COVERAGE OPTIONS
Whole Life Coverage
Final expense insurance or burial insurance are interchangeable terms used to describe life insurance for seniors on a whole life basis. Whole life policies cover you for your entire lifetime once you’ve signed your contract, no matter when your death occurs, provided premiums are paid. Age limits for purchasing a final expense policy may vary. Some insurers sell policies to qualified applicants up until the age of 80.
Securing final expense insurance is relatively easy. You can apply for a simplified issue plan, which requires that you complete a basic medical questionnaire and meet specific qualifications, or for a guaranteed issue plan, which requires no questionnaire or medical exam and guarantees acceptance of your application. If you have a serious health condition, you may be required to purchase a policy with a graded death benefit, in which the coverage amounts are reduced for the first two years of of the policy period.
After the graded period, the policy is in full effect.
Term Life Coverage
Term life insurance is in force for a particular period that you decided. The most common terms are 10, 20 and 30 years. As long as you pay the premium, the insurance policy is in good order. The premium will never go up even if your health condition worsens.
A typical term life insurance coverage policy guarantees fixed rates and fixed face amounts. This means that the premiums are fixed for the term of the life insurance coverage. A policy owner makes premium payments, all equal amount, at equal times of your time (monthly, quarterly, semi-yearly, or yearly, based on the organization and policy).
A typical term life insurance coverage policy guarantees a set death benefit. This means that the death benefit is going to stay the same for the term period of the policy. The biggest complaint about term life insurance is that you continue to pay and if nothing happens to you, you don't get your money back. That’s not a bad thing because it's there for the “just in case” moments of making sure your family is protected.
Children & Grandchildren Policies
Benefit levels from $5,000 to $50,000
You can choose a benefit level and premium amount that fits your needs and your budget. Plus, whatever benefit level you choose, it will never decrease. That amount will be paid, regardless of age, as long as the coverage is in force, less any unpaid loans against the cash value.
Rates never increase
The low rates are based on your child’s age now. And that rate locks in for life. That means they can continue the insurance at “children’s rates” well into their adult years! It also means that the sooner your child is insured, the lower their locked-in rates.
Guaranteed right to increase coverage without a medical exam
This insurance can “grow” with your children – into an “adult-sized” policy that can help protect their own family someday. Best of all, future health concerns or dangerous occupations or hobbies will never get in the way – there will never be another health or lifestyle question. The insured can advantage of the opportunity to purchase additional coverage at ages 30, 33, 36 and 39… and they can keep the coverage all the way to age 100!
Builds cash value
A portion of every premium payment goes to building a “cash value” in the policy. This is money that can be used to borrow against at low interest for school or other expenses … or even eventually cash in to use for a special purchase or emergency.