Senior Life and Health Insurance Quotes

Open Care Funeral Expenses

Open Care Funeral Expenses

An Open Care final expense plan offers between $5,000 and $50,000 in burial insurance protection depending on what your budget is and what you may qualify for. According to the National Association of Funeral Directors, the median cost of burial nationwide was approximately $8,700.

Open Care Funeral Expenses

Open Care Funeral Expenses

Final Expense Life Insurance is specifically designed to meet the FINAL needs of you, the policy owner. In this way it is different from other life policies that provide a benefit, but to the heirs of the policy holder. Although all life insurance gives you peace of mind while you are alive, this form of life insurance meets your needs as a deceased person.

Final expense life policies are so named because it is a policy designed to cover the “final expenses” of the policyholder. They usually cover, at a minimum, the cost of a coffin and a vault. But the amount of benefit paid is often calculated to cover obituaries, flowers, funeral services, and limousines, and may include outstanding bills, etc.

Opencare final expense plans

Ask for advice on how much ‘final expense’ coverage you’ll need.

Many people who purchase a final expense life policy are anxious to have their funeral arrangements all well before their death. To help you calculate how much insurance coverage you will need, funeral directors advise on the cost of different types of funerals. And they can also provide a price guarantee for all or part of the open care funeral expenses, although this is not always available.

Difficulty deciding exactly how much a funeral will cost often results in the owner of a final expense life policy purchasing a policy large enough to cover all eventualities. Whatever the face value or death benefit of the policy, you entrust the beneficiary of the open care senior plans policy, usually a family member, with the task of making funeral arrangements according to your wishes. However, legally, a beneficiary can make whatever arrangements they want, so it is worth choosing a beneficiary who is completely trustworthy to follow your wishes.

Sample rates for final expense life plan

Sometimes a funeral director can also be a licensed insurance agent. The policies they sell are typically called pre-need life policies rather than final expense life insurance. The funeral home is the beneficiary of the policy and the Funeral Director has the responsibility to comply with your final wishes regarding your open care funeral expense. These policies are more difficult to compare as funeral homes generally have a business relationship with a specific underwriting company.

The conditions attached to a final expense policy

The premium for final expense life policies can be paid in full when a policy is purchased. When this happens, a funeral director is more likely to award a guaranteed price on the costs associated with the burial. However, cost guarantees may be given for some open care expenses and not others. Premiums may also be paid over a period of time, but price guarantees are less likely to be available in this case.

Because final expense life policies are a very specific type of policy, they can often be issued with little or no medical questions. It is highly unusual for the face value of such a policy to exceed $ 50,000 and would normally have a final benefit of between $ 10,000 and $ 20,000, reflecting the average cost of funerals in the United States. Typically, these policies are not issued to seniors ages 75 to 79, depending on the insurance company involved, so plan ahead for purchasing one.

Open Care Life Insurance

If the policyholder of a open care final expense life policy has a serious medical condition, a open care funeral expenses policy may specify that a lesser benefit will be paid during the first few years of the policy. These policies can be a term policy, which is for a specific period of time. Or they can be a lifetime policy that covers the entire life span of the policyholder. Get a quote from a reputable company and find out how inexpensive this form of coverage can be.

Open Care Funeral Expenses Compare Quotes.