Final Expense &
Life Insurance
Final Expense Insurance
The most emotionally difficult times we face in life are the deaths of loved ones. Hard as these times are, imagine the additional burden if funds are not available to pay for funeral expenses. None of us want our funeral expenses to create a financial hardship on our families.
Most life insurance information that comes in the mail is for “term” life insurance, in which the premium goes up over time, and the coverage goes away at a specified age. The result is being suddenly uninsured after paying insurance premiums for years. A better alternative for financing final expense arrangements is through “whole life” insurance. Whole life policies guarantee premiums that will never increase, and coverage that is good for life.
The whole life policy will be there to handle funeral expenses when the time comes.
We represent several companies that provide Final Expense coverage that can be issued regardless of your health. Convenient payment options are available.
Life Insurance
We all have things we want to leave to our loved ones when we are gone—cherished memories, treasured heirlooms, assets we have worked to acquire, financial resources.
There are also things we do not want to leave our family with when we are gone—outstanding debts, unpaid expenses from our funeral, limited financial resources that put dreams out of reach.
Life Insurance can protect our family from financial hardship and can provide resources that allow our loved ones to continue their way of life and pursue dreams and goals we have set together.
There are different types of life insurance coverage that meet different needs. The needs of a 70 year old retiree with little debt are obviously quite different than the needs of a 35 year old father of school-age children, for whom he plans to provide a college education.
What types of Life Insurance are Available?
Basic types of life insurance can be divided into:
Term insurance set up for a “term” or period of time. If you die during the term insured, the insurance company pays. When the term finishes, the premiums stop and the coverage ends. If you want coverage to continue, you would have to get another term policy with the new premium rate based on your current age and health. Term insurance is very affordable, and is useful in providing large amounts of coverage at an economical rate.
Whole Life Insurance is not set up for a period of time, but is insurance that lasts “your whole life.” Premiums are set based upon your age and health at the time the policy is taken out. There are guarantees that the premiums will never increase, the life insurance amount will never decrease, and the policy cannot be cancelled as long as premium payments are current. Whole life policies build cash value that may be borrowed against.
There are also other types of life insurance plans in which the premiums and the coverage amount are flexible. These types of plans can be more affordable, but involve some risk on the part of the insured.
What's Right For Me?
The answer to this question depends upon the amount of coverage needed, the budget for premium expenses, and the amount of risk an individual is willing to assume. Licensed Insurance Professionals can help answer these questions, and assist in determining what the very best option will be for an individual’s situation.
The Covenant Group is not “captive” with a particular insurance company. Instead, we are able to research the best options and most affordable rates for our clients.
These are a few of the companies we are proud to represent in the Life Insurance market:
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Columbian Life
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Columbian Mutual
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Transamerica
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Aetna
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American General/AIG
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Americo
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Foresters
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Gerber Life
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Security National Life
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Standard Life