Final Expense Insurance Good for Underinsured Seniors
One of the top final expense insurance programs offered by Ascend Financial Group is FuneralAdvantage. Final expense policies are usually for seniors who have no other insurance protection, and are seeking not to burdens their families with funeral and other such expenses at death.
Competitive Rates
Lincoln’s rates easily stack up against most every other final expense program. Aside from someone already being bedridden or terminal, everyone is eligible for coverage. Some final expense insurance policies may be issued with a modified death benefit for the first two years, with the full benefits kicking in on the third policy anniversary.
Death Benefit
Amounts range from $2,000 to $35,000. Most final expense insurance policies have a maximum payout of $25,000. In the case of a modified death benefit; if the insured dies in year 1 all premiums plus 10% are paid out. In year two all premiums plus 20% are returned. That exceeds the return on any traditional investment. In year three, full policy proceeds are paid.
Funeral Consumer Guardian Society (FCGS)
This is the true strength of FuneralAdvantage. A policy holder completes a final wishes packet and submits it to the FCGS, where the information is saved in a database and a membership number is assigned to the insured. The policy holder is provided five membership cards that can be given to loved ones. At passing, the loved ones simply call the number on the card and provide the insured’s membership number.
At this point, the staff at FCGS jumps into motion and plans the funeral for the family, as per the final wishes that were provided by the insured at policy inception. The family is not saddled with an emotional rollercoaster of funeral planning and arguing about what the deceased wishes were. It was pre-determined by the insured. The death benefit is paid out within 24-hours to assure the family has the funds to cover the funeral costs.
Of the final expense insurance programs sold by Ascend Financial Group, this is the best overall, but we must stress it’s not for everyone based on the underwriting tables. Schedule a complimentary consultation to review if FuneralAdvantage is the right product for your particular situation in legacy preparation.
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