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Alabama Burial Insurance Quote

Over 1,078,792 Baby Boomers in Alabama Need Final Expense Protection

Nearly 22.57% of all of Alabama's 4,779,736 in population is considered a baby boomer. As a baby boomer, you may not be aware of the many options available to you for final expenses. Augmenting your life insurance needs with a burial insurance life policies is affordable for the 559,856 female & 518,936 male baby boomers across Alabama. Create peace of mind for your loved ones by contacting our Living Legacy agents local to your city in Alabama below.

Final Expense Insurance Quote in Alabama

Why Alabama Baby Boomers Should Consider Final Expense Life Protection

If you or a loved one is an agingsenior in Alabama, you may be considering about how to manage costs in retirement. One of the things often overlooked is the cost of Alabama funerals and burials. The cost of funerals has increased tremendously. When Baby Boomers were first born, the cost of a funeral was less than $1,000. Now, the average price of a funeral can easily exceed $10,000.

For the 76 million Americans born between 1946 and 1960, there are a few things that could have changed their retirement plans. Inflation and rising costs are some of the most significant struggles. The money that Alabama Baby Boomers set aside does not go nearly as far as they had initially planned. Secondly, the rising cost of medical care –and unexpected hiccups –causes Alabama Baby Boomers to drain their retirement savings quickly.

Fortunately, there are a few options available for Alabama Baby Boomers. One of the best options available is final expense life protection. Never heard of final expense life protection? That’s ok. This type of insurance has grown in popularity and notoriety in the past couple of years. Below, you’ll find everything you need to know about final expense life protection and why Alabama Baby Boomers should consider investing in this coverage.

Why Final Expense Life Protection Is Essential in Alabama

Too often, Alabama Baby Boomers rely on their Social Security income in retirement. While this money could help cover the cost of daily expenses and the mortgage, the payouts are likely not enough to include much more. Many Alabama Baby Boomers also find that they are working longer than they would like because they don’t have funds available for retirement.

Imagine a scenario in which an Alabama Baby Boomer had initially set aside money for their funeral, thinking that they would need $5,000. Now, as costs have risen, they realize that they are going to need double that. They could continue to work into their 70s and 80s, hoping to make enough to make ends meet and provide for their family. Or, they could invest in final expense life protection premiums to secure a payout for their next-of-kin upon their passing

How Does Final Expense Life Protection Work in Alabama?

Final expense life protection policies in Alabama are quite similar to life insurance. Insurance agents in Alabama have designed these policies explicitly for Alabama Baby Boomers between the ages of 50 and 85. All seniors are eligible to receive coverage, no matter their health history. That’s because insurance brokers offer two types of final expense life protection –level and graded.

Level policies are for those with exceptional health. Seniors in Alabama will need to provide medical records to show that they are inaverage to above-average health. If an Alabama Baby Boomer secures a level policy, his or her beneficiaries will receive a lump-sum cash payout immediately upon passing.

Graded policies are for those with a subpar health history. However, they are guaranteed, regardless of medical experiences. The one significant difference is that these payouts do not occur immediately. Instead, the beneficiaries will likely receive partial payouts for the first two or three years. After this, they’ll receive the entirety of the payout.

Upon receiving the funds, beneficiaries in Alabama can use them any which way they prefer. Some other policies, such as prepaid funeral plans, are strict when determining where the funds go. However, final expense life protection provides much more flexibility. Beneficiaries could not only pay for the cost of the funeral and burial in Alabama, but they could also use the funds to pay for:

  • Guests traveling to the funeral in Alabama
  • Medical expenses incurred later in the senior’s life
  • A grandchild's college fund
  • Settling the estate

Who Owns The Policy in Alabama?

Typically, insurance brokers in Alabama specify that the person paying the premiums on the policy is the owner. However, the senior in Alabama does not necessarily need to be the individual who owns the plan. For instance, if you are the child of an Alabama Baby Boomer worried about how to offset impending funeral and burial costs, you could open a plan for your parents.

However, you cannot do so behind your parent’s back. You’re going to need to receive their consent to do so. They are also likely going to need to provide medical records, which means they’ll need to sign a HIPAA form. It may seem uncomfortable or awkward to have this conversation with your aging parents, but it could be well worth your while to do so. Doing so could prevent you from being burdened with significant debt upon your parent’s passing in Alabama.

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