Life Insurance

Final Expense Insurance

If you’re getting older or if you suffer from a terminal illness, you may be thinking of how you can help your family cover expenses in the event of your death. With all the new procedures and good medical techniques that are common now, people are living to be much older than they did just a few decades ago. This does not mean that it is not important for those who are over sixty to have good insurance coverage; it means that it is time to get serious about it if there is not a policy yet in place.

The following are some reasons why final expense insurance for the elderly is so important:

· Covers Final Expenses – As the title of the insurance describes, this insurance covers all final expenses so that families are not left to scramble to get the funds together. The policy pays the person who is listed as a beneficiary who then takes care of the final arrangements. There is no need to put your loved ones in financial straits when it is so easy to apply for and be approved for final expense insurance.

· Pay for What You Want – The elderly may have very distinct wishes as to their final resting place and what they want for their arrangements. When final expense insurance is purchased, the final arrangements can be set at that time and the insured can have their funeral home set as the beneficiary so that the loved ones do not have to do anything. This allows the deceased wished to be carried out in the way that they want and they have the security of knowing that they are taken care of even in death. The amount of the policy can be set to cover these costs including any expenses that may have increased during the life of the policy holder.

· Convenient and Easy to Pay Off – Those elderly people who opt for this type of insurance can pay a small monthly fee to make sure that their policy stays in place. Even those on a fixed income can afford this type of insurance. Most insurance companies can automatically deduct the cost of it from the insured’s bank account so that they do not even have to remember to make the payments each month.

It is just sound planning to have final expense insurance. Those who are elderly should consider this insurance but it is not limited to those over sixty. Anyone who wants to make sure that their arrangements are carried out the way that they want them to, should have this insurance in place.

Life Insurance

Life insurance for your children?

Term life insurance is temporary protection. For children, this is typically only purchased to provide a death benefit to the parents or guardian to cover the child’s burial expenses should an unlikely (and certainly unwanted) death occur.

Term life does not build any cash value and has no future benefit to the child later in life. The premium payments will be increased when the policy renews. Term offers only a death benefit and nothing more. There is no investment or cash value that builds in a term policy.

Whole life insurance however, is commonly purchased for children to provide both burial expenses as well as, an investment opportunity for the child that will benefit them later on in life. Purchasing a Whole life policy for a child while they are young is very inexpensive in comparison to them buying it later on in life. Cash value begins building the end of the third year that the policy is in force.

If you make an educated decision, you can invest in your child’s future by opting for a whole life policy. The accumulated cash value at age 65 is generally enough to provide a reasonable retirement fund if the face value of the policy is great enough.

Compare quotes and policy details from several companies before making a final decision. Different insurance companies charge different premiums for the same policy face value. Get as much whole life coverage for your children as you can afford. It will benefit them and their future family long after you’re gone.

Nate Akers
Licensed Insurance Expert

Life Insurance

Is Life Insurance worth it?

Let’s start with life insurance. Why? I believe that life insurance is the most important type of insurance one can have. Let’s take a look at today’s funeral costs. It costs almost $7,000.00 for the average funeral in 2013. Now Social Security will only pay $255.00 at most.

I know it is uncomfortable to talk about death but consider this: Do you want your loved ones to carry the burden of your final expenses? How do you think that loved one will feel if they have to put the charges on a credit card and after your funeral have to see the charges from the funeral home? If you can get life insurance I strongly recommend it. For a little money each month you can protect your loved ones from this heavy burden.

The other reason why you should get life insurance is how do you expect your loved one to carry on with the lifestyle they have become accustomed to when you are around? Do you own a home will your loved ones be able to keep and live in that home or will they have to sell it? These are the two most important reasons for getting life insurance. Now if you are like me one of those unfortunate people who can’t get insurance because of your health I would like to suggest getting a mutual fund.

Why you ask? With the mutual fund you can name a beneficiary and put the money away and maybe have a little extra for your loved one to invest and to take care of themselves. What about any children? You need to make provisions for your children as well. These are just some of the reasons you should have life insurance It is not to take care of the dead but who you leave behind. So when you look at your spouse and children even if you have no children just remember you have family that loves you and wouldn’t you want to leave them with pleasant memories?

The pain of losing a family member is hard enough don’t compound it by burdening your loved ones with your final expenses. While we’re at it Let me explain you want life insurance not accidental death and dismemberment. I know I have had family members who made that mistake only to regret it later on.

Nate Akers
Insurance Expert
Licensed Insurance Agent