Frequently asked questions about Final Expense Insurance

1) What is Final Expense insurance?

Final expense, or burial insurance, as it is often termed, is simply whole life insurance. Most people who invest in it are looking for it to simply cover final expenses such as funerals, but some people also want to leave something extra behind, either as a parting gift or for unforeseen expenses such as the final month’s utility bills, medical bills, etc.; It’s important to note that the decision is entirely left to the person designated as the beneficiary. In other words, if there is money left over after funeral expenses, they receive it to carry out the wishes of their loved one.

2) What age do I have to be to qualify?

Anyone between the ages of 50 to 85 may qualify.

3) What is the average funeral cost in Arkansas?

According to the National Funeral Directors Association, a traditional service in our state runs between

$6,000 and $12,000, depending on the type of service someone chooses. Cremation runs less, usually below

$3500.

4) What is the difference between term insurance and whole life insurance?

Term insurance plans offered by companies such as AARP, New York Life, Colonial Penn and others have rate tables that usually run for five years and go up with each successive age bracket. They build no cash value. Also, as a general rule, they end at either age 75 or 80, which leaves the person starting over looking for insurance at an older age. Whole life policies last a person’s entire lifetime, with the rates staying the same and the coverage amount never decreasing. They also build cash value over time and can be used to borrow against in the case of an emergency.

5) Will my coverage start immediately?

Depending on your health conditions, in most cases an independent agency such as SeniorCare USA can obtain coverage that is 100 percent effective from Day One. A few simple health questions are asked to determine this.

6) What is the advantage of dealing with a brokerage rather than a single agency?

A brokerage such as SeniorCare USA has multiple A rated whole life carriers such as Mutual of Omaha, Kemper, Liberty. Each of these companies prioritize age and health in different ways. In this manner, an agency with multiple options can quickly save consumers both time and money by determining which of these carriers will give that individual the best rates. Whole Life insurance is rarely a one size fits all proposition, so an agency with more choices generally saves the customer hundreds of dollars each year.

7) Will my rates or coverage amount ever change?

Simple answer. No, with Whole Life insurance your rates will never change and your coverage amount will remain the same. In most cases, you can also add additional coverage up until age 85.