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Life Insurance
Term Life insurance
Term life is the purest form of life insurance. It is an excellent, cost-effective option for families needing the assurance that their income would be replaced if there was a loss of a loved one. Recommendations for this replacement are as follows: 30x your income between the ages of 18 and 40; 20x income for ages 41-50; 15x income for ages 51-60; and 10x income for ages 61-65.
The policy owner pays a premium for a period of time, typically between 10-30 years. If they die during that time, a tax-free cash benefit would be paid to the family, or anyone else you named as a beneficiary. Most policies are a type of level term life; the death benefit and insurance premiums are guaranteed to stay the same throughout the term.
Once the term they choose ends, it will automatically renew for another term, unless they cancel it in advance. It is an excellent option for parents with young children and those that need coverage for a specific amount of time, because of the low premium and high protection.
Whole Life Insurance
Whole Life Insurance is permanent life insurance. It can last your entire life. ‘Whole Life’ has a guaranteed death benefit and provides cash value growth. As long as you pay your premium, you are covered. It can also offset estate tax liabilities by providing liquidity to pay those taxes without forcing the sale of assets. This allows a family the ability to maintain control over their wealth and pass it onto their heirs.
These policies are an excellent & effective tool for transferring wealth to future generations, as well as ensuring substantial income tax-free death benefit while providing financial security & preserving family’s wealth for future use. The cash value accumulated over time is also, if properly structured, accessible without income tax.
Whole life provides financial security, and cash value accumulation, positioning it as an investment tool and savings account you can tap into while you’re still living. Policy owners can use this cash value to diversify their overall portfolio and serve as a hedge against market volatility. If charitable giving is your goal, whole life can also facilitate this by designating an organization that you care about, as the beneficiary.
Final Expense Insurance
Final expense is a smaller permanent life insurance policy typically intended to help older adults cover funeral costs and other end-of-life expenses.
Also sometimes called “funeral insurance” or “burial insurance,” final expense life insurance typically provides a guaranteed payout to help loved ones pay for a funeral service, burial or cremation, doctor or hospital bills, or other immediate expenses after a death. Like other types of permanent insurance, final expense insurance will never expire as long as you keep up with your premiums.
Since coverage amounts are lower than other types of life insurance, like term or permanent insurance, the premiums for a final expense policy tend to be affordable. Coverage amounts can range from a few thousand dollars up to $40,000, in some cases.
Final expense insurance is easy to qualify for, with no medical exam required. As long as you fall between the age limits of 50 to 85 years old, you can often get approved for a policy within days.
How does final expense life insurance work?
Final expense life insurance is different from most kinds of life insurance, which people usually buy to replace their income and cover their family’s long-term financial needs in case they die.
There are two types of final expense insurance:
Simplified issue final expense insurance. Simplified issue is best for people in relatively good health who are looking for a way to cover end-of-life costs. The application includes a few health questions, but there’s no medical exam required. Coverage amounts for simplified issue typically go up to $40,000.
Guaranteed issue final expense insurance. Guaranteed issue is for best for people whose age or health prevents them from buying other types of life insurance coverage. There are no health requirements at all with guaranteed issue, so anyone who meets the age requirements can typically qualify.
How to determine the amount of the polify…
Start by thinking about your funeral plans and any other bills you might incur, like medical bills or leftover debt, and add them up. This will help you figure out your ideal coverage amount. Before you commit, explore the variety of final expense plans available. We can help you compare plans and find the best fit, or help you start your application online or over the phone for one of our two final expense options.
Final expense applications are a quick and easy process. There’s no medical exam required, and in some cases, you may not even have to answer health questions. This helps cut down on approval times, so you can get covered right away.
Buy
Once you’re approved for final expense life insurance, you’ll make regular premium payments on your policy. Final expense plans will last the rest of your life, as long as your payments are up to date, which will aid in building cash value for your payout. Our guaranteed final expense plans have level premiums so payments don’t go up over time, which can help with budgeting if you’re on a fixed income.
Make sure to give spouse or other family details on the policy and insurance company, so they can access it when the time comes.
Protect
After your death, your family will receive a lump sum cash payout equal to the coverage amount you applied for. They can use this money for whatever they need: to pay funeral costs, cover bills and leftover debts, or save. Having a final expense plan in place can provide a financial safety net for your loved ones during a difficult time.
Some people assign a funeral home as the beneficiary of their policy, so the payout goes directly to the business to cover those costs. If you prefer this option, check to make sure your chosen funeral home will allow you to set this up.
What can a final expense life insurance policy cover?
Curious about the purpose of final expense life insurance? The definition of final expense includes any policy meant to help ease the financial burdens of your final send-off.
As an older adult, many of life’s biggest expenses are behind you, like paying off a mortgage or saving for a child’s college tuition. But there’s still one big expense to plan for: your funeral. The average funeral costs more than $9,000 today, burdening loved ones financially while they’re already grieving.
Final expense insurance can help. The payout comes with no strings attached, so your family can use it to pay for:
- A funeral service
- Burial or cremation
- A post-funeral gathering
- Flowers, music, obituary, or other funeral arrangements
- Medical Bills
- Nursing home or other residential care
- A nest egg for a child or grandchild’s future
- A special trip
- A donation to a charity that’s meaningful to you or the deceased
A “Guaranteed” policy is typically a good option for people whose age or health makes it difficult to qualify for other types of plans. While it’s more expensive dollar for dollar than term life insurance, the lower coverage amounts help to make it affordable. Once you lock in a premium, it stays the same for the entire policy, which is helpful if you’re on a fixed budget. You also can’t have your coverage canceled because of health issues once you’re approved, giving you and your family peace of mind.
Benefits of final expense insurance:
There are several benefits of final expense life insurance, including:
- Ability to build cash value: Like other kinds of permanent insurance, final expense insurance builds cash value over time. You can borrow from that cash value during your lifetime or use it as collateral for a loan, giving you another way to pay for expenses as needed.
- Level premiums and guaranteed coverage: Final expense insurance offers guaranteed protection and level premiums, backed by a 100+ year track record of financial strength.
- Flexible use of death benefit: Your family has the flexibility to use the death benefit to pay for burial or funeral costs, medical bills, credit card debt, or anything they choose.
- Fast coverage: Our fast, hassle-free purchase experience may allow immediate coverage thanks to our quick process.
Like other kinds of permanent insurance, final expense insurance builds cash value over time. You can borrow from that cash value during your lifetime or use it as collateral for a loan, giving you another way to pay for expenses as needed.
Final expense insurance offers guaranteed protection and level premiums. Your family has the flexibility to use the death benefit to pay for anything they wish, including burial or funeral costs, medical bills, credit card debt, a vacation celebration of life, or anything they choose.
Our simple application may allow immediate coverage. Please contact CORE for details.
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