Final Expense Whole Life Insurance
It isn’t easy to think about the end of your own life. But, if you consider it as planning for your family’s future when you’re gone, you realize it’s important to ease their financial stress by preparing now. Unfortunately, it’s easy to confuse what the differences are among Final Expense, Preneed, and Term Life insurance plans. Let’s look at what a Final Expense Whole Life plan is, why you need one, how to compare policies, and why Medico Insurance Company’s Final Expense Whole Life insurance policy may be right for you.
What Final Expense insurance is
By its name, you may think that a Final Expense policy only pays funeral costs, but it can cover an array of expenditures. It ensures that immediate and long-term expenses will be taken care of when you pass away. A Final Expense Whole Life insurance policy can help your loved ones pay for funeral costs, estate taxes, mortgage payments, outstanding debts, and even college funds.
Why you need Final Expense insurance
Coping with the loss of a loved one is hard enough. You don’t want to place financial stress on the family you’ll leave behind. Having a Final Expense insurance policy can give you the peace of mind of knowing your loved ones will be able to cover multiple expenses, not just a funeral.
What to look for in a Final Expense insurance plan
The first step to choosing the right life insurance policy for you is to think about who depends on you — your spouse, children, siblings, and grandchildren — and what those dependents would need to replace your income if you were to pass away. Then, consider what bills your loved ones would be faced with immediately, such as funeral costs and estate taxes, and long-term payments, like personal debt and college tuition.
It’s important to note that if you already own a Final Expense insurance policy, there may be financial and tax implications if you purchase a new policy, so check with your insurance agent to fully understand what replacing an existing policy would mean for you.
Why our plan stands out
Starting the process to purchase Medico’s Final Expense Whole Life insurance policy is easy because no medical exam is required. Eligibility is determined by answering three simple health questions. If you have health issues, you still may be eligible to qualify for a graded death benefit by answering two additional health-related questions.
Medico’s Final Expense Whole Life insurance policy accumulates a cash value that is available when you need it. Depending on your age and state, you can purchase benefit amounts by $1,000 increments between $2,000 and $50,000.
Your premium will be tailored to fit your needs, and it will never go up, guaranteed. Likewise, your benefit will never decrease for the life of your policy. If you require nursing home care or are diagnosed with a terminal illness, your policy allows you to take advantage of an accelerated benefit of up to 80 percent of the death benefit. Check your individual policy because coverage may vary by state.
As with other Medico products, if you are not happy with your policy for any reason, you can cancel within 30 days and receive a refund of the premium you paid.
To talk to an agent about how a Final Expense Whole Life insurance policy can work for you, call (800) 547-2401, Option 3.
Which states offer our Final Expense Whole Life plan
Medico Insurance Company disclosures
This webpage is intended to provide a general description of the policy benefits. Policy provisions and benefits may vary from state to state. Please see the policy for details. For costs and further details of the coverage, including exclusions, any restrictions or limitations and the terms under which the policy may be continued in force, see your agent or write to the Company. This product is not available to service members.
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Photo credit: iStock/Pamela Joe McFarlane