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Final Expense Life Insurance for Seniors in Florida


Floridian seniors, is your family’s financial future secure? Are you certain that you are leaving behind a stable monetary legacy? The average funeral in Florida costs around $6,500. And each year, that price is rising.

If you’re troubled by this cost, what you need is a final expense life insurance.

In this article, we will discuss what the best final expense life insurance providers are for seniors in Florida.

What is Final Expense Life Insurance?

Final expense life insurance (alternatively called burial insurance) is whole life insurance on a smaller scale. It functions exactly the same way as permanent life insurance, except the death benefit is small. The death benefit is specifically designed to cover final expenses such as burial, medical bills, or some unpaid debt.

Of course, how the payout is spent is not specified in the policy, so the beneficiaries can use the money however they want. But this type of life insurance is marketed to cover the policyholder’s final expenses.

Death benefit ranges from $5,000 to $50,000. Some insurers offer more, but they are very rare.

Why You Need Final Expense Life Insurance

Final Expense Life Insurance is Affordable

Oftentimes, seniors don’t want to purchase life insurance because of how expensive the premiums are. But that’s not the case with final expense life insurance. This is the cheapest life insurance type due to the small payout.

On average, healthy seniors in Florida have to pay a lot more than $150 monthly on a whole life insurance policy with a $250,000 death benefit. But on a burial life insurance with a $10,000 death benefit, that price drops to around $40.

If you’ve got no other financial obligations but your expected final expenses, purchasing a burial insurance policy is a smart move.

It’s Easy to Qualify for a Final Expense Policy

Another reason why a lot of seniors forego purchasing a life insurance policy in their twilight years is that it’s extremely hard to qualify for one. Seniors are categorized as “high risks” by insurers. High risks are people that are hard to insure due to many factors that increase their chances of dying soon.

Insurance companies sort their clients into these categories by getting their personal information such as age, gender, family history, medical history, occupation, lifestyle, hobbies, etc. But guess what, a burial insurance policy doesn’t need you to pass a medical exam to qualify, generally.

One catch is the rate is more expensive if there are no questions asked about your health. However, if you answer a few questions and are deemed in good health, you can save some money each month.

Another caveat is there is a waiting period of about two years before the policy is in full effect. If you qualify, you’ll have to live for two more years before you are fully insured. Waiting periods vary among policies.

Best Final Expense Life Insurance for Seniors in Florida

Lincoln Heritage

Of all the insurance companies who offer final expense life insurance in Florida, Lincoln Heritage seems to be the best overall. Here are the reasons why:

  • No exam – insurers determine coverage using the client’s responses to a health survey.
  • Practically no age limit for applicants – coverage is available to anyone of any age.
  • Freelook period – if you’re not satisfied with the policy you purchased, you can cancel it within 14 days and get a refund of all your payments. If the initial 14 days expire, you can still cancel, but the company is not obligated to refund your payments.
  • Easy to qualify – Lincoln Heritage offers a free quote on their website. You just have to provide basic personal information and you’ll know if they offer the right policy for you.
Aetna Life Insurance

Aetna life insurance is available to seniors up to age 65. Although life insurance is not the company’s main product, it still has pretty good benefits.

Aetna can’t be reached on your own. They offer their policies through your employer.

  • Seniors have a lot of options: Level (immediate full benefit), Graded (full benefit for accidental death and partial benefit for natural death within waiting period), and Modified
  • The monthly premium cannot increase
  • The death benefit will not decrease
  • No medical exam required and no Medical Information Bureau (MIB) assessment

With no medical exam required to apply, AARP is a strong option for seniors who can’t qualify for life insurance anywhere else. Seniors age 50 or older can apply.

  • No medical exam required
  • Acceptance is guaranteed unless you have a terminal disease
  • Up to $25,000 of coverage, but more is available
  • Two years waiting period for a natural death (a fraction of the death benefit is paid), but full coverage immediately for accidental death

You may not have the means to purchase an expensive life insurance policy, but that doesn’t mean you can’t get one. Final expense life insurance is a good choice for anyone who wants to cover their last expenses so their family wouldn’t have to.