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Life & Health Insurance/Type of life insurance needed?

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Question
I am 65, and own nothing except for my car. I collect Social Security so can't afford a large policy.
I want something that would pay my funeral expenses plus the cost of an executor, and any monies left to be divided by my grandchildren.

What would be best for me -- and affordable?

Thank you,
Benni

Answer
Thanks for the question.  BEcause you are looking for something that will provide for funeral expenses, it would need to be a whole life policy that never expires.  As for what method for obtaining this coverage makes the most sense, it depends largely on your current health.  If you are extremely healthy and willing/able to get through an application process that includes an insurance exam and thorough medical questionnaire, then you should be able to get coverage with a fully-underwritten policy, most often with a $25k minimum face amount.   If your health is not very good, or you do not wish to go through the full process, there are simplified-issue life insurance products that have no medical exam, and only a handful of simple medical questions (if any at all).   They're very convenient and easy/quick to obtain, but typically higher-priced than the fully-underwritten coverage (if you can get it).   Happy to share more specifics with you offline if you would like -- just let me know!

Mike Feinberg, ChFC
mfeinberg@synergyfinancial.us

Life & Health Insurance

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Michael Feinberg, ChFC

Expertise

I am the Executive Director of Synergy Financial Services, focusing on life, disability and long term care insurance nationwide. I do not typically handle health-insurance related questions since they are typically local-based but I am always happy to try to answer any questions you may have on any of these topics.

Experience

16 years in the insurance business.

Education/Credentials
Chartered Financial Consultant

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