The American Amicable Final Expense Plan is a product designed to help seniors over the age of 50 plan for their financial future.
With this insurance, you can be sure that your loved ones will have peace of mind knowing they won’t face any additional expenses in the event of your passing.
It’s important to understand how this plan works and what benefits it offers so you can make an informed decision about whether or not it’s right for you.
We’ll explore everything there is to know about the American Amicable Final Expense Plan including who is eligible, how it works, some of its key benefits, as well as how you can buy one.
Table of Contents
- What is the American Amicable Final Expense Plan?
- How Does the American Amicable Final Expense Plan Work?
- What Are Some Benefits of the American Amicable Final Expense Plan?
- How Can I Buy an American Amicable Final Expense Plan?
- FAQs in Relation to American Amicable Final Expense Plan
What is the American Amicable Final Expense Plan?
American Amicable, a top-rated carrier with a long history offers burial insurance, offers a policy called Senior Choice, with up to $35,000 in death benefits.
The final expense (also called burial insurance) plans are designed to cover:
- Price of funerals
- Medical bills
- Other end-of-life expenses.
This plan offers several advantages over traditional life insurance policies. For example, it does not require a physical exam before approval.
This makes it easier for seniors who may have difficulty obtaining traditional life insurance due to age or health conditions. Additionally, the premiums are generally lower than those of traditional policies since there is no underwriting process involved with this type of policy – and coverage amounts are modest.
Eligibility requirements vary by state but typically include individuals aged 50 years old and above (up to age 85) who are U.S citizens or permanent residents living in the United States at least six months out of the year prior to applying for coverage.
The American Amicable Final Expense Plan works like any other life insurance policy: when you pass away your beneficiaries will receive a lump sum payment from the insurer equal to the amount you purchased your policy for (up to $35,000).
The money can then be used by your loved ones towards paying off debts such as medical bills or funeral costs associated with your passing away.
Key Policy Details
- Issue ages: 50 – 85.
- Permanent life insurance.
- Minimum face amount: $2,500 ($5,000 in WA).
- Maximum face amount: $35,000 up to age 75.
- Maximum face amount: $20,000 up to age 85.
- No medical exam.
- Simplified issue underwriting – quick telephone interview and a medications check.
- Terminal Illness rider included.
- Confined Care rider included.
- Optional riders: Nursing Home Waiver of Premium, Accidental Death, Children’s Insurance, Grandchildren’s Insurance.
- Cash value feature.
- Immediate and Graded death benefit, depending on underwriting.
- Various premium payment options: monthly, quarterly, semi-annually.
The American Amicable Final Expense Plan is an affordable insurance plan designed to provide seniors with peace of mind and financial security. Now let’s take a look at who is eligible for this plan.
Key Takeaway: The American Amicable Final Expense Plan is an ideal life insurance policy for seniors, offering coverage of up to $35,000 in death benefits and flexible premium payment options.
How Does the American Amicable Final Expense Plan Work?
This money can be used to cover any final expenses incurred by the deceased’s family members or estate executor, such as funeral costs, medical bills, and other debts.
Eligibility for this plan requires applicants to be between 50-85 years of age and have no major health issues (they do not offer a guaranteed issue plan). The amount of coverage available ranges from $2,000 – $35,000 depending on the applicant’s age and health status at time of application.
Once approved for coverage, premium payments are made monthly, quarterly, or semi-annually until the insured passes away.
Upon passing away, American Amicable will pay out up to $25,000 in death benefits directly to designated beneficiaries or an estate executor if applicable.
These funds can then be used by those responsible for settling any outstanding debts associated with the deceased’s final expenses such as funeral costs and medical bills.
One benefit of this plan is that it allows families who may not have had enough saved up prior to a loved one’s passing some financial relief when it comes time to settle any remaining debt associated with their final expenses without having to dip into savings accounts or take out loans they may not be able afford in order repay later down the line.
Additionally, since there are no restrictions on how these funds can be spent after being paid out by American Amicable – beneficiaries can use them however they see fit – whether it’s paying off existing debt or simply helping ease some of the burden during what could otherwise prove an emotionally difficult time for those left behind following a loss in their lives.
You can buy an American Amicable Final Expense Plan by first contacting an expert agent who will assess your eligibility based on your age and health status.
After that, you can apply for coverage through American Amicable Insurance Company online or over phone/mail using paper applications provided by agents themselves.
Note – not all carriers offer coverage up to age 85. American Amicable might be a great option for burial insurance for the elderly.
The American Amicable Final Expense Plan provides a simple and secure way to ensure your loved ones are taken care of after you pass away. Now let’s take a look at some of the benefits this plan offers.
Key Takeaway: The American Amicable Final Expense Plan (Senior Choice) is a life insurance policy that provides up to $35,000 in death benefits to help cover the costs of final expenses such as funeral costs and medical bills. It is available for applicants aged 50 – 85 with no major health issues.
What Are Some Benefits of the American Amicable Final Expense Plan?
One major benefit of this plan is simplified underwriting process. This means that even if you have pre-existing medical conditions, you can often still qualify for coverage without having to take a medical exam. You will, however, need to answer a few health questions.
Another great benefit is flexible payment options. You can choose from monthly, quarterly, or semi-annual payments so you can find one that fits your budget and lifestyle best.
Plus, there are no hidden fees or charges associated with making payments on time each month so you don’t have to worry about unexpected costs down the line.
Finally, all death benefits paid out under this plan are tax-free which makes them ideal for covering final expenses such as funeral costs and other debts incurred by family members or estate executors after your passing.
Overall, the American Amicable Final Expense Plan provides peace of mind knowing that your loved ones will be taken care of financially when you pass away.
It offers flexibility in terms of payment options and tax-free death benefits which make it an attractive choice for seniors over 50 years old who want secure protection against unexpected expenses related to their passing away unexpectedly.
The American Amicable Final Expense Plan offers a range of benefits to seniors, such as financial protection and peace of mind. Now that you know the advantages, let’s explore how you can purchase an American Amicable Final Expense Plan.
At the end of the day, you do not want your loved ones to be looking for free burial options because you did not secure burial insurance.
Key Takeaway: The American Amicable Final Expense Plan is an ideal life insurance policy for seniors over 50 and underwriting is simplified.
How Can I Buy an American Amicable Final Expense Plan?
If you are a senior over the age of 50, you may be interested in purchasing an American Amicable Final Expense Plan, called Senior Choice.
Buying an American Amicable Final Expense Plan is easy and can be done through an expert licensed insurance agent or broker who specializes in life insurance products for seniors.
They will be able to provide you with more information about this product and help you find the best plan that meets your needs and budget requirements.
When looking for an American Amicable Final Expense Plan, it’s important to consider several factors including coverage amount, premiums, riders (additional benefits) available, eligibility requirements (age limits), and the underwriting process (health questionnaire).
Your agent or broker should be able to answer any questions you have regarding these topics so that you can make an informed decision when selecting a policy.
In addition to helping select the right plan for your individual needs, they will also assist with completing all necessary paperwork required by the insurer before your policy can become active.
Once everything has been completed successfully and approved by the insurer, your coverage can begin immediately upon payment of premiums, if you are approved for an immediate death benefit.
Or, if your policy is approved with a graded death benefit (meaning you likely have a few health concerns), your death benefit is fully payable after two years.
It’s important to remember that not all insurers offer burial plans so it’s essential that you shop around for different options before making a purchase decision.
Additionally, some insurers may require additional documentation from applicants depending on their health history – which could delay approval timeframes significantly if not provided upfront during application submission process.
Finally, it is important to read through all terms and conditions carefully before signing off on any agreement documents related to this type of life insurance product offering from American Amicable Life Insurance Company.
Key Takeaway: When selecting a policy, it’s important to consider coverage amount, premiums, riders (additional benefits) available and eligibility requirements.
FAQs in Relation to American Amicable Final Expense Plan
Is final expense life insurance worth it?
Final expense life insurance can be a valuable tool for seniors over the age of 50. It provides peace of mind that their loved ones will not have to worry about funeral expenses and other end-of-life costs.
Related – seniors can buy burial insurance to leave a financial gift to their loved ones.
Additionally, it can help cover medical bills or other debts left behind when someone passes away. While final expense life insurance may not be right for everyone, it is worth considering as an option for those who want to ensure their family’s financial security in the event of their death.
Is American Amicable a good insurance company?
American Amicable is a well-established insurance company that has been in business since 1910. They offer a wide range of products for seniors, including final expense.
Their customer service is highly rated by customers and they have an A+ rating from the Better Business Bureau. Additionally, their financial strength ratings are strong with both AM Best and Standard & Poor’s giving them excellent marks.
Overall, American Amicable appears to be a reliable and trustworthy insurance provider for seniors over 50 years old.
What is the best final expense insurance company?
The best final expense insurance company for seniors over the age of 50 truly depends on individual circumstances.
Before you apply with any one particular carrier, you must work with an expert agent to, first and foremost, do a needs assessment, and next, do a health assessment. That way, you can understand how much coverage you need and what type of coverage you can qualify for.
Next, your agent will take your needs and qualifications and compare them agains the top-rated burial insurance companies across the nation.
What is the average cost of burial insurance?
The average cost of burial insurance depends on several factors, such as the age, gender, and health of the insured person, their coverage amount, and the type of policy they choose.
Generally speaking, a typical policy for someone aged 50-75 can range from $50 to $100 per month depending on these factors. For those over 75 years old or with certain medical conditions, premiums may be higher.
It is important to shop around and compare quotes from different providers in order to find the best deal for your individual needs.
In conclusion, the American Amicable Final Expense Plan, called Senior Choice, is a great option for seniors over the age of 50 who are looking for an insurance product to cover their final expenses.
The plan offers coverage and benefits that can help protect your loved ones from financial hardship in the event of your passing.
It’s important to understand all aspects of this plan before making any decisions, so be sure to ask questions and do research before buying an American Amicable Final Expense Plan.
Seniors are facing many financial and health care challenges as they age. It is important to have a plan in place that will help protect them from unexpected expenses, while also providing coverage for essential medical needs.
American Amicable’s Final Expense Plan offers seniors peace of mind with affordable premiums and comprehensive protection against the costs associated with end-of-life care. Get started today to ensure your future security.