End of Life & Final Expense Insurance
What is End of Life Insurance?
What is End of Life Insurance?
What is End of Life Insurance?
End of Life and Final Expense it is a Whole Life Insurance Policy with a lower face value designed to pay for end-of-life expenses. Depending on the carrier, there's available coverage for ages 0-85, however, this type of policy is better suited for those who are 50 years old or older.
The cost of an End of Life Insurance and Final Expense Insurance policy is between $30-$70 a month and depends on age, sex, health, coverage amount, and life insurance company you choose. The average amount purchased through these type of Insurance product is between 15-25K.
What features does it offer?
What is End of Life Insurance?
What is End of Life Insurance?
While all carriers do not offer the same benefits, most do offer no exam or labs,
automated underwriting (same day approval possible) which means coverage can begin immediately. You will have a guaranteed fixed budget friendly premium that can be paid via ACH.
The policy is also guaranteed, none cancellable as long as premiums are paid and income tax free benefits to beneficiaries, it also builds tax deferred cash value and allows you to borrow against Policy's cash value and an option for reduced paid-up policy.
What are my optional Riders?
What is End of Life Insurance?
What are my optional Riders?
Riders are specific item(s) that can be added to your policy and typically provides, at an additional cost, coverage for things not covered in the Policy. Here are some examples of available riders:
- Accelerated Death Benefit Rider with Nursing Home Benefit (NHB). (Subject to State availability.)
- Accelerated Death Benefit Rider (ADBR). (For Florida only.)
- Accidental Death Benefit Rider (ADR)
- Children’s and Grandchildren’s Benefit Rider (CGR)
Other End of Life Policy Features
• No exam or labs
• Automated underwriting (same day approval possible)
• Highly rated carriers
• Coverage can begin immediately
• Guaranteed fixed, budget friendly premiums
• Premiums payable via ACH
• Policy is guaranteed, none cancellable as long as premiums are paid
• Income tax free benefits to beneficiaries
• Policy builds tax deferred cash value
• Can borrow against Policy's cash value
• Offers option for reduced paid-up policy
Other Insurance Products
Term Life Insurance
Index Universal Life Insurance
Whole Life Insurance
Term Life Insurance is the cheapest and most basic form of life insurance. Term life insurance is best for most families because of its affordability, simplicity, and the option to convert to a permanent policy later.
Features
Pro
- Low, fixed premiums.
- Coverage length lasts 10-40 years.
- Fixed death benefit paid to beneficiaries if you die during the term.
- Most can be converted into a permanent policy.
Cons
- A set period of time, usually 10 to 20 years.
- Does not build cash value.
- Upon renewal, your premium is adjusted based on your current age and health.
Whole Life Insurance
Index Universal Life Insurance
Whole Life Insurance
Whole Life is designed to last your entire life, (to age 100) it has a cash value feature, but at higher monthly premiums than a Term Life Insurance Policy, and it is most beneficial for those who have life-long life insurance needs.
Features
Pros
- Lifelong coverage (to age 100)
- Rates won’t increase.
- Guaranteed death benefit for your loved ones.
- Accessible cash value that grows at a guaranteed rate.
Cons
- Expensive premiums.
- Cash value loans will reduce death benefit unless paid back.
- Withdrawals permanently reduce the death benefit.
- Dividends aren’t guaranteed.
Index Universal Life Insurance
Index Universal Life Insurance
Index Universal Life Insurance
Index Universal Life like a Whole Life Insurance Policy, it is designed to last for life, (to age 100) but cash value grows according to market indexes.
Features
Pros
- Cheaper than whole life insurance.
- Flexible premium payment options.
- Adjustable death benefit.
- Accessible cash value.
Cons
- Premiums are not fixed, and you may be required to pay more in certain years.
- Cash value growth is dependent on market conditions.
- Oversight is required to ensure policy doesn’t lapse.
- Greater risk and potential for a greater reward, but only if you’re willing to be hands-on.
Voluntary Workplace Benefits
Voluntary benefits are benefits an employer offers at a discounted group rate but are paid for (either fully or partially) by an employee through a payroll deduction. Voluntary benefits are supplemental to other traditional benefits such as health insurance, retirement, etc.
Accident Life Insurance
Accident Life Insurance
Accident Life Insurance
Accident Life Insurance is a form of insurance policy that offers a payout when people experience injury or death due to an accident.
Qualifying injuries, which might include a broken limb, loss of a limb, burns, lacerations, or paralysis. In the event of your accidental death, accident insurance pays out money to your designated beneficiary.
Critical Illness
Accident Life Insurance
Accident Life Insurance
Critical Illness Insurance health insurance policies are synonymous with health insurance policies. While a health insurance policy covers general medical requirements with specific exclusions, a critical illness insurance policy covers only a set list of critical illnesses and surgical procedures.
Disability Insurance
Accident Life Insurance
Disability Insurance
Disability Insurance is a form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for completion of core work functions.
Disability insurance replaces your income if you’re sick or injured and can’t work. You can use your disability insurance just like your regular paycheck, so you can avoid falling behind on any expenses if you’re out of a job.