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Andre Blakely and Associates Insurance Services and Retirement income Specialist
Funeral Trust and Final Expense Insurance
Estimating Final Costs
Selecting a Plan
Final expense insurance is similar to life insurance, in that a policy may be issued on a term or whole life basis. Term life policies provide financial protection for a set period of time, often up to the age of 80. At that time, if no claim has been filed and the policyholder is still alive, the policy will expire. Whole life policies cover you for your entire lifetime once you've signed your contract, no matter when your death occurs. Age limits for purchasing a final expense policy may vary. Some insurers sell policies to qualified applicants up until the age of 80.
Securing final expense coverage is relatively easy. You can apply for a simplified issue plan, which requires that you complete a basic medical questionnaire and meet specific qualifications, or for a guaranteed issue plan, which requires no questionnaire or medical exam and guarantees acceptance of your application. If you have a serious health condition, you may be required to purchase a policy with a graded death benefit, which provides coverage after the first few years of your participation.
Insurance companies can only sell you a “standardized” Medigap policy. Each type of Medigap policy offers the same basic benefits, no matter which insurance company sells it. Usually the only difference between Medigap policies sold by different insurance companies is the cost.
The most popular Medicare Supplement is Plan F. Every Plan F is identical but the premium will vary depending on company. Some companies will offer up to a $20 discount for people turning 65. The lowest priced plan in Los Angeles may be one of the higher priced elsewhere.
Don’t just settle for Plan F. Other plans may be more cost effective. We specializes in Medicare to show you all the options.
It’s also important to note that every year beginning with your birthday and ending 30 days later, if you are a Californian with a Medicare Supplement you can change your plan on a guaranteed basis with any other carrier offering a standard plan. You can save a great deal of money by taking advantage of this benefit!