Insurance for Seniors

There are three types of insurance most commonly purchased by the senior community. For your convenience, we’ve outlined them below:

Final Expense Insurance

Final Expense insurance also sometimes referred to as burial insurance is designed to cover end of life costs. These include things such as funeral services, medical expenses, credit card debt, etc. The average final expense policy face amount is $10,000-$15,000. This is sure to cover all or at least the majority of final expenses.

Product highlights:

  • Commonly referred to as burial insurance
  • Used to cover funeral/final expenses as well as outstanding medical bills and/or credit card debts
  • Average funeral costs $8,800

Medicare Supplement Insurance

Medicare supplement, not to be confused with medicare advantage is purchased in conjunction with Medicare part A and B. When an individual turn 65 they are eligible for medicare part A at no cost. Medicare part A covers a percentage of hospitalization. Medicare part B covers a percentage of doctors visits. Medicare supplement is purchased to cover the gap or simply what medicare part A and B does not cover.

Product highlights:

  • Designed to cover all expenses not covered by medicare A & B
  • Must have medicare A & B in place before purchasing a medicare supplement plan
  • Not the same as medicare advantage(Speak to one of our knowledgeable agents for more information on the differences)

Long Term Care Insurance

Long Term Care insurance is more affordable when purchased at a younger age. It is designed to pay the insured a daily monetary amount that is used to pay for in home care or perhaps an assisted living facility when the time comes that it is necessary. This monetary amount may be higher or lower depending on the premium paid.

Product highlights:

  • Designed to pay the insured’s nursing home or home healthcare costs
  • Less expensive when purchased at a younger age
  • Rates are determined by age, state, zip code, and applicants health