While most people don’t like to talk about end-of-life issues, it is important to plan for them. Expenses associated with death, such as caskets and embalming, can have a substantial financial impact on those you love. Final expense life insurance can help protect loved ones from having to pay these costs out of pocket.
In 2014, the average funeral exceeded $8,500. In most cases, a basic funeral service will include a memorial, death certificates for the deceased, and housing the remains. In addition to those costs, there are also charges involved for goods and services, such as transportation, preparation and embalming, use of the funeral home, a casket and headstone, a burial plot, gravesite, the burial service or alternatively, cremation. There may also be additional costs, such as flowers and the printing of memorial cards.
Help your family deal with death expenses.
Losing a loved one is an extremely difficult experience. Picking up the pieces while dealing with the accompanying emotions can be stressful. There are also many expenses associated with death that can, on average, exceed $8,500.
Without a final expense life insurance policy, most families have a hard time coming up with these funds quickly. Final expense life insurance can save families from having to withdraw from their savings or sell precious assets to come up with the necessary funds required to bury a loved one.
Features of a Final Expense Insurance Policy
No medical exam required
$2,500 – $100,000 in coverage
Typically issued either immediately, or within 48 hours
Premiums will never increase
Beneficiaries can use proceeds for any purpose
Accelerated Death Benefits
Two of the included riders give your client the option to advance up to 95% of the death benefit on the exercise date in the event of a serious illness
Rider exercise is optional
No waiting period applies
Minimum acceleration amount is $1,000
The policy death benefit is reduced by the benefit amount accelerated, however, the actual amount paid is discounted based on the condition and life expectancy of your client
Future premiums are based on the death benefit after rider exercise and must continue to be paid to keep remaining death benefit in force
An administrative charge of $200 per election applies
Diagnosis must be certified in writing by a licensed physician
A portion of the death benefit may be taxable and your client should consult a tax advisor before deciding to exercise their rider
Terminal Illness Rider – Advances up to 95% of the lump sum death benefit if your client is diagnosed as terminally ill with a life expectancy of 12 months or less
Critical Illness Rider – Advances up to 95% of the lump sum death benefit if your client is diagnosed with a specified critical illness: Heart attack, stroke, cancer, kidney failure, major organ transplant, or ALS
How we can help you:
Price – We are an independent insurance agency and deal with all of the top final expense insurance companies.
Experience – We have a dedicated department that has specialized in issuing final expense polices for over 33 years.
Knowledge – We can answer any questions you may have and deal with the insurance companies on your behalf.
Speed – Policies are issued immediately or within 48 hours (depending on the insurance provider).
We will match you with these highly-rated life insurance companies.
Over 26,000 families and businesses have been protected with life insurance under the Nationwide Life Plans and participating our carriers umbrella.
Over $17 billion of life insurance has been placed in force between Nationwide Life Plans and our participating carriers.
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