The premature death of someone close to you or your 60th birthday can have you thinking about death. You begin to worry about how your family will meet the financial obligations that you will leave behind. This is when you consider buying a final expense insurance policy. A research report released recently found that 84% of people bought insurance policies to meet burial/final expenses.
Final expense policies are designed to meet the needs of individuals in advanced age groups. They are suitable for those who do not already have an active life insurance policy. They are packaged in a way that the premiums are affordable, and the final payout meets the immediate financial payments of the family.
Gerber final expense is one such policy that gives you affordable premiums and quick settlements. Let’s discuss some of the strong points of a final expense policy.
Small Premiums
Since final expense plans commence at a later stage in life, it is most likely that you have at least one health condition. It does not qualify you to get regular life insurance. Here’s where final expense policies come handy.
Even if you do get a standard life insurance policy, the premiums can skyrocket due to age and health considerations. Therefore, insurance companies have designed these plans to keep premiums affordable and options to pay monthly. You can purchase policies ranging from $5,000 to $50,000, depending on the monthly premiums you can afford.
Payout Can Be Used For Any Purpose
The insurance company is not concerned with how your heirs use the money. They may use it for your funeral or pay property taxes with it. If you have paid all the premiums, your family is entitled to get the full death benefit regardless of how they use it.
Even Those with Poor Health Can Access The Policy
Even those with a medical condition can sign up for the policy. For example, the Gerber final expense policy covers people with AIDS, kidney dialysis, or fourth stage cancer. There are no medical questions asked, so you can be assured that your health condition remains confidential.
Guaranteed and Tax-free Payout
Once all premiums are paid, the payout of the death benefit is guaranteed. In addition, the payment is not taxable, so your loved ones receive the full amount. With most policies having a benefit of $50,000 or under, you can be sure that it will provide instant financial relief.
Wealth Accumulation and Paid-up Clause
You don’t have to worry about losing money if you live longer. Most policies come with a paid-up clause. It means that once you have reached a stipulated age, usually 95, you no longer need to pay premiums, but are still eligible to receive the benefits.
Also, the cash value of your policy will continue to increase as a small portion of your premiums are added to it every month. Choosing an insurance company wisely requires extensive research. Many a time, insurers have been known to con healthy people into paying higher premiums.
They also add unnecessary fees that balloon your payments. Choosing a reliable insurance plan like the Gerber final expense who are upfront about all the payments and benefits is a good idea.
