The purchase of life insurance entails many important decisions. This includes choosing the proper amount of coverage, as well as the right type of policy overall. For instance, those who may wish to ensure that their mortgage balance is paid off for survivors may purchase a mortgage protection life insurance policy of their unpaid mortgage balance.
Likewise, those who want to ensure that their funeral and burial expenses are paid off will often purchase a final expense policy. We often get the question “What is final expense insurance?” These plans, oftentimes also referred to as final expense insurance, or funeral insurance, are an ideal way to make sure that your loved ones and survivors do not have to worry about large financial bills at an already difficult time for them.
Typically, burial insurance policies or burial insurance for seniors offer a face amount of coverage that ranges between $5,000 and $100,000. However, there are some life insurance companies that may provide options for higher amounts of protection. Also, certain plans may also offer the ability to add various policy riders that can increase and/or enhance the benefits that are received.
There are many of the top life insurance companies today that offer burial life insurance coverage. While these policies may all seem the same at first glance, there are some key differences – which is why it is so important to make a thorough comparison prior to making a final purchase decision. Comparing policy features and benefits is key – and so is taking a good look at the life insurance company that will be underwriting the policy itself.
Reviewing the Fidelity Life Burial Insurance Policies
Fidelity Life is considered to be a primary player in the offering of burial insurance policies. The company provides several options in the area of senior life insurance protection, as well as accidental death. In the area of burial insurance, Fidelity Life offers the Rapid Decision Final Expense policy.
Rapid Decision Final Expense
The Rapid Decision Final Expense plan from Fidelity Life is offered to those who are between the ages of 50 and 85. There is no medical exam to contend with to be approved for this particular coverage. Therefore, applicants need not submit a blood and urine sample, or undergo meeting with a paramedical professional. Approval is based solely on answering just a few health-related questions on the application for coverage.
This policy is a whole life plan, which means that it provides the insured with both death benefit protection, as well as cash value / savings build up. The cash within the plan is allowed to grow on a tax-deferred basis, so the gain is not taxed until the time it is withdrawn. Over time, this means that the cash can essentially grow and compound exponentially – and, the policyholder could either borrow or withdraw the funds for paying off debt, funding a child or a grandchild’s college education, or for any other need that they see fit. It is important to note, however, that even though a withdrawal or a loan is not required to be paid back, if there is an unpaid balance in the cash-value component of the policy at the time of the insured’s death, then the amount of that balance will be charged against the death benefit that is paid out to the policy’s beneficiary. So, it is important to keep this in mind if the beneficiary is counting on a certain amount of funds with which to pay off debt.
The face amount on the Rapid Decision Final Expense life insurance policy begins at $5,000 and it may go up to $35,000 – and the amount of both the coverage and the premium are guaranteed to remain the same throughout the life of the policy.
Also, there is an accelerated death benefit rider that is attached automatically to all Rapid Decision Final Expense policies where approved. This rider will pay out an additional amount of death benefit proceeds should the insured be diagnosed with a terminal illness whereby he or she only has a remaining life expectancy of one year or less.
The Rapid Decision Final Expense life insurance policy also offers a guarantee issue option. This is a good choice for those who may have certain types of health related issues and who may not be able to qualify for traditionally underwritten life insurance protection. This policy offers coverage up to $20,000. It, too, is a permanent whole life insurance plan. There is no medical exam required – and, there are also no health related questions to answer on the application for coverage. Therefore, as long as the premium is paid, an applicant will qualify. And, provided that the premium continues to be paid, the policy will remain in force.
This policy offers a limited death benefit payout during the first three years that it is in force. Once three years have elapsed, however, the full amount of the death benefit will be paid out to the policy’s named beneficiary upon the death of the insured.
Additional Notes Regarding Fidelity Life
In addition to just reviewing the features of the burial life insurance policy you may be purchasing, it is also important to have a good understanding of the life insurance company that is underwriting the plan. That way, you will know whether or not the insurer is strong and stable financially – and if they are more likely to be there for your loved ones and survivors when they need them to be.
Fidelity Life is considered to be a very strong life insurance carrier. The company was initially founded back in the year 1896 – so it has been offering insurance protection for nearly 120 years. The company was started as a fraternal benefit association, with the mission of providing more reasonable insurance coverage alternatives to workers who were located in the Midwest and the Northern states.
Today, Fidelity Life is a mutual legal reserve life insurance company. This means that the insurer is owned by its policyholders. It is licensed to offer coverage is all states except for Wyoming, and it offers a wide array of insurance products to its customers.
As of 2014, Fidelity Life had total assets under management of nearly $412 billion, with statutory capital and surplus of over $134 billion. Net life insurance premiums were just under $60 billion as of year-end 2014, with the company’s face amount of life insurance in force standing at more than $28 billion.
The company is considered to be quite strong and stable from a financial standpoint, and it is known for paying out its claims to its policyholders. For that, A.M. Best has rated Fidelity Life with an A- (Excellent).
How and Where to Get the Best Quotes on Burial Insurance
When obtaining quotes on burial insurance policies from Fidelity Life – or from any insurance carrier – it is oftentimes the best strategy to affiliate yourself with either a company or an agency that has access to more than just one insurance carrier.
The reason for doing so is because that way, you will be able to more directly compare the different burial insurance policies, features, benefits, and premium prices of many different insurers – and then determine which one will work the best for you and your specific needs.
If you are starting to shop for burial life insurance quotes, we can help. We work with many of the top burial insurance carriers in the marketplace, and we can assist you in obtaining the details that you require for making an informed buying decision – without having to meet in person with an insurance agent. We can provide you with everything that you need, all from your home computer – including side by side comparisons of the best burial insurance policy features, benefits, and prices. When you are ready to start the comparison process and see what will work best for you, all you need to do to move forward is use the form on this page. A person will only contact you after you see the rates, click on the apply button, and then fill out additional contact information.
Should you find that you have any additional questions along the way about burial policies from Fidelity Life – or even if you have a question about life insurance in general – please do not hesitate to contact us directly. Our experts can assist you with any of the questions or concerns that you may have – as we want to ensure that you are comfortable in moving forward with your coverage decision. We can be reached via phone, toll-free, by calling 888-389-8676.
We understand that the purchase of life insurance may be somewhat overwhelming. You want to be sure that you have the proper amount of coverage, as well as the right insurance carrier. So, if you are planning to make sure that your loved ones won’t be left with final expense debt, we can get you through the process. Contact us today – we are here to help.
Other Company Reviews Offered
We highly recommend that before you make your final life insurance purchase decision, that you fully understand all of your options as far as companies and what they offer: