Insurance After 50

Between the ages of 45 to 50, you become eligible to purchase Final Expense coverage. This type of insurance is permanent and easier to qualify for than traditional whole life insurance. Additionally, there are no insurance exams to pass. (i.e. no nurse will visit your home to take blood and urine samples).

The average cost of a burial in the United States is about $8,500.

Cremation is a less expensive, around $5,000.

Let’s take a typical final expense scenario of a 50 year old male living in Pennsylvania. He takes a blood pressure and cholesterol medication but is generally healthy. He can get $5,000 of coverage for about $17/month by simply answering a few health questions on the application. No nurse will visit. There is no exam. No blood or urine.

Another example is if the same individual had a serous medical condition, such as cancer. He can still qualify for $5,000 of coverage for $29 per month. And there are no health questions to answer.

Final Expense policies are permanent coverage which means the rates never increase. The amount of coverage will never decrease and your coverage doesn’t expire. These policies also build cash value and many have living benefits (which means you can use a portion of your coverage while you are still alive if you’re diagnosed with a chronic illness or have 12 months to live).

You must be between the ages of 50-85 to qualify and there is coverage for every health condition. You can get as little as $2,000 of coverage or as much as $50,000 (depending on the carrier).

Final Expense coverage pays for your funeral costs so your loved ones don’t have to spend their savings or go into debt to pay for your burial.