Seniors recieve many mail solicitations from insurance companies and "Associations for Retired Persons" about life insurance policies to be used for "final expenses" or funerals and other debts. Many people sign up for these policies through the mail and I often find they haven't read the fine print.

Some "final expense" policies are MUCH better than others. 

My advice is to NOT sign up for any life insurance through the mail or a telemarketer unless you have met with a local agent who has shopped rates for you with at least 10-companies. Very few people should be buying "guaranteed issue" insurance because MOST of them will get a much better price and coverage with a "simplified issue" policy and your local agent is the best place to shop it.

Here are some things to watch out for with "final expense" life insurance:

• Does the coverage last your entire lifetime or does it end at age 80?  Many policies are sold where the coverage ends on your 80th birthday...is that really what you want?
• Is there a chance of unscheduled price increases? Be aware of fine print that says " You cannot be singled out for a rate increase. We can only raise your premiums if we raise them for everyone in your age class."  THIS IS NOT A GOOD PRICE GUARANTEE! I would only buy a policy that says "Your rates can NEVER be increased for ANY reason.
• Are there scheduled rate increases? Some policies are designed to have rate increases each time you enter a new 5-year age band. I don't recommend those policies but if you are considering one, make sure you can afford what the premium is at age 76-80 or older, NOT just what it is when you sign up. Failure to do so MAY cause you to drop it later after you have paid a lot of money in.
• Does your policy have a two-year waiting period before you have coverage? If you're even reasonably healthy, you can get a policy with immediate coverage. Only people with serious health conditions should accept a policy that won't cover health-related deaths during the first two years.

So how do you find a better senior life insurance policy?

Call a local independent insurance agent who can meet with you face to face. He/she will ask basic health questions such as current medicines you take, height, weight, tobacco use and current health conditions. Then they can match you with the company that will make you the best insurance offer.

MOST people will qualify for coverage with no waiting periods, no rate increases, and lifetime coverage and usually at better rates than the junk mail offers you get daily.

At Newbury Financial, we SPECIALIZE with senior life insurance. I've sold thousands of these policies and have beaten the rates and terms of the mail-order insurance companies over and over. We support our clients not only when they buy the coverage but also at the time of a death claim or if they need policy service in the future.

Have Questions?

Please call us anytime at 270-826-3598 in Kentucky or 812-867-8358 in Indiana.

We have conviently located offices at the Citi-Center building Suite #201 in downtown Henderson, KY and in Evansville, IN at 2420 E. Morgan Avenue (near the intersection of Morgan Avenue and Boeke Rd.)

We can also come and meet with you at the convenience of your own home.

We make insurance simple, affordable and convenient.