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Questions to Ask



Final Expense Insurance Policies  –  Questions To Ask

If you are considering buying final expense insurance or senior whole life insurance, you need to be aware of the different kinds of final expense policies that are available today. I’ve seen many people buy final expense life insurance from a big name final expense insurance company that weren’t aware of some of the shortcomings of their final expense insurance policy. Here are 4 questions you absolutely must get answers to.

1. Will I be covered for the full amount of my final expense policy immediately after my life insurance policy goes into effect? Many final expense policies are what are called graded benefit life insurance policies where you may receive very little money in the first two to three years.

2. Will my final expense insurance premiums ever go up? Be sure your premiums are fixed for the rest of your life, no matter how long you live. If you have a final expense policy that increases down the road, you could find yourself with a senior life insurance policy you can’t afford just when you need it the most.

3. Will my final expense life insurance coverage ever decrease? As we all know and experience every day, the prices of things tend to go up over time. You want to be sure that your final expense policy’s coverage not only never goes down but the amount of insurance coverage you purchase allows for increases in funeral costs and other final expenses.

4. Will my insurance policy grow in cash value? Not all life insurance policies grow in cash value over time, only whole life insurance and some of these whole life insurance policies don’t have a cash value. Be sure you know if your life insurance policy grows in cash value, as you may want to access the cash you’ve built up for an emergency.

Getting answers to these questions is critical when you buy final expense insurance. Never let anyone pressure you into such an important purchase. You want to make an informed decision just like you would with any other major purchase that affects you for many years to come.

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