Funeral and burial expenses, as well as debt do not have to create a financial burden for your family. A whole life insurance policy can help cover these costs, as well as administrative and probate fees.
With a whole life policy your premium will never increase, and your coverage will never decrease and you cannot outlive your benefits. Your cash value is accumulated on a tax-deferred,and death benefits are typically tax-free.
No medical examination is required to obtain this valuable coverage. Just answer a few simple medical questions to determine the coverage for which you may qualify. Smokers can even qualify.
Get coverage now while you are still in good health, before it's too late. Choose your benefits to fit your needs and budget (the amount available will vary depending on your age and the state in which you live).
What if I need to replace an income or pension? Are there other types of life insurance available to me?
There are three (3) general types of life insurance available to seniors:
- Permanent or Whole Life
- Term Life
- Universal life
Permanent or Whole life is a form of life insurance, where the policy is for the life of the insured, the payout is assured at the end of the policy (assuming the policy is kept current) and the policy accrues cash value. This type of policy offers consumers guaranteed cash value accumulation and a consistent premium throughout their entire life.
For Seniors, this type of policy is preferred to cover final expenses, as it meets the goals of steady premium and benefits for the remainder of their life. With the Average cost of a funeral climbing past $12,000 in the U.S. it is wise to invest in a policy to create ready cash for final expenses and may cover travel expense for relatives to attend and other unexpected costs.
A modest $35,000 whole life policy is a wise estate planning feature, it's inexpensive and may cover the necessary expenses without depleting your estate, which may not have liquid cash available at a time when it's desperately needed.