Are you looking for an insurance plan that will provide your loved ones with peace of mind in the event of your passing?
The SBLI Living Legacy Final Expense Plan is designed to help protect seniors over 50 years old from financial hardship due to end-of-life costs.
With flexible rates, this plan can be tailored to fit any budget. Learn more about what it covers, how much it costs, and how you can buy the policy so that you have one less thing on your mind when planning for retirement.
Table of Contents
- What is the SBLI Living Legacy Final Expense Plan?
- Who is Eligible for the Plan?
- What Does the Plan Cover?
- How Much Does it Cost?
- How Can I Buy the Plan?
- Frequently Asked Questions
- Next Steps
What is the SBLI Living Legacy Final Expense Plan?
SBLI, a leading provider of life insurance products, offers a whole life insurance policy designed specifically for seniors looking to secure funds to cover all costs associated with their final expenses.
The SBLI Living Legacy Final Expense Plan is a burial insurance policy that offers financial protection for individuals over the age of 50.
It provides coverage for final expenses such as:
- Funeral costs.
- Medical bills.
- Other end-of-life debts.
If you are considering a burial insurance policy, be sure to evaluate the details of SBLI’s Living Legacy Plan. In this section, you will learn about the policy from a birds-eye view.
Consider the following features of SBLI’s Living Legacy plan:
- Applicants can purchase up to $35,000 in coverage, with no medical exam.
- Minimum coverage amount of $2,500.
- Two plans are available based on your health history.
- Application decisions are instant.
- You may buy online (digital face-to-face) or over the phone.
- Free Sequoia Funeral Concierge Plan included with policy purchase.
- Level premiums (they will not increase).
- Multiple payment options, including Social Security.
- Access to LegacyShield to create a will and store important documents.
The SBLI Living Legacy Final Expense Plan is an easy and convenient way for seniors over the age of 50 to provide financial protection for their families in the event of death. Let’s uncover the plan’s specifics next.
Who is Eligible for the Plan?
Not everyone can buy the SBLI Living Legacy Final Expense Plan. There are a few key requirements. However, most seniors living in the United States (except for New York) are eligible.
In order to be eligible for this plan, seniors must:
- Between 50 and 85 years old.
- Have a valid Social Security number.
- Be either a U.S. citizen or permanent resident.
This final expense insurance product can provide peace of mind for those planning ahead for their loved ones’ financial security in the event of an untimely passing due to illness, accident, or even natural causes.
Note – nicotine users qualify for the Living Legacy plan.
Like all high-quality plans for burial insurance for seniors, SBLI’s will cover some – or all – of the associated costs associated with funerals and burials that may otherwise become burdensome on family members left behind after a loss has occurred.
Depending on your health, you will be placed in one of two categories:
- Level Benefit (Preferred/Standard)
- Modified Benefit (Rated)
A Level Benefit classification means that, based on the few health questions you will be asked, you pose a low level of risk.
A Modified Benefit classification means your health conditions place you in a rated category (e.g. diabetes). This means that you will need to wait two years before your entire death benefit is payable to your beneficiaries.
Note – if you are placed in a Modified Benefit health category, you may only purchase up to a $20,000 burial policy (depending on your age).
Almost all seniors between the ages of 50 – 85 are eligible for the SBLI Living Legacy Final Expense Plan, making it a great option to consider when planning for your future. Now let’s look at how you can get started with this plan.
Key Takeaway: Available to individuals aged 50 – 85 who are U.S. citizens or permanent residents with a valid Social Security number. Not available in the state of New York.
What Does the Plan Cover?
Designed to be specifically used to cover end-of-life costs, SBLI’s Living Legacy policy is often a crucial financial piece for senior citizens.
For example, while policy proceeds may be used for any financial needs your beneficiaries have, it is intended to cover:
- Cremation costs
- Memorial service fees
- Cemetery plot purchase
- Flowers and decorations
- Obituary notices
- Estate costs
- Transportation fees
- Unpaid medical bills
A burial insurance plan, like SBLI’s is often key part of offsetting any unexpected expenses related to your passing such as taxes owed by your estate or even money needed for family members who are financially dependent upon you during their time of grief.
For clients concerned with protecting their families from the high costs of settling final expenses, SBLI offers a simple, affordable solution designed to help meet those concerns.– SBLI
SBLI’s goal is to ensure that families don’t experience financial hardship during difficult times when every penny counts most.
SBLI Living Legacy and Sequoia Funeral Concierge Plan
An important benefit of SBLI’s Living Legacy Final Expense plan is that it grants you free access to the Sequoia Funeral Concierge Plan.
Sequoia’s plan offers invaluable assistance during what is often an emotionally difficult time. For example, you will have the ability to access:
- Personalized service, available 24/7, to help in the funeral planning process.
- Discounted prices on certain funeral services.
- Access to a global network of funeral providers.
- Nationwide (and international) support for all legal documentation, including filing a death claim.
Related – don’t get stuck trying to find free place for a burial. Secure coverage and help your loved ones.
Overall, this comprehensive funeral concierge plan compliments SBLI’s Living Legacy burial policy and offers peace of mind knowing that those you care about most won’t be burdened with figuring out funeral arrangements on their own.
Unique to SBLI, Living Legacy policy owners have free access to the policy rider, LegacyShield.
LegacyShield provides the following helpful features:
- Store important and meaningful items, such as legal documents, final wishes, and family photos all in one place.
- Create legal documents such as an estate plan, will, power of attorney, and advanced directives.
- Access all financial accounts on one dashboard.
Note – LegacyShield can be especially important for someone with special needs, such as burial insurance for disabled individuals, as often there are additional important final wishes to keep record of.
The SBLI Living Legacy Final Expense Plan covers a variety of expenses related to end-of-life costs, providing seniors with peace of mind and financial security. Next, we will look at how this plan can be tailored to fit individual needs.
Key Takeaway: The SBLI Living Legacy Final Expense Plan provides up to a $35,000 burial policy and covers all types of final expenses such as burial or cremation services. You have free access to the Sequoia Funeral Concierge Plan and LegacyShield.
How Much Does it Cost?
The cost of the plan varies depending on the following:
- Health class
- Coverage amount
To get a general idea of cost, let’s evaluate a few common policies.
For that same policy, a 60 year old woman would only pay about $35 month.
And, a 65 year old woman with serious medical diagnoses would need to pay over $80 per month for the same $15,000 burial policy.
Premiums can be paid monthly or annually with discounts potentially available for those who choose annual payments instead of monthly ones.
You may also utilize your Social Security payments to set up an automatic monthly payment.
Overall, the SBLI Living Legacy Final Expense Plan is priced competitively, especially for seniors over 50 who are in decent health.
Key Takeaway: The SBLI Living Legacy Final Expense Plan is an affordable insurance product designed to help seniors cover the costs of end-of-life expenses. Eligibility requirements are simple, and premiums can be paid monthly or annually.
How Can I Buy the Plan?
Buying this type of coverage is easy and convenient with several options available.
You can purchase the plan online through SBLI’s website or you can work with an authorized agent or broker who will help you find the best rate for your needs.
We recommend working with an independent agent. They will work with you to conduct a needs assessment and compare and contrast your needs with available burial policies.
Before initiating the application process, prepare yourself by having the following information ready:
- Legal name.
- Physical address.
- Beneficiary contact information.
- Basic health history.
- Desired coverage amount.
If you choose to work with an agent or broker, they will guide you through the process step-by-step from start to finish.
Your agent or broker should also explain any exclusions that may apply so that there are no surprises when filing a claim later on down the road. It is highly recommended to work with an agent.
When purchasing online, simply fill out an application form and submit it along with payment information such as credit card details or bank account information.
Once approved, you will receive confirmation via email within 24 hours and your policy documents will arrive by mail shortly thereafter.
Be sure to store your policy in a safe place. Communicate to your beneficiary where they can find the contract so that there are no delays when it comes time to file a life insurance death claim.
It’s important to remember that while buying burial insurance for seniors is relatively straightforward.
It’s always wise to take some time before making a decision so that you understand all aspects of what’s included in each policy option available – including cost and coverage limits.
Remember, there are two ways to purchase this type of coverage: online or through an authorized agent or broker. Before signing up, it’s important to understand all aspects including cost, coverage limits, and exclusions that may apply.
Frequently Asked Questions
What does a SBLI mean in insurance?
SBLI stands for Savings Bank Mutual Life Insurance Company of Massachusetts.
They are a highly-rated life insurance company that offers a range of life insurance products, including term and whole life insurance. (Burial insurance is a type of whole life policy.)
Depending on the policy, available features include living benefits such as cash value accumulation, loan options, and potential tax advantages.
SBLI policies are typically affordable and can provide a cost-effective way to ensure that your family is taken care of in the event of an unexpected death.
Is burial insurance life insurance worth it?
It provides peace of mind and financial security in the event of death, ensuring that final expenses such as funeral costs are covered.
Additionally, it can provide coverage for medical bills or other debts that may remain after passing away.
Ultimately, whether or not final expense life insurance is worth it depends on each individual’s needs and circumstances.
However, for most seniors, it can be a worthwhile investment to ensure their loved ones are taken care of in the event of their death.
How much is the average final expense policy?
The average cost of burial insurance varies depending on the type of coverage and amount of coverage desired. Your age, health, and lifestyle also influence premium rates.
Typical coverage amounts for burial insurance for elderly individuals include:
Premiums range from around $20 per month to several hundred dollars per month – depending on the age and health of the insured individual.
It is important to shop around for the best rates as different companies offer different levels of coverage at varying prices.
With comprehensive insurance, corresponding features, and easy purchasing options, this plan can provide peace of mind knowing that your final wishes will be taken care of.
If you have any questions about the SBLI Living Legacy Final Expense Plan or would like more information on how to purchase it, please contact us today.
Seniors have unique needs when it comes to protecting their future. With iSeniorBenefits, you can find the perfect final expense, Medicare, health and cancer plans that are tailored to meet your individual needs.
Don’t wait until it is too late. Get started on securing burial insurance today so you can rest assured knowing that your loved ones will be taken care of after you’re gone.