This can be an unpleasant topic to bring up, or even to think about. But many of us do not think that planning for funerals and other final expenses means we are insensitive. In my experience, many older people are actually proud and cooperative when they are part of this process. These people have been financially responsible their whole lives, and they feel satisfied that they can continue to do this even after they pass away.

Costs of Final Expenses

Final expense is a term used to refer to those costs that come up after a loved one passes away. Consider some common costs.

• Funeral and Burial – It is not easy to find exact figures on this, but I can estimate that an average funeral and burial in the US will cost $8,000 – $10,000 or more. It can be difficult, or impossible, for many seniors to set aside money for this. And it can also be a financial strain on families.
• Lost Time From Work – Many people will probably have to take time off of work. Not everybody will be compensated for this.
• Travel and Accomodations – Some friends and family may have to travel. This means they will have to pay for transportation, housing, and meals. Local host families may have to help provide meals and beds, or they may have to make arrangements at hotels. Some people may have to rent cars to ferry guests around.
• Settle Bills – After a death, a loved one may leave some bills behind. Their could be final payments for medical services, housing, or even cars.  Somebody will have to figure out how to deal with these.

Final Expense Insurance For Seniors

One common way to plan for final expenses is to purchase a senior life insurance policy. These are also called final expense or funeral insurance. They are actually whole life insurance policies with a smaller face value ($2,500 – $25,000). They are designed to be simple for seniors to apply for, and they are specifically marketed to people in middle age through retirement years.

Who Pays for Final Expense Insurance?

Sometimes an older person will buy the policy on themselves. This means they will be the insured person and owner of the policy. They may name a grown child, or other family member, as the beneficiary so that person will have the cash to plan for the burial, funeral, etc. Sometimes that grown child or other loved one will actually purchase the policy and be the beneficiary and owner. This is not because that person wants to profit from the death of a loved one, but just so they will be sure and have cash to tide them through a tough time!

Shop Around For Final Expense Policies

Please do not purchase the first policy you see advertised on TV! As with any other insurance, all companies and policies are not the same! For one thing you should be sure and know the difference between simplified and guaranteed issue life insurance  policies. You can get a better deal and save money by purchasing the right one!

Since most things to do with insurance are local, you can get final expense insurance quotes in your own zip code with a fast insurance quote form.  Not every family needs a policy like this. Some have a fund set up to handle these costs. But for many middle class people, or for seniors living on fixed incomes, these policies can be an affordable way to plan.

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We participate in a lot of online boards, but these days, we feel a little old in some of them. As part of our effort to make this a true over 50 online community, we have added a new website to our network. This is a place where everybody can register and contribute to the network. You can read and chat about lots of topics that are important to those of us in midlife and retirement years.

Some popular topics include over 50 health and fitness, money matters, and political issues. It is a friendly forum, and the admins will try to stay on the job to keep away any trolls (internet speak for unfriendly posters).

Here’s the link: Over 50 Chat Forums

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Related: No Medical Exam Life Insurance For Seniors

You probably heard the same thing I did. Term life insurance policies are for younger people who need to cover their home mortgages and family members who depend upon their incomes. They are affordable, because they are pure life insurance. The rest of your money should be used to invest in higher paying savings vehicles. LOL – if you survived 2008, you may be wonder what those high paying savings vehicles are. I have no idea.

And the problem is, 10, 20, or 30 years passed, and we found that our coverage had expired, but our need for coverage did not magically vanish! We still owed money on our homes because we had purchased a new house or refinanced the old one. Our kids did not follow our schedules. In fact, many of us have our kids and our kid’s kids depending on us now!

Now for the Good News!

But I have good news! Statistics show that Americans are living longer and healthier lives so Insurers are willing to extend insurance to older people at very affordable rates. You can find no medical term life insurance and other over 50 life insurance options to provide security for your family.

Even if you already have a policy, it may still pay to get a life insurance quote. Here’s an example. If you got a $400,000 policy 10 years ago, but now you only need $200,000, you may be able to find a lower rate for the lower amount of coverage. The price difference may save you money that you need now, and that is taking into account the fact your are 10 years older!

Why Do Older People Buy Life Insurance?

• Provide a tax free cash payment to people who depend upon you.
• Provide money for funerals and other final expenses.
• Transfer wealth.
• Protect a business in case an owner or key employee passes away.
• Settle with other surviving members in case one heir will get the business after the current owner dies.

Now insurance rates are local, and you will need to get competive rates in your zip code. We did find price differences between top insurers for the same individual. Go here: Best Life Insurance Quotes Online.

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Jitterbug Cell Phones

Have you heard of Jitterbug Cell Phones? They have bigger buttons, brighter screens, and are designed with budget minded senior citizens in mind! Of course, other people may like them because of the affordable price and lack of a monthly contract. I think they may also be a good starter cell phone for a younger person, or they could be the right choice for a disabled person’s cell phone too.

Customer service is polite and friendly, and they have been trained to work with people who do not have engineering degrees!

In fact, many people, not young, old, or handicapped just appreciate having a cell phone that is designed to be simple to use so they can call people. In these days, when cell phones seem to fill so many functions – i.e. cameras, music players, chat messengers, etc., it is nice to answer the questions — when is a phone, just a phone?

Learn More here — JitterBug Cell Phones for Seniors (and others)

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The theory behind this was that by the time our term policies expired, we would have paid off large debts like mortgages. Kids would already be educated and out of the house. We would have savings that would be sufficient to cover any outstanding obligations. Viola! We would not need life insurance!

It just did not work out that way for many of us, and so a lot of people are searching for over 50s life insurance. No Medical Exam Life insurance and Senior Life insurance are also popular searches. Anyway, follow any of the links in this paragraph for good advice on finding the right kind of life insurance, at an affordable price, even if you are in your 50′s, 60′s, 70′s, and 80′s!

senior life insurance, life insurance over 50s, no medical exam liffe insurance

Technorati Tags: senior life insurance, life insurance over 50s, no medical exam liffe insurance

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