Final Expense Life Insurance
Bankers Fidelity’s® new Final Expense coverage can help give the ones you care about a sense of peace and financial well-being in their time of grief. Medical bills, credit cards, funeral costs, legal fees, unknown debt, and probate are just a few expenses that your family may have to settle. Final Expense life insurance is designed to cover the bills that your loved ones will face after your death.
- Issue Ages from 45-85
- Preferred and Standard face amounts from $3,000 to $35,000
- No waiting period once your policy is issued
- Preferred and standard plans offer a guaranteed level death benefit payable to your spouse, children, grandchildren or anyone you choose†
- Builds cash values for emergencies, gifts to family members, or other financial needs
- Accelerated Death Benefit Rider;* you may receive up to 50% of the face amount of your policy - to be used at your discretion - should you be diagnosed with a terminal illness with a life expectancy of 12 months or less
- Optional Waiver of Premium for Hospital or Nursing Facility Confinement Rider**
- This rider waives the premiums for the policy and all attached riders after you have been confined to a hospital or nursing facility for a continuous period of 180 days. You won't have to worry about losing your valuable life insurance while facing the challenge of illness.***
Graded Death Benefit
- Issue Ages 45-75
- Graded Death Benefits: face amounts from $3,000 to $20,000
- Policy Years 1 and 2 - Premiums paid +10% compounded annually**
- 100% of Face Amount payable for Accidental Death†
- Builds cash value
† Benefits payable at death may be reduced by any outstanding indebtedness.
*Optional Accelerated Death Benefit (ICC19 B 21901 TI ACL R1) is automatically included on Preferred and standard plans. Not available on Graded Death plan. PAYMENTS OF BENEFITS UNDER THE ACCELERATED DEATH BENEFIT RIDER WILL CREATE A LIEN AGAINST THE DEATH BENEFIT OF THE POLICY TO WHICH IT IS ATTACHED IN AN AMOUNT EQUAL TO THE ACCELERATED DEATH BENEFIT THAT WAS PAID UNDER THIS RIDER. THE DEATH BENEFIT PAYABLE AT THE INSUREDS DEATH WILL BE FIRST REDUCED BY THE AMOUNT OF THE OUTSTANDING LIEN.
**Payable for death due to causes other than accidental death during the first two policy years.
***Not available in AK, CT, KS, MA, MD, NJ, NY. Not available on Graded Death plan.
How the Product Works:
- Premiums never increase and are guaranteed to remain level for the rest of your life
- Policies are guaranteed renewable for life as long as premiums are paid on time
- Death benefits usually pass income tax free to your named beneficiary††
- 30-Day Free Look - If you apply for this policy and change your mind within 30 days after you receive your policy, we will refund your money when you return the policy
††Consult with your tax adviser
According to the National Funeral Directors Association, the average cost of a funeral can run anywhere from $6,000 to $9,000. In some cases, social security may pay a one-time death payment of $255 - if certain requirements are met - but this is hardly enough to cover the expenses associated with a funeral.
How Can the Money Be Used?
Above and beyond the costs associated with a burial or cremation, there are other expenses to consider, including:
- A vault, cemetery monument or marker
- Traveling for the memorial service, meals and lodging around the time of the funeral
- Catering for guests
- Final medical bills
- Legal fees
- Credit card bills
- Estate costs and other debts
The planning and costs, coupled with grief, can be overwhelming. Final Expense coverage from Bankers Fidelity can assist in covering these expenses, giving your loved ones the opportunity to remember and reflect on the times and moments well spent.
As a premier provider of final expense life insurance, we can help. If you have questions or to get a quote, call us at 866-458-7504.