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If you watch TV, surf the net, or open your mail, and it you are a senior citizen or a caregiver, you have certainly seen ads for a product called final expense or burial insurance. The ads usually point out that funerals average $8,000 in the US, and in some areas, can cost much more. They also point out that senior citizens may leave other expenses behind. Debts need to be settled, a funeral will probably cause many people to make unexpected travel plans in a hurry, and sometimes, a body will need to be transported.
Now nobody likes to think about a loved one passing away. And yet, it is much better to give it some thought in advance, rather than waiting until arrangements need to be made in a hurry. Even if some planning were not needed, you will still have the matter of coming up with the cash to pay for everything. Now some funerals do sell something they call pre-need funeral plans. These have a place, but are not the perfect solution for everything. For one thing, they will probably not cover all expenses associated with the funeral itself, much less debt settlement, travel, or transporting a body.
So the alternative solution, called a final expense or burial policy, is actually a smaller face value whole life insurance company. These are designed for seniors, and some can be issued up to age 85. They usually do not ask many health questions, and some do not ask any health questions at all. The face value of these plans range from $2,500 to $25,000, and the smaller amounts make them easier to obtain for an older applicant. The smaller value also makes them more affordable. However, a few thousands dollars may be just the right amount of life insurance to make sure that final expenses are covered. In the world of life insurance, a few thousand dollars is considered a small amount, but for the children or grand-children, that can be quite a bit of cash to come up with in a hurry.
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With a senior life insurance policy, the beneficiary is also not tied to one particular funeral home and location. I know of many cases where elderly people moved from their homes to spend their final years closer to children who had moved away for jobs. Also, many funeral homes will accept the policy as proof of ability to pay for the funeral, and so, they will not require a large check to be written the day of the funeral. I have also heard of cases where funerals had to be delayed because the children needed time to come up with the money!
A senior citizen can purchase a policy like this for themselves. They may name their children, or whoever will make final arrangements, as the beneficiary. It would be best to select a person who lives close and will be responsible for making sure that plans are carried out. Sometimes the children of an older person will purchase a plan like this for an older person, and they will pay the premiums and name themselves as the beneficiary. In most cases, this is perfectly legitimate.
So, do you need a final expense or burial life insurance policy? Well, if there is plenty of liquid cash on hand so that all funeral arrangements can be made with no problem, then you may not need it. If the insured person already has sufficient life insurance or other assets to cover everything then, again, it may be one offer to pass up on. But for many people, even some with life insurance that is intended to provide an estate for family members, a final expense policy can be an affordable way to plan for the inevitable and give everybody peace of mind.
By Marilyn Katz
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Please read this disclaimer: This Internet site provides information of a general nature for educational purposes only and is not intended to be legal and or financial advice. We make no guarantees as to the validity of the information presented. Your particular facts and circumstances, and changes in the law, must be considered when applying insurance law. You should always consult with a competent financial planner, attorney, or insurance professional licensed in your state with respect to your particular situation.
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