Final expense insurance or burial insurance is probably the last one to be considered by most people. It also tends to be a spur-of-the-moment decision when it is decided to be finally purchased too. But it shouldn’t have to be so.
There are many providers with a motley mix of policies on offer. John Hancock Final Expense Life Insurance is one option that can be looked into. They specialize in these policies designed especially for senior citizens.
Know the Age-Related Eligibility
John Hancock starts its final expense insurance at 55 and has an upper limit of 80 years. Anyone in this range can avail it, with the costs being on the lower side the younger you are.
Since this final expense policy does not require a medical exam as it is a whole life guaranteed return policy, it comes with the standard 24-month waiting period. If you are someone assured of going through those without risk of death, it will be worth going for. Or else, the benefactors will only get the premium paid till the time of death with 10% interest on the total amount.
Know If It Fits You Right
Senior customers are generally well aware of what is being presented to them on the paper. A bit of self-assessment helps determine if the John Hancock Final Expense Life Insurance chosen by you will go a long way in getting you the right policy. Take a look at the ones that follow and ask an independent agent for more help.
Know Your Financial Viability
Since the focus is on seniors, the final expense policy starts its premiums from $11.60 per month. There are a host of factors that will determine the premium you will pay. One is the amount you are insured to. John Hancock has a ceiling of $20,000, with the minimum being $2,000. Age also comes into the picture, with the premium going up the later you opt for it. Your payment can be chosen according to your budget and the amount of return you need. At 60, females will pay $115.95 for a $20,000 payout and males $161.92.
There is the 24-month rider point, within which death will result in no payout but the premiums paid to date with a 10% interest by the company. It is something to also consider in your financial bandwidth. The payment frequency options include monthly, quarterly, half-yearly, and annual payments, allowing you to pay.
Once the premium and coverage values are fixed at the point of purchase, they will remain so for the policy’s entirety. The enefit amount will not depreciate at all, and the policy will not expire until you do.
Know Your Health-Related Eligibility
John Hancock will not ask you about your health through a medical examination. This may seem like a boon for senior citizens who are very likely to have some health issues. But the company introduces some caveats during the purchase stage, which will determine if the policy will be provided to you.
The application form comes with a questionnaire that requires you to answer your health status. It contains a variety of medical conditions and ailments. The company can reject your application based on the answers to those questions.
Serious heart conditions, cancer, chronic ailments such as COPD, AIDS, etc. are some of the conditions that are likely to have you rejected. Once cleared, though, there are no further questions or medical nature examinations that need to be answered or taken.
Other Things to Know
Your location in the US also determines whether you can get the policy or not. Currently, the final expense policy is unavailable in Florida, Pennsylvania, and New York. Local taxes in other states might also play a role in determining the final amount of money you will pay as a premium.
Gender is also a determining factor. Female customers will pay a lower premium on average for the same coverage than their male counterparts at the same age. The insurance policy also comes with a rewards program called Vitality Go, which gives savings and discounts if your lifestyle choices are healthy. Ask your independent agent for more details.
The company is known to have agents who are supported by them to push their policy over others. It may work in your best interest to choose an agency that is known to be independent.
John Hancock Final Expense Life Insurance is a viable option and can surely be considered, like the many that have done so far.