Senior Life Insurance

Senior life insurance is meant to take care of FINAL EXPENSES, FUNERAL PREPLANNING, CASKET and CREMATION options, and income protection by means of a permanent policy. One of the best options is a joint life insurance policy. As you grow older, your life insurance needs will shift from those of a younger individual to more terminal needs. Senior life insurance clients often need more permanent policies with smaller increments than the TERM INSURANCE POLICIES utilized by younger families. If your children are grown and you are retired or nearing retirement, you have needs for final expenses, funeral preplanning, casket and cremation options; additionally, your spouse may need some income protection. All of these needs require permanent insurance, so that you and your family can be guaranteed a payout. If you have discretionary funds, senior life insurance may present a wise investment opportunity for you.

Why? Senior life insurance policies are very cheap! If this isn’t enough to persuade you to examine a senior life insurance policy, perhaps the fact that many policies do not even require an in-person examination will. People aged 50-80 years are allowed to take out policies. Furthermore, premiums often stay the same for as long as you hold the policy.

What is Child Term Life Insurance?

Wondering “what is child term life insurance?” Child term life insurance is a way to ensure that your children will always have coverage available to them no matter what ailments they might develop later in life. To some, it’s a great, low-cost way to set money aside for the future and to make sure the child will have insurance as an adult (if an illness later in life makes him or her uninsurable). Others say it’s an outdated product that has been replaced by more effective savings tools, such as 529 plans. According to some research from the American Council of Life Insurers (ACLI), life insurance for children isn’t a popular purchase. The ACLI reports that only about 15 percent of people under the age of 18 have life insurance. The average amount of coverage on children is small, somewhere in the range of $5,000. Many companies will add on a small amount of insurance to the parent’s policy, essentially to cover FUNERAL EXPENSES. The death of a child isn’t something parents want to think about.

But life insurance isn’t necessarily all about DEATH. Child life insurance is about preparing for the future. And as parents and/or grandparents, one primary concern is making the future better for our children.

How Does Child Life Insurance Help a Child? Right now, when a child is young, strong, and healthy, life insurance is obtainable at a minimum cost. But if a child develops a problem like a chronic disease, life insurance can be almost impossible to obtain. Signing up for a low premium term life insurance policy now, with a guaranteed periodic purchase option, will make it possible for them to have life insurance as adults despite developing an ailment later in life. Another possibility for them is to purchase a whole life insurance policy, which will last for the rest of their lives. Their age and health status won’t make any difference, nor will it matter if they serve in the military or have dangerous occupational hazards.

Such child life insurance is ideal for planning for the future because of the cash value the plan would accumulate. As an adult, they could borrow against this value or stop the policy and withdraw the money (to pay for college or any number of things).

Who Can Purchase a Child Life Insurance Policy? Parents, grandparents, and legal guardians can all purchase child life insurance policies. New parents often have heavy financial burdens during the first few years of a child’s life, and buying insurance is difficult. So grandparents (who might be more financially stable) purchase insurance for their grandchildren.

When Does Coverage Start for a Child Life Insurance Policy? When you start a life insurance policy for a child, the coverage begins immediately. There are no necessary medical exams to go through, just a few health related questions on the application is generally enough to get a child qualified. The rates for child life insurance vary just like any other insurance. Whole life rates stay the same. Term life rates depend on the policy, how old the child is, and several other factors. Policy renewal agreements can vary also, so make sure it’s spelled out before signing up for term policies. Some times you can purchase a term policy and then switch it to whole life at the end of the policy’s period. Child life insurance policies can last as long as you wish to sign for. Again, whole life policies for children don’t ever end, while term policies are defined before you purchase it.

Who Receives the Benefits? In child life insurance policies, the parents or legal guardians are the beneficiaries. But the one who benefits the most is the child. He or she benefits from the security of a life insurance policy that will continue even if he or she is diagnosed with a life threatening disease. Secure your children’s future now with child life insurance. It’s good for them, it’s good for you!

What is a No Physical Life Insurance Policy?

No physical life insurance policy is for elderly individuals who have an ailment and most likely won’t qualify for any other form of life insurance which might make it hard to pay for FINAL EXPENSES and FUNERAL COSTS. No physical life insurance provides you with a way to secure the financial future of your family. It is a huge relief that the premium you pay will not be based on your health status. Even if you aren’t an elderly person with an illness, a no physical life insurance can also be a good option for those who work in high-risk jobs (military, police, and fire department). A no physical life insurance can be easily obtained from many companies in the U.S.

There is also the option of a policy that allows a parent to purchase one for their children at the time of birth and which will last up to the time they are 21. The policy the has the option of enrolling in a whole life insurance plan or purchasing additional coverage under the same plan. Choosing no physical life insurance for a child at birth is thought to be a wise decision by many because they believe if the child were to contract some serious or terminal disease, then they will be protected until they are of legal age.

Purchasing no physical life insurance for the child at time of birth is a wise decision because then he or she can enjoy the benefits of it for life, if that is what is decided upon. To seek life insurance with no physical exam, you don’t need to look far. You can easily find it on the Internet, which has a host of insurers who want your business. Although a bit expensive, a no physical life insurance has plenty of options in the market these days because of economical insurance rates. Even so, it is best to first analyze your needs and then judge the policy that you are being offered. If you choose no physical life insurance, you should understand to what extent the policy actually offers you security as the death benefit in some policies is extremely small. Life insurance is absolutely necessary for people who have dependents and need to think about securing their futures in their own absence.

Final Expense Insurance

Having a burial final expense insurance policy means you are covered for your entire lifetime including FUNERAL EXPENSES and BURIAL COSTS. It also provides those left behind the means and the ability to pay any remaining expenses or outstanding debts. One of the largest differences between final expense life insurance (which is also often BURIAL INSURANCE) and traditional life insurance is that there is a huge difference in the costs. Specifically, the face value of most final expense policies is much lower than that of traditional life insurance.

You may purchase a traditional life insurance plan that amounts to the amount of debt you have, including mortgages, and provides for the living expenses for your family over a long period. However, many of the policies for final expenses insurance only have a face value of $10,000 to $25,000, sometimes even less. The goal of these funds is to pay for your actual funeral expenses. Also note that this also means that the cost of final expense life insurance is much lower than the cost of a traditional policy to you. It does not pay as much and therefore does not cost as much to you.

Does medicare medicaid cover funeral costs

Unfortunately, Medicare/Medicaid does not pay for CREMATION or funerals and BURIAL EXPENSES. There is good news, however. The Social Security program can make a payment funerals and burials, and Medicaid has qualifying rules which allow you to put aside your own money for funeral and BURIAL INSURANCE.

Medicaid: Although Medicaid itself does not pay for funerals, cremations, or burials, it does have rules that allow you to set aside money for your own funeral and burial without having that money “count” as part of your assets when Medicaid determines your eligibility for medical or long-term care coverage. Medicaid coverage is only available to people with little money and few other assets. In counting up your assets, though, Medicaid does not count the value of a burial plot you own. Also, Medicaid allows you to put money aside, in a separate account, to pay for your funeral and burial expenses. Or, you may have a prepaid funeral plan without the value of the plan being counted regarding Medicaid eligibility. The amount permitted for this funeral/burial account is around $1,500 but the exact amount, and the rules for keeping it separate from your other funds, varies a bit from state to state.Social Security: The Social Security survivors benefits program pays a special one-time lump sum amount (known as the “Death Benefit”) of $255 to help pay for funeral or burial costs for anyone who had qualified for Social Security benefits. The money is paid to the surviving spouse (if he or she lived in the same home as the deceased person), or to the child of the deceased person if there is no surviving spouse.

Discount Term Life Insurance

Discount term life insurance might be the best idea to cover your funeral expenses and BURIAL COSTS without breaking your wallet.

These days, it can be difficult to find room for everything in your budget. But you also want the peace of mind and security that comes from knowing that your family will be cared for in case of an unexpected death (remember that FUNERAL PREPLANNING makes everything easier). As you look for discount term life insurance quotes that will meet your needs without emptying your wallet, you may have wondered: is there such thing as a discount term life insurance policy? Well, that depends. Each provider offers different services, based on different criteria–finding one that offers that perfect, elusive discount term life insurance you’re looking for can seem like a daunting task. Many websites will provide you with a list of quotes, based on a few basic facts you give them about your life.

Beyond Discount Term Life Insurance Quotes

Although the rates they quote may seem attractive, they don’t tell the whole story. Each provider has its own wrinkles and requirements to meet to get your ideal rate, so while you may have been drawn in by a company’s great discount term life insurance rate, the actual premium that company is able to offer you may be much higher. Also, without knowing the financial history of a company, you may be taking more risks, rather than minimizing them.

Life Insurance Settlements

Life Insurance Settlements can be an option that can help pay for your possible housing needs after retirement. A number of people are feeling very scared about the current economic situation. Many experts will spin the current situation, but many people feel that we are in a recession.

Times are bad and getting worse and it looks like we won’t be getting out of this mess anytime soon. Foreclosures have continued to break records. Banks are unloading homes for half as much as they were worth just a few years ago. Gasoline prices are high and unemployment is going up. Inflation has tripled and the stocks are in a bear market. Loans are hard to come by and interest rates are going up. Consumer credit is drying up and bank and loan institutions are going under.

The bad news is everywhere and many people know someone who is having to make some hard choices when it comes to money.

While the experts are debating on how long the recovery may take, many seniors who want or need to move into independent living or assisted living are having to find ways to pay for it. Many have started to look beyond traditional sources of funding for other alternatives.

In the past, seniors have typically paid for the move into assisted living or independent living by supplementing their income from selling their homes, savings or investments, or both. With the home prices down, selling now could mean a major loss, even if they could find a buyer (right now selling a home can take up to a year or more). With stock prices down, selling an investment now could also result in major losses.

This is terrible news for people who are trying to ride out the bad times and regain that value later. Waiting is not always a possibility when you need assistance with activities of daily living now, not years from now.

Reverse mortgages have become common. This option only works for a homeowner who receives care in their home for the remainder of their life. If they have to move into assisted living or independent living at a later point in time, they may be faced with dire problems, including the requirement to pay back their reverse mortgage within one year after moving.

With the common options off the list for the immediate and and most likely for the next few years, what does someone do if they have to move into assisted living or independent living with now?

Fortunately, for many SENIORS there is another option. Most seniors when they were younger purchased life insurance policies when their situations in life changed (had children, income increased, lifestyle increased, they owned their own business, etc). Once they retired, their life insurance needs most likely have changed and they are still paying for life insurance that they no longer need.

Instead of canceling the insurance just to save money, these “surplus” policies can be used to fund the assisted living or independent living care that could be needed now, thus preserving most of their primary assets as part of the family estate, or until it is a better time to sell.

This option is called a Life Insurance Settlement. For many people, it has become an important financial tool.

So what is a Life Insurance Settlement?

A Life Insurance Settlement is simply this: a policyholder sells his or her life insurance policy to an institutional investor. Usually, institutional investors pay more money for policies than their cash “surrender” values. Since most life insurance values are guaranteed and disconnected from the economy, there is no fluctuation. Most types of life insurance contract can be used for a Life Settlement.

Life Insurance Settlements are not complicated and many transactions can be completed in 30 to 60 days. A Life Settlement is another way for seniors to tap into an existing asset to generate liquidity to cover their needs now. The owner of the life insurance policy gets a lump sum payment. Since it is not a loan, the funds are unrestricted and require no repayment. The gains of a Life Insurance Settlement can be tax deductible if used to pay for assisted living or skilled nursing care.

Some Funeral Homes Exploit Women

Do you know that of the many funerals that are arranged each year in the United States, a woman is 70 percent more likely to be exploited than a man? Of that statistic, that 25 percent of the time, the woman is under 25 years of age. Since the funeral industry knows this they tailor their services, goods and their vocabularies to take advantage of women. You can identify the indicators that the funeral industry is taking a more mercenary approach in dealing with women. Two classic examples of this phenomenon follow.

A major funeral industry corporation held a marketing conference a few years back, and included on their workshop list “Recognizing Women’s Accessories and What They Indicate in Economic Potential.” Per the anonymous donor of this information (who claims to have attended), this was a seminar on recognizing product lines like Gucci, Aigner, L. Vuitton, etc., so the ‘grief counselor’ who first met with the woman would know immediately about how much she could afford in the way of goods and services. As part of my research, I trained as a grief counselor (not to be confused with a licensed therapist, who offers grief counseling after the funeral), and it entailed a total of four hours of training, and three of those were devoted to wringing more money (and commission for me) from emotionally crippled customers.

Another far more blatant example came from another marketing seminar allegedly held in the Midwest two years ago. A workshop entitled (I’m not making this up!) “The Power of Words to Heighten Emotion: If you can get them crying, you can get them buying!” This was a workshop on words and phrases one could use to play on a women’s emotions, to bring out guilt, sorrow, etc., in order to convince women to ‘trade up’ to more expensive goods and services.

The names of CASKETS, burial vaults, and even URNS are the result of testing with female focus groups. Such euphemisms as “protective” caskets– indicating they have a waterproof rubber seal for which the funeral director pays an average of $12, then jacks the price of the casket by $1,000 or more over its “non-protective” counterpart–have become the common coin of this industry. Casket interiors are now given designer names as well.

In short, women are being systematically targeted and exploited and all under the guise of caring, or “just trying to do what [the deceased] might have wanted.” Funeral directors invariably say it’s “just marketing.” And it is, but where does shrewd marketing bleed over into predatory behavior? For me it was when a widow in Texas wrote to tell me that when her husband had died–following nearly a decade’s decline with Alzheimer’s–she took her husband’s papers with her to the funeral home, including his lone insurance policy for $12,000, and walked out of the funeral home with a funeral costing $12,000 to the penny. Think it doesn’t happen? Ask around.

The average funeral in the United States is rapidly approaching $10,000, when in fact it can cost several thousands less if one just knows what to say, what to ask, and whom to call at vital points in the arrangement process.

Please visit the Funeral Help Program website, where you can download the software version of The Affordable Funeral to have handy should you need it. You’ll also learn a few things that’ll make you a smarter arranger when your time comes. And it does come, for us all.

Term Life Insurance FAQs

What are term life insurance online quotes?

Term life insurance online quotes are an estimate of the premium customers will need to pay for their coverage. One can get life insurance quotes for free. Customers can get quotes from insurance brokers, agents and online. You can ask for quotes from DIFFERENT COMPANIES and then compare them to get the best insurance coverage. The life insurance quote includes frequently asked questions such as: finding the most affordable insurance plans, how to apply for various quotes, and where to find reliable quotes.

How do I obtain term life insurance quotes?

One of the easiest and fastest ways to obtain a quote for life insurance rates is to go to its website is to go to an insurance website and request for an online quote. Quotes are generated by the information provided by the customer. The customer needs to be careful when they enter the information. Even a minor error can make a big difference in the rates that are offered. Such differences occur because the burial INSURANCE coverage offered depends on a number of things that may include a customers’ medical history, occupation, and age. Lifestyle of a particular customer is a major deciding factor in their premiums. For example, smokers are considered more high risk and typically pay higher rates than non-smokers.

Why choose a term life insurance policy?

People usually ask for a term life insurance or a whole life insurance quote. Term life insurance policies insurance provided coverage for a certain specified period. Term life insurance is usually preferred since its rates are the lowest among the different forms of life insurance. Term life insurance rates are different for different people. This can depend on a number of factors. Whole life insurance policies provide coverage to the policy owners while they are living.

How do I find a rate that is affordable for me?

To find affordable rates, you need to research the local life insurance market. This can be done by applying for quotes with different companies. Customers can get the best insurance rates and decide on a policy that will best for their requirements.

Burial Insurance for Seniors

Final Expense Insurance is another type of life insurance. It is mostly used to cover ones final expenses (like BURIAL COSTS) after one passes away. Plans range from $2,500 to $50,000 in coverage. You can use the plan for almost anything such as burial costs, bill payments, mortgage, other insurances, or other needs. Unlike standard Life Insurance, Final Expense Insurance will pay immediately. Standard Life Insurance can often take many months before the beneficiary gets their payout. Final Expense insurance can take care of paying the burial costs and will send you a check if any amount is remaining. This can be a great convenience when ones loved ones are grieving.

When thinking and PLANNING FOR OUR PASSING from this life, we typically have three options:

1. Do nothing and let the time go by and have someone else take care of it.
2. Have some type of life insurance.
3. Buy a pre-arranged burial plan from a funeral home.

Option 1 is not a good option in most peoples mind. Options 2 and 3 are more proactive and better choices. A person needs to DECIDE for themselves which one would be the best. If you chose Option 3 and go down to a funeral home, you will be able to buy your entire funeral and burial in advance. However, this can be costly. Most funerals can be more than $10,000. If you don’t have the money up front, the funeral home will typically let you to make payments. If you pass away shortly after purchasing this plan, your loved ones would still be liable to pay off the remaining bill.

Option 2 is the best pick. One can have the funeral and burial done at the funeral home of their choice. The costs remain the same however, with Final Expense Life Insurance you can make small scheduled payments while you are alive. This option could save a person many thousands of dollars if you had an UNTIMELY DEATH.

Facts About Final Expense Life Insurance

Final expense life insurance is simple since it just guarantees that the policy holder will not burden his family at their death. It provides for a nice funeral, hospital expenses, and nice burial services. It is not the kind of insurance that will not pay your beneficiary the amount of death benefit that you collect through your entire life (like that found in a permanent life insurance policy or a term life insurance).

Most insurance companies’ only requirements are that a person be a certain age and that they pay a certain amount of money so they will be covered at the time of their death. In a final expense life insurance policies most companies do not require that person passes an examination or that they are in perfect health condition. This is because they are not risking anything since they are not insuring people for a certain amount of time. They are just collecting payments or premiums from the policy holders so they will have a nice funeral and burial expenses.