Life Insurance FAQ's

Is there Burial Insurance for Parents?

January 11, 2020

Is there burial insurance coverage I can purchase for my parents?

Yes. There are burial insurance plans available from several different insurance carriers, including United of Omaha, Gerber, AIG, MetLife, and Colonial Penn, among others.

And, adult children may purchase burial life insurance on their parents, because they have an insurable interest in their parents, which is required in order to buy life insurance on someone else.

Most burial insurance policies offer guaranteed acceptance for anyone who meets the age requirements; for example, people ages 45-85.

That means, if your parent meets the age requirements for guaranteed acceptance, he or she will not have to take any health exam, or answer any questions about their health.

Learn more about buying burial insurance for your parents.

Posted by hadley hadley. Posted In : Life Insurance FAQ's

What is Funeral Insurance?

January 8, 2020

Funeral insurance is a type of permanent life insurance plan that provides a limited amount of insurance to pay for your final expenses, including the cost of your funeral and burial.

Usually, these funeral plans are guaranteed issue, which means you will not have to take a health exam or answer any questions about your health.

Many funeral policies offer from $3,000 up to $20,000 of life insurance protection.

Approval for funeral plans may be guaranteed, but the age requirements for guaranteed ...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

Life Insurance for People over 70?

January 5, 2020

Can people over seventy years old get insured for life insurance?

Yes. In fact, people over 70 may be able to choose from term life, whole life or guaranteed issue life insurance plans.

Term life is temporary coverage offering life insurance lasting for a term (duration) of 5, 10, 15 or 20 years for people over 70.

Whole life offers lifetime protection, builds cash value inside the policy over time, and costs a lot more than term insurance.

Guaranteed issue life insurance offers guaranteed covera...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Can I Buy Life Insurance for My Elderly Parents?

January 2, 2020

Yes, adult children may purchase life insurance plans on their parents.

However, if your parents are old, they may be in need of guaranteed issue life insurance coverage, especially if they have health issues, or they are over 75 years old.

Guaranteed issue policies guarantee your parents acceptance for coverage regardless of their health.

Learn more about how to buy life insurance for elderly parents.

Posted by hadley hadley. Posted In : Life Insurance FAQ's

Graded Death Benefit Life Insurance Policy

December 30, 2019

What is life insurance with a graded benefit and how does it work?

It's a type of life insurance plan that guarantees your approval for coverage even if you have health issues.

In return for insuring you, there are limited death benefits payable the first 2 (or 3) years you are insured.

However, if the insured person dies after the graded death benefit period, 100% of the death benefit is paid out to the beneficiary of the life insurance policy.

Learn more about how a graded death benefit life in...

Posted by hadley hadley. Posted In : Life Insurance FAQ's

Affordable $10,000 Term Life Insurance Policy

December 27, 2019

Can I purchase $10,000 of affordable term life insurance coverage?

Actually, it may come as a surprise that many insurance companies only offer a minimum of $25,000 or $50,000 of term life insurance.

Few insurance carriers offer less than $25,000 of term life insurance coverage.

However, Globe Life offers $5,000 up to $100,000 of term life protection.

They do offer $10,000 term life insurance policies.

However, your premiums will depend on your age, gender, health and the state in which you live;...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Basic End of Life Life Insurance?

December 22, 2019

What is basic end of life insurance and how does it work?

Many people buy final expense insurance, also known as, end of life insurance, to pay for the cost of their final expenses - including their funeral, burial and hospital bills, among others expenses.

Since the average funeral can cost more than $9,000 and many people live on a monthly income, they may not have enough money saved to cover the cost of their end of life expenses.

And, no one wants to leave their loved ones with the financial...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

What are Reasons People Get Final Expense Plans?

December 19, 2019

Why would someone buy a final expense insurance policy?

There are several reasons someone would choose to purchase a final expense plan, including:

To pay for a parent or sibling's final expenses.
To pay for their own final expenses.Peace of mind.
To guarantee their loved ones would not suffer the financial stress of having to find a way to cover the cost of the person's end of life expenses.

Many people who do not have enough money saved to pay for their own final expenses choose to purchase a l...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Best Term Life Insurance to Get?

December 16, 2019

Which type of term life insurance plan is best for you?

For starters, level term life insurance has by far the most popular type of temporary life insurance plan.

Level Term offers the lowest rates and provides coverage that never decreases during your policy term, and the premiums remain the same for the life (term) of your policy.

In addition, there are other types of term policy, including Decreasing Term, Annual Renewable Term, Return of Premium Term, and No Exam Term.

However, level term off...
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Posted by hadley hadley. Posted In : Life Insurance FAQ's

Life Insurance to Cover Mortgage Balance?

December 13, 2019

Is there life insurance to pay off the balance on my home mortgage loan?

Yes. There are term life insurance policies available that can help to provide the funds needed to pay off your remaining balance on your mortgage should you die before it is fully repaid.

Term life allows you to select coverage for a duration of 10, 15, 20, 25 or 30 years to match the duration of your mortgage loan.

And, you can select the amount of coverage that matches the amount you currently owe on your mortgage.

The pr...

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