A Guide to Assumption Life: Final Expense Insurance
Talk to one of our experienced advisors, today!
11 Minute read
Originally published: June 30, 2023
A Guide to Assumption Life: Final Expense Insurance
Talk to one of our experienced advisors today!
11 Minute read
Originally published: June 30, 2023
When it comes to planning for the future, one aspect that often gets overlooked is final expense insurance. Many people don’t realize the financial burden that can be left behind after they pass away. Funeral costs, medical bills, and other end-of-life expenses can quickly add up, placing an unnecessary burden on grieving loved ones.
That’s where Assumption Mutual Life Insurance Company comes in. With their comprehensive insurance policies, they provide the peace of mind that comes from knowing your loved ones will be protected financially when the time comes. Assumption Life understands that every individual’s needs are unique, which is why they offer a range of flexible and customizable options. From covering funeral expenses to settling outstanding debts, their policies ensure that your final wishes are carried out while easing the financial strain on your family.
In this article:
Company Overview
Assumption Mutual Life Insurance Company is a reputable and trusted insurance provider specializing in life insurance solutions. Founded in 1950, the company has built a strong foundation on the principles of financial security, trust, and reliability. With their extensive experience and commitment to customer satisfaction, Assumption Mutual understands the unique needs and concerns of individuals seeking final expense insurance coverage.
Assumption Mutual offers a range of flexible and customizable options to ensure that your final wishes are carried out while easing the financial strain on your family. Their policies can cover funeral expenses, medical bills, outstanding debts, and other end-of-life costs, providing comprehensive coverage for all your final expenses.
Understanding Final Expense Insurance
Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance that is specifically designed to cover the costs associated with one’s funeral and other end-of-life expenses.
Unlike traditional life insurance policies, final expense insurance policies have lower coverage amounts and are typically easier to qualify for. The purpose of final expense insurance is to alleviate the financial burden that can be placed on surviving family members, ensuring that they are not left struggling to cover the costs of funeral services, medical bills, and other final expenses.
The Benefits of Final Expense Insurance
Final expense insurance offers several benefits that make it a valuable investment for individuals and families. Firstly, it provides peace of mind. Knowing that your loved ones will be taken care of financially after you’re gone can provide a sense of relief and comfort. It allows you to enjoy your retirement years knowing that you have left a legacy of financial security for your family.
Secondly, final expense insurance is often more accessible than traditional life insurance policies. These policies are typically easier to qualify for, even for individuals with pre-existing health conditions. This makes final expense insurance an attractive option for those who may have been declined for traditional life insurance coverage in the past.
Additionally, final expense insurance policies are usually more affordable. Because they have lower coverage amounts, the premiums are generally more manageable, making it easier to fit into your budget. This ensures that you can obtain the coverage you need without straining your finances.
Common Misconceptions about Final Expense Insurance
Despite its importance, final expense insurance is often misunderstood. There are several common misconceptions surrounding this type of insurance that can prevent individuals from considering it as a viable option.
One common misconception is that the coverage is limited to funeral expenses only. While funeral costs are a significant component of final expense insurance, these policies can also cover other end-of-life expenses such as medical bills, legal fees, and outstanding debts. The coverage is customizable to meet the unique needs of each individual.
Another misconception is that final expense insurance is only for the elderly. While it is true that final expense insurance is often marketed to seniors, individuals of any age can benefit from having this type of coverage. It is never too early to plan for the future and ensure that your loved ones are protected financially.
Finally, some people believe that final expense insurance is unnecessary if they have enough savings or assets to cover their end-of-life expenses. While having savings is certainly a positive thing, it is important to remember that these funds may be tied up in other financial obligations or may not be easily accessible to your loved ones immediately after your passing. Final expense insurance provides a quick and efficient way to ensure that the necessary funds are available when they are needed the most.
Suggested Products/Coverage Options by Assumption Life:
Assumption Life understands that final expenses can be a concern for many individuals, and that’s why they offer a range of suggested products tailored to meet your specific needs.
Platinum Protection Whole Life presents an optimal option for individuals in good health who seek life insurance without the need for a medical examination. Golden Protection Elite Whole Life offers an optimal solution for individuals with a consistent health record who are seeking life insurance without the requirement of a medical examination. Assumption Life’s Golden Protection offers a lifelong insurance solution that provides benefits of up to $100,000, their Silver Protection is perfect for people with serious and/or severe medical conditions, and Bronze Protection designed for clients with severe health problems or high-risk lifestyles (who are unable to qualify for traditional insurance coverage.
The chart below provides a comprehensive comparison of Assumption Life’s suggested final expense insurance products:
| Insurance Policy | Platinum Protection Whole Life | Golden Protection Elite Whole Life | Golden Protection | Bronze Protection | Silver Protection |
|---|---|---|---|---|---|
| Age Eligibility | 18 to 85 | 18 to 85 | 40 to 85 | 18 to 80 | 40 to 85 |
| Minimum Coverage | $10,000 | $10,000 | $5,000 | $5,000 | $5,000 |
| Maximum Coverage | $500,000 | $150,000 | $100,000 | $50,000 | $50,000 |
| Premium Payment Options | Life pay, 20-year pay | Life pay, 20-year pay | Life pay, 20-year pay | Life pay, 20-year pay | Life pay, 20-year pay |
| Medical Exam Required | No | No | No | No | No |
| Cash Values Available | Yes | Yes | Yes | Yes | Yes |
| Living Benefit | 50% of sum insured (terminal illness benefit) | 50% of sum insured (terminal illness benefit) | Terminal Illness, Accident Death | Terminal Illness, Accident Death | Terminal Illness, Accident Death |
| Transportation Benefit | 200km/up to $2,000 | 200km/up to $2,000 | Transportation Benefit | Transportation Benefit | Transportation Benefit |
| Deferred Coverage | No | No | No | Death benefit deferred for first two years | Death benefit deferred for first two years |
| Accidental Fracture Plus Rider | No | No | Accidental Fracture Plus rider | No | Accidental Fracture Plus rider |
| Guaranteed Cash Value | No | No | Guaranteed cash value from fifth anniversary | Cash values available after the fifth anniversary | Guaranteed cash value from fifth anniversary |
How to Choose the Right Final Expense Insurance Policy
Choosing the right final expense insurance policy is an important decision that requires careful consideration. Here are some factors to keep in mind when selecting a policy:
- Coverage Amount: Determine the approximate cost of your anticipated final expenses and choose a coverage amount that adequately meets your needs. Consider factors such as funeral costs, outstanding debts, and medical bills.
- Premiums: Compare the premiums of different final expense insurance policies to ensure that they fit within your budget. Remember that affordability is important to ensure that you can maintain your policy for the long term.
- Policy Terms: Understand the terms and conditions of the policy, including any exclusions or limitations. Make sure you are comfortable with the policy’s terms before making a final decision.
- Carrier Reputation: Assumption Life is a trusted insurance provider, but it is always important to research the reputation and financial stability of the insurance carrier. Look for customer reviews and ratings to ensure that you are choosing a reputable company that will be there for your loved ones when they need it the most.
Frequently Asked Questions (FAQs) about Final Expense Insurance from Assumption Life
Final expense insurance is a type of life insurance that provides coverage specifically for end-of-life expenses such as funeral costs, medical bills, and outstanding debts. It helps alleviate the financial burden on loved ones during a difficult time.
Final expense insurance is typically designed to cover specific end-of-life expenses, while traditional life insurance offers broader coverage for income replacement, mortgage payments, and other long-term financial obligations. Final expense insurance focuses on providing immediate benefits to cover immediate costs.
Assumption Mutual offers a range of final expense insurance options to suit different needs and budgets. We provide flexible coverage amounts, convenient premium payment options, and simplified application processes, including non-medical options. Our policies are designed to provide financial security and peace of mind for you and your loved ones.
Assumption Mutual offers both traditional and non-medical options for final expense insurance, but they are most commonly non-medical. Depending on the policy you choose, a medical exam may not be required. Non-medical options simplify the application process, allowing you to get coverage quickly and easily.
While final expense insurance is commonly associated with seniors, Assumption Mutual offers coverage for individuals of various age groups. These policies have age eligibility criteria, and have options available for individuals ranging from 18 to 85 years old.
Find a solution for what you’re looking for
Planning for the future is an essential part of ensuring the well-being of your loved ones. Final expense insurance is a crucial component of this planning, providing the financial protection necessary to cover the costs associated with one’s funeral and other end-of-life expenses. Assumption Mutual Life Insurance Company understands the importance of final expense insurance and offers comprehensive policies that can be customized to meet your unique needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, including areas such as Toronto, Calgary, and Vancouver.
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