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What Is Final Expense Life Insurance?

Welcome to Safeguard Mutual Insurance, your trusted partner in final expense life insurance. Our mission is to provide our clients with personalized, compassionate service, and expert advice on securing their financial future.

Final expense life insurance is an important consideration for anyone who wants to ensure that their end-of-life expenses, such as funeral and burial costs, outstanding medical bills, and other debts, are taken care of. It’s a way to provide peace of mind to both you and your loved ones and to ensure that they won’t be burdened by these costs after you pass away.

At Safeguard Mutual Insurance, we understand that choosing life insurance can be a daunting task. There are numerous options available, each with its own set of advantages and disadvantages, and it can be difficult to determine which policy is the best fit for your unique needs and budget. That’s where we come in.

Our team of experts has years of experience in the life insurance industry, and we stay up-to-date on the latest products and options to ensure that we can provide you with the most accurate and relevant information. We believe that every client deserves personalized attention, and we will take the time to get to know you, your needs, and your budget before recommending the best policy for you.

We work with multiple insurance carriers to provide you with a range of affordable policy options, so you can find the one that’s right for you. Our commitment to providing the best possible service and advice, combined with our access to multiple insurance carriers, makes us the go-to resource for anyone seeking final expense life insurance.

Don’t wait until it’s too late to secure your financial future. Contact us today to schedule a consultation and start the process of securing your peace of mind. Our team of experts is here to answer any questions you may have and to help you find the best policy to suit your needs and budget.

What Are The Benefits Of Final Expense Insurance?

Final expense insurance is a type of life insurance policy specifically designed to cover the costs associated with end-of-life expenses, such as funeral and burial costs, outstanding medical bills, and other debts. It’s an important consideration for anyone who wants to ensure that their loved ones won’t be burdened by these costs after they pass away.

At Safeguard Mutual, we understand that choosing life insurance can be a complex and confusing process, but we believe that it’s an important step in protecting your loved ones. Here are just a few of the specific benefits of final expense insurance and how it can protect your loved ones:

  • Peace of Mind: Final expense insurance provides peace of mind to both you and your loved ones, knowing that your end-of-life expenses will be taken care of, and that they won’t be burdened by these costs after you pass away.
  • Financial Protection: Final expense insurance ensures that your loved ones won’t be left with a significant financial burden after you pass away, and that they will have the resources they need to pay for your end-of-life expenses.
  • Affordable Options: Final expense insurance is often more affordable than other types of life insurance, and there are many policy options available, so you can find the one that’s right for your budget.
  • No Health Restrictions: Unlike many other types of life insurance, final expense insurance often doesn’t require a medical exam, making it an accessible option for people of all ages and health conditions.
  • Coverage typically ranges from $1,000 to $50,000
  • Serious health issues will not prevent acceptance
  • Your loved ones can spend money with no restrictions
  • Most policies have no waiting period
  • No health exams required
  • Rates are locked in for life and cannot increase
  • Coverage is guaranteed to never decrease or expire
  • No immediate payment required when you apply
  • Fast cash payout typically within 24-48 hours
  • Builds cash value

At Safeguard Mutual, we believe that every client deserves personalized attention, and we will take the time to get to know you, your needs, and your budget before recommending the best policy for you. We work with multiple insurance carriers to provide you with a range of affordable policy options, so you can find the one that’s right for you.

A final expense insurance policy typically covers the costs associated with end-of-life expenses. These expenses can include:

  1. Funeral costs: The policy can help cover the costs of a funeral, such as a casket, headstone, and funeral service fees.
  2. Medical bills: If the policyholder passes away due to an illness or injury, the policy can help cover any outstanding medical bills.
  3. Outstanding debts: The policy can help pay off any outstanding debts the policyholder may have, such as credit card balances or personal loans.
  4. Estate taxes: The policy can help cover estate taxes that may be due after the policyholder’s death.
  5. Living expenses: If the policyholder’s death results in a loss of income for the family, the policy can help cover living expenses such as rent or mortgage payments, utility bills, and other basic necessities.

How Much Does Final Expense Insurance Cost?

Final expense insurance is a type of life insurance that is specifically designed to cover the costs of a person’s final expenses, such as medical bills, debt, and funeral costs. This type of insurance is an excellent option for those who want to ensure their loved ones are taken care of financially after they pass away.

The cost of final expense insurance varies based on several factors, including age, health, sex, coverage amount, and life insurance company. On average, the cost ranges from $40 to $80 per month. However, those who are over 70 years old or have significant health conditions may see higher premiums, which can range from $80 to $120 per month. Younger applicants who are in good health may be eligible for rates in the $20 to $50 range.

It’s important to remember that a cheaper rate usually means fewer benefits and features for surviving loved ones. It may be worth spending a few extra dollars each month to ensure that your family is adequately supported after you’re gone.

Medical Bills

With the current state of the healthcare industry, medical bills can quickly add up, especially in the last year of life when many people require chronic care, hospitalization, and hospice care. Although Medicare and Medicaid cover most healthcare expenses for the elderly, they still may not fully cover all expenses. According to the National Bureau of Economic Research, Medicare and Medicaid only cover about two-thirds of elderly healthcare spending.

In 2019, over 80% of the 2.85 million people who died in the U.S. were on Medicare before they passed away. On average, Medicare paid $153 per day, per person, for hospice care in 2016, but patients may still be responsible for co-payments, prescription drugs, and other end-of-life expenses. Final expense insurance can help protect loved ones from the financial burden of paying off any outstanding medical bills.

Debt

According to research from Experian FileOne and Credit.com, 73% of Americans die in debt, with an average total balance of $61,554 (including mortgages). Unfortunately, this debt does not disappear, and the estate must pay off as many debts as possible before any assets are distributed to surviving family members.

The average breakdown of consumer debt is as follows:

  • Student Loans = $25,391
  • Auto Loans = $17,111
  • Personal Loans = $14,793
  • Credit Card Debt = $4,531

Final expense insurance can help cover these costs, especially when families are not aware of the debt and expect their loved one’s estate to cover the funeral or other final expenses.

Funeral Costs

Funeral and cremation expenses can cost families thousands of dollars, often within days of their loved one’s passing. In 2017, the median cost of an adult funeral with viewing and burial was $8,755 (including a vault). Casket prices alone can range from $2,000 to more, depending on the material and style used. Simply opening and closing the grave can cost anywhere from $300 to $1,000, depending on the funeral home.

Final expense insurance, also known as burial or funeral insurance, is designed to cover these costs. The rising costs of funerals have been well-documented over the years, with the average cost of a funeral without a vault in 1960 being just over $700 and rising to $9,420 in 2021, including a vault.

In conclusion, final expense insurance is an excellent option for those who want to ensure their loved ones are taken care of financially after they pass away.

Final Expense Life Insurance: A Compassionate Solution for Seniors

When it comes to life insurance, most people think of term policies. These policies are designed to replace any income lost when a loved one dies, which is especially important for families during the earlier years when we’re working and raising kids. But once we’ve retired and paid off the mortgage, traditional life insurance policies aren’t as necessary. What we do need is a way to pay for any expenses we leave behind when we pass.

As the National Funeral Directors Association reports, the median cost of a funeral can be over $10,000. This cost can place a financial burden on surviving loved ones during a time of intense grief. Nobody wants to think about their spouse or children having to handle funeral expenses on top of their grief.

Enter final expense life insurance. This type of life insurance is designed to cover the costs of a funeral and other end-of-life expenses. It’s popular with seniors because it’s affordable, has smaller benefit amounts, and is easy to qualify for. In many cases, a medical exam isn’t even required to qualify – coverage is usually issued based on answers to health questions.

Qualifying for Final Expense Insurance: What You Need to Know

Final expense insurance is easier to qualify for than other types of life insurance, but there are still important questions to ask. Here are some of the most common questions seniors have about final expense insurance:

  • Does the policy expire? Final expense policies don’t expire like term policies because they’re a type of whole life insurance. As long as you pay your premiums, your coverage won’t expire.
  • Do I have to take a medical exam? In most cases, no. Coverage is usually issued based on answers to health questions on the application.
  • What features are included in the policy? Depending on the life insurance company, your policy may include child riders, accidental death and dismemberment, or support benefits for surviving loved ones. It’s important to carefully review the policy’s benefits.
  • How can the death benefit be used? The death benefit from a final expense policy can be used for anything: medical bills, credit card debt, mortgage payments, etc. It’s ultimately up to the beneficiary of the policy how the death benefit is spent.

Final expense life insurance is a compassionate solution for seniors looking to protect their loved ones from rising funeral costs and other end-of-life expenses. With its smaller benefit amounts, affordable premiums, and easy qualification process, it’s an excellent choice for anyone looking to make sure their family is taken care of after they’re gone.

 

Your Freedom Of Choice

Safeguard Mutual Insurance believes that being an independent insurance agency offers unmatched benefits and flexibility to customers shopping for insurance. Our mission is to provide personalized, compassionate service and expert advice to help you navigate the complex world of insurance and find the best coverage for your needs.

As an independent insurance agency, we are not tied to any one insurance carrier, which means we have the freedom to compare policies from multiple carriers to find the best coverage at the most affordable price for our customers. We believe that every customer deserves personalized attention, and our team of experts will take the time to get to know you, your needs, and your budget before recommending the best policy for you.

Here are just a few of the benefits and features of working with an independent insurance agency, and how it can benefit you as a customer shopping for insurance:

  • Personalized Service: Our team of experts is dedicated to providing personalized, compassionate service and expert advice. We will work with you to understand your specific needs and find the best coverage for you.
  • Access to Multiple Carriers: As an independent insurance agency, we have the freedom to shop around and compare policies from multiple carriers, which means that you can access the best coverage at the most affordable price.
  • Expert Advice: Our team of experts has years of experience and training in the insurance industry, and we are here to answer any questions you may have and to provide expert advice on the best coverage for you.
  • Convenient and Efficient: Shopping for insurance can be a time-consuming and confusing process, but we make it easy and convenient. Our team of experts will handle the legwork for you, comparing policies and finding the best coverage at the most affordable price.

Don’t wait until it’s too late to protect your financial future. Contact us today to schedule a consultation and start the process of securing your coverage.

Safeguard Mutual Insurance – Your Trusted Partner in Insurance.

 

 

Our Mission:

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Our top priority is you, our valued customer. We understand that finding the right final expense insurance policy can be a complex and confusing process, but we’re here to help. Our entire mission is to make sure you get the best coverage for your unique needs and budget.

We work with a variety of insurance carriers, so you can have access to multiple options and find the best plan at the best price. We’re not tied to any one particular carrier, which means our only focus is on finding the right policy for you. We have no hidden agendas or back-door deals, and we always act in your best interest.

Our team of experts is passionate about helping each and every customer find their perfect policy. We take the time to get to know you, your needs, and your budget before making any recommendations. We believe in personalized, compassionate service, and we’re here to answer any questions you may have along the way.

At Safeguard Mutual, we’re your trusted partner in insurance, and our goal is to make the process of finding the right coverage as simple and stress-free as possible. We believe that everyone deserves access to the best final expense insurance policies, and we’re here to make that happen for you.

So why wait?  Get in touch with us today to start your journey to finding the perfect final expense insurance policy. We can’t wait to work with you!