Anthem Blue Cross Final Expense Whole Life Insurance Plan:
If you are a senior worried about your family, it can be difficult to find a life insurance policy, particularly if you are over the age of 65. However, Anthem Blue Cross is now offering the Final Expense Whole Life Insurance plan as an answer to this problem. Here is what you can expect from this plan.
Flexible Coverage - Whether you can only afford a $3,000 policy, or if you need up to $25,000 in life insurance, you will be able to select your desired level of coverage from Anthem Blue Cross.
Eligibility - The eligibility rules for this plan are much less stringent that other life insurance companies. Even if you have a pre-existing condition, you may still qualify. In addition, there is no required medical exam before purchasing your policy.
Rates - The rates that you pay when you begin your policy are guaranteed for the life of the policy. This means that you will never have to worry about your rates for your life insurance policy going up. Many life insurance policies with other companies require higher and higher premiums as you age, making it difficult to continue your coverage. In addition, finding a life insurance policy that does not require a medical exam or exclude pre-existing conditions after the age of 65 is extremely rare.
How Much Will You Pay - Rates for this plan will be based on your age when you purchase the policy. The age ranges are from 45-80. With the rate guarantee, this means that if you purchase a policy at 45, you will still be paying the same rates for this policy when you reach the age of 80.
When you purchase your policy, you will need to consider several things when selecting your amount of coverage. If you have a family or a spouse, how much would they need to get by after you are no longer providing for them? Do you have enough money put aside for your funeral or to pay past debts? Currently, the average funeral costs are approximately $5000, according to a survey of the National Funeral Directors Association that was conducted in 1999.
It is a good idea to start with this cost of burial when you are selecting your level of coverage. You can then add-on any debts that you may have, or any additional expenses that might be incurred after your death. This way, your family will be assured of meeting this expenses when you are gone.
Since this plan does feature a locked in premium rate, it is a good idea to purchase it as soon as possible. The amount for premiums does go up for certain age groups, so it makes sense to pay the least amount possible for the highest amount of coverage.
Your monthly premium may vary, based on age and the amount of coverage that you select. No matter what this amount is, it is important to keep in mind the benefits that your family will have from this coverage and the peace of mind it can bring you while you are still living.
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