WHAT I MEANT

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PostPosted: Thu Jan 29, 2009 12:26 pm   Post subject: WHAT I MEANT  

I should have been a little more specific. If you have children, you may want an insurance whereas, you can leave them something after your funeral expenses have been take care of. However, final expense is the most reasonable type of insurance to obtain for your final wishes. The policy pays fast and funeral directors love to see final expense policies because it is just the same as cash. What state do you live in?

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PostPosted: Thu Jan 29, 2009 12:50 pm   Post subject:   

Is final expense insurance a certain type of insurance you can purchase or it it something you add to an existing policy? I never relized until I came to this forum how many different types of insurance policies there are. I can see why people need agents.

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PostPosted: Thu Jan 29, 2009 3:31 pm   Post subject:   

fireyone, there aren't 10,002 forms of life insurance.



There are only two (2):

#1) Term Life Insurance;

#2) Cash Value Life Insurance.



EVERYTHING else is a distinction without a difference based on sales and marketing. It's painting pictures with words...would you like to buy the red lipstick or would you prefer cherry, perhaps strawberry would be better?



Life insurance is life insurance and a person only needs ONE (1) life insurance policy with a high enough death benefit to take care of all their family's financial needs in case of their untimely death.



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PostPosted: Fri Jan 30, 2009 10:38 am   Post subject:   

Do you mean that the child would be better-off from the final expense policy than the life insurance death benefits? what I've heard that FE policies offer low death coverage when the premium rate is high.


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PostPosted: Fri Jan 30, 2009 1:25 pm   Post subject:   

Final expense is about the worst possible insurance to buy for most people. If you can qualify for medical underwriting and buy an FE policy, you're throwing money out the window just to watch it fly...

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PostPosted: Fri Jan 30, 2009 2:35 pm   Post subject:   

bandit-baby wrote:

Quote:
Do you mean that the child would be better-off from the final expense policy than the life insurance death benefits?


bandit-baby that's like saying a person is better off if the insurance company pays for an auto accident rather than a car crash.



A $10,000 final expense policy and a $10,000 life insurance policy are the same thing to the beneficiary.



Final Expense policies or guaranteed acceptance policies are sold to 50 - 85 year olds who are medically UN-insurable.



VERY high premiums for VERY low death benefits and almost always a two year restricted death benefit payout. If the person dies within the first two years they usually only refund the premium unless death was by way of accident.



Ed McMahon, Alex Tribec and other goof balls sell this garbage on TV.



With many of these policies if you don't die by accident the day after you buy the policy or on the 1st day of the beginning of the 3rd year you've wasted your money.



I actually had a client whose Mother bought one of these garbage policies from Ed McMahon, but didn't die soon enough and the cumulative premium paid over the years EXCEEDED the death benefit paid! Shocked



Edit: See THIS LINKY.


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PostPosted: Sat Jan 31, 2009 6:42 pm   Post subject: Policies  

Thanks for the information. I didn't know this before! Wow. It pays to be careful and do your homework before picking a policy. It's sad how many of the elderly get ripped off by those policies. They just want to know that they're going to be okay and secure. So many scams preying on these people.

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PostPosted: Wed Mar 11, 2009 3:51 am   Post subject:   

Final Expense insurance definitely has its purpose...However, most of the people that buy the policies actually are eligible for much better coverage at lower premiums. If an elderly client has extensive medical history and is "up there in age," a final expense policy may be the only option...That being said...I have personally seen a client who was paying nearly 300 a month for a 5K policy. This was an incredibly bad deal for her as she was only 82 and was in very good health.

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PostPosted: Wed Mar 11, 2009 8:56 am   Post subject:   

Had a person bought life insurance policies at younger age where the sum assured was inclusive of the amount required for final expnses, he doesn't need to get himself a Final Expense insurance at much older age.



Final Expenses insurance is meant for people of certain age group who do not have lilfe insurance or have too little life insurance coverage.



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PostPosted: Fri Mar 20, 2009 3:02 pm   Post subject:   

I would only buy FE insurance if i were in old age with alot of health problems, and didn't have any money in savings.



But really, i would probally find out how much money it would cost these days for an average, no-frills funeral, and make sure i have it saved in the bank. If i were to old to work i would sell some of my things on e-bay (hahaha!).



I just think it would be less expensive to get some money saved and put it toward funeral arrangments than to get FE insurance, but that's just me.



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