not pay death benefits during the first two or three years the policy is in force.
LEVEL DEATH BENEFIT:
A level death benefit is a life insurance policy that pays out the same regardless of when the insured dies. No waiting period.
GRADED BENEFITS LIFE INSURANCE POLICY:
A graded benefit life insurance policy pays out a lower benefit during the first 2 to 3 years unless the death is accidental.
What is Final Expense Life Insurance
Final expense life insurance is a type of whole life policy used to pay for final expenses such as funeral and burial services when the person insured dies. This type of life insurance policy helps to lessen the financial burden often placed on a family member when a loved one dies.
Now that you are getting older, however, life insurance might be on your mind. You may be concerned that it is too late to buy any worthwhile coverage. Well, even though it is always better purchasing policies at a younger age, obtaining coverage at an older age may not be as difficult as you may think.
In fact, many life insurance companies offer policies that are created specifically for the mature market. In particular are senior life insurance plans for final expenses. These type of plans often have very few medical question and in some cases have none at all. There are traditionally no medical exams required and features include…
- No medical exams
- No blood draws
- Affordable premium rates that never increase
- Quick underwriting process – policy may be issued in 2 days when application is fully and accurately completed
- Policy can never be cancelled as long as you pay the premiums
- Tax free proceeds under current tax law
- Competitive rates
- Non-tobacco class defined as no tobacco for last 12 months
If you need to explore the possibilities of purchasing a life insurance policy, we’d be happy to help you sort through your many options.
Burial Insurance for Seniors
Final expenses are not cheap. Funerals alone can cost thousands of dollars, let alone the potentially hefty medical or home health care bills that accumulate for the months leading up to death. Being prepared with proper life insurance can help relieve the financial burden your spouse, children or other loved ones might otherwise have to endure.
Examples of Final Expenses
- Burial and funeral expenses
- Probates fees
- Outstanding personal debt
- Unpaid medical bills
Senior Life Insurance coverage and premiums
Typically, final expense insurance in Florida is offered at a minimum of $1000 and maximum of $100,000 death benefit. You have the option to buy as little or as many units depending on the amount of coverage you need. Additionally you have the option of purchasing a policy with more than one company.
Like other forms of whole life insurance, premiums remain level for life. Policies are issued up to 85.
How does a life insurance company underwrite a Final Expense Life Insurance policy?
By not requiring an exam, blood, and urinalysis, an insurance company has to rely on the following to determine if an individual is insurable or not. In addition to the more obvious things such as age, height and weight, health questions, and smoker status, there are additional resources that insurance companies will use. These will normally include…
- Motor Vehicle Report (MVR)
- Medical Information Bureau (MIB)
- Medical records from your Physician
- Prescription Drug Database (Milliman IntelliScript)
Life Insurance Companies That Specialize in Final Expense Life Insurance in Florida
There are more than 75 life insurance companies that provide final expense life insurance in Florida. However, there are only a handful that really specialize in it. Companies include Mutual of Omaha, The Foresters, Assurity Life, Colorado Bankers, and Liberty Bankers and a few others.
If you would like more information on senior life insurance, please call us at 888-564-2326. Or, stop by our office. We are in The Sebastian Center located on US Hwy 1 midway between Vero Beach and Palm Bay / Melbourne, Florida.
If you are looking for more than 50,000 of life insurance click Florida life insurance for a no obligation free quote with no hassles and no annoying phone calls.
We look forward to helping you find a life insurance plan that works best for you, your family or your employees.
Nisona serves the insurance needs of the Treasure and Space Coast.