by The senior years can be very merry times. They do bring some challenges with them, particularly health. And these years only get harder to deal with as the age progresses; some might have to accompany financial problems as well. Burial or funeral insurance can help deal with both.
State Farm Funeral Insurance is one such product made for such a situation. It has features that will help seniors above the age of 65. It could be just the option you are looking for.
The Reasons That Make It Worthwhile
The History
State Farm has a rich history in the field of insurance services since the year 1922. They have not had hiccups in their operations, even during crisis years. Today, they are one of the largest industry players, being placed in the number 33 spot in the Fortune 500 list.
They have top rankings across all rating agency markers for the quality of service offered. They have been known to clear payments reliably, especially for Whole Life Funeral insurance plans.
This background means seniors above 65 needn’t worry about running from pillar to post to have certainty about their insurance money. That applies to their beneficiaries as well.
The Whole Life Aspect
Like many other funeral insurance options out there, funeral insurance state farm comes with a Whole Life option. This assures seniors above 65 that they will be covered even if they happen to live long into their lives.
Term insurances usually expire at the age of 80. This is not a problem with this Whole Life plan. In this case, that age is the upper limit for eligibility to apply only.
The Guaranteed Acceptance Nature
Health-related issues are bound to affect those 65 and above. The medical exams that are to be taken with regular insurance will deal a blow to seniors. The Guaranteed Acceptance factor means that the insurance application will not contain any mandatory medical exam.
Instead, a questionnaire seeking answers about your medical history will have to be filled. Your eligibility for the insurance will be decided based on your answers. State Farm has the strictest known cut-off in terms of state-of-health based eligibility assessments.
The Fixed Premiums and Payouts
Once eligibility is established, the premiums will be decided based on the health and coverage amount opted for. And that premium amount will not change ever again under any circumstance. Neither will the coverage amount that you have been insured for. The maximum is $10,000.
For someone beyond their age of earning capability, this will come as a much-needed respite. They needn’t worry about the financial situation as it’s now firmly rooted.
Pay and Use As You Please
The payment frequency can be either monthly or yearly. This provides some flexibility for those who might need it.
Once claimed, the money provided can be used by the beneficiaries; however, they see fit. That includes the option to also not pay for the funeral services and instead opt to clear some other outstanding dues.
There are even the cash benefit option and a dividends option that may not apply, depending on the case. The dividend can be used even to clear any outstanding premium payments.
State Farm Funeral Insurance might not be made for everyone. But it will not fail someone who does go for it, even if time does.