Case Study: The Importance of Final Expense Insurance for 60-Year-Olds

Mrs. Jones, a 60-year-old retiree, had been thinking about her end-of-life plans and realized that she did not have enough savings to cover her final expenses. She had heard about final expense insurance from a friend and decided to explore her options.

Approach taken

Mrs. Jones contacted an insurance agent and discussed her options for final expense insurance. The agent explained that final expense insurance is a type of life insurance policy designed to cover the costs associated with a person’s final expenses, such as funeral and burial costs. The agent also explained that final expense insurance is generally available to people between the ages of 50 and 85, and that premiums are based on a person’s age, health, and the coverage amount.

After discussing her options, Mrs. Jones decided to purchase a final expense insurance policy with a coverage amount of $25,000. She felt comfortable with the monthly premium of $150, and was relieved to know that her final expenses would be covered.

Results

Unfortunately, three years after purchasing her policy, Mrs. Jones passed away unexpectedly. Her family was devastated, but they were grateful that Mrs. Jones had the foresight to purchase a final expense insurance policy. The policy provided the family with the financial support they needed to cover the costs of her funeral and burial, which totaled $23,000. Without the policy, the family would have struggled to cover these expenses, and may have had to make difficult financial decisions during an already difficult time.

Conclusion

Final expense insurance can be an important investment for 60-year-olds, who may be thinking about their end-of-life plans and how to provide financial support for their loved ones. By purchasing a final expense insurance policy, individuals can have peace of mind knowing that their final expenses will be covered and their loved ones will not have to bear the burden of these costs.

Get a free quote or talk with a licensed Texas insurance agent about your final expense and life insurance needs.