A Final Expense Example
Mary - Age 51
Mary is a recently retired school teacher. After 25 years working with elementary school age children she has decided to retire and watch her grandchildren.
Mary is in good health, and takes very few prescription medicines. She has just realized that her life insurance she had at the school has ended when she retired. She saw on television, ads about burial, or final expense insurance and decides she should investigate what this is all about.
While using Facebook, she is presented with an ad about protecting her family with a final expense policy. She fills out a form to get more information and submits it. After receiving a call from an insurance agent or underwriter, she meets with them. What she finds out is this: There are more questions:
- How much does a full burial cost?
- How much does a cremation cost?
- Who will pay for all the costs associated with these and the rest of the expenses?
- What is the difference between whole life and term life?
After some discussion, she decides that a whole life policy is what she needs. She is presented with options from two insurance companies. She decides that a $25,000 policy will fit in her budget comfortably. The next step is to see if she qualifies for a policy with one of the carriers. She fills out an application and waits to see if she is approved. After approval, all that is left is to pay the first month's premium and she is covered! ** If you are approved, you still have 10 days to decide if you want the policy or not **