Senior Whole Life Insurance Guide
by Amerus Financial, 2 Oct 2020
Many people tend to associate whole life insurance with the future — but whole life insurance is about today as much as it is about tomorrow. Senior whole life insurance or final expense insurance is not only one of the greatest gifts you can leave your loved ones but also one that is relatively cheap and easy to underwrite.
The knowledge that all your affairs are in order and that your loved ones won’t have to dip into their savings to send you on your final journey gives one peace. And one way to do that is through whole life insurance.
What Is Senior Whole Life Insurance?
Senior whole life or guaranteed issue life insurance is a type of insurance that covers the final expenses of the insured once they are gone. Final expenses can vary from person to person, but many people will have at least one of these:
- medical bills
- funeral expenses
- credit card debt
- outstanding mortgage payments
Who Benefits From Guaranteed Issue Life Insurance?
To understand the benefits of this type of insurance, we have to answer a question most of us have asked ourselves at least once in our lives: “What happens to our debts once we’re gone?”
Many people believe that their debts are just canceled the moment they are no longer here to pay them. We would all have loved it that way, but that sadly isn’t the case. For example, if you leave an outstanding mortgage payment, the remaining debt will be removed from your estate and paid to the mortgage company. What happens if the mortgage is larger than the estate? If this is the case, your loved ones may have to sell the house and pay the remainder of the debt.
That answers who senior whole life insurance is for. The beneficiaries of senior life insurance, like other types of life insurance, are the loved ones of the insured who won’t have to pay for the final expenses or any debts the insured left behind.
This life insurance guide was created by Amerus Insurance Group, helping families protect what matters most with affordable coverage designed for every stage of life. From term life and whole life to final expense solutions, our agents shop the top carriers to find the best value for your needs. Request your personalized life insurance quote today.
