Introduction to Life Insurance
A life insurance policy can help protect your family’s financial security, their future, and their peace of mind. Find out if the kinds of life insurance we offer might be right for you.
Introduction to Life Insurance
Final Expense Insurance
Final Expense is designed to cover the costs associated with a person’s funeral, burial, and other end-of-life expenses. A Final Expense policy can be a good choice for older individuals who want to lessen the financial burden on their loved ones after their passing.
This specialized type of life insurance offers a lower coverage amount than traditional life insurance, and age limits are often higher — up to 85 with some policies. Qualifying can be simpler with a few health questions and little to no medical underwriting.
Simplified Term Insurance
With simplified term life insurance, you’ll go through a quicker qualification process. This kind of insurance may be ideal for those who do not want to wait for medical underwriting, or who want coverage to start as soon as possible.
You will typically answer some health questions and may be able to get your approval instantly. Simplified term life insurance often has lower maximum age limits and a smaller face value, compared to term life with medical underwriting, but it still may be a great choice for your unique situation.
Indexed Universal Life (IUL) Insurance
IUL insurance is a type of permanent life insurance. This means it can last your entire life and build cash value. Indexed (and other universal life) policies also offer the option of adjusting the death benefit based on your needs.
Choosing Indexed Universal Life insurance also means you can potentially borrow against the value of your policy if life circumstances change. This fully underwritten life insurance could offer better premiums or extra features for those in good health.
Simplified IUL Insurance
This cousin to Indexed Universal Life shares many of the same benefits, but with a streamlined qualification process. You’ll answer medical questions, rather than go through medical underwriting.
Simplified IUL can be a good fit if you have some health concerns or simply want to avoid a full medical exam. Just like fully underwritten IUL, these are permanent life insurance policies that build cash value and can be adjusted to meet your changing financial needs
Coverage Options
Each type of life insurance policy has their own way of qualifying applicants and deciding age limits, premiums and policy value. For example, Final Expense policies often have higher age limits but lower face value, and Indexed Universal Life with its medical underwriting can offer better premiums for those in good health.
When choosing life insurance coverage, there are many options available. To make sure you have the right coverage for your unique situation, talk to a trusted licensed insurance agent.
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Sileo Insurance Group represents Medicare Advantage HMO, PPO, PFFS, and Prescription Drug Plan organizations that have a Medicare contract and/or a Medicare-approved Part D sponsor. Enrollment depends on the plan’s contract renewal. Enrollment in a plan may be limited to certain times of the year unless you qualify for a Special Enrollment Period or you are in your Medicare Initial Enrollment Period. Not all plans offer all of these benefits. Benefits may vary by carrier and location. Limitations and exclusions may apply. Every year, Medicare evaluates plans based on a 5-star rating system.
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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.
The exact carrier and plan counts are determined by your zip code and county.
To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week. If your complaint involves a broker or agent, be sure to include the name of the person when filing your grievance. If you are already a member, please contact your health plan to file a complaint.
Final expense life insurance
Final expense life insurance may not cover the entire cost of your funeral and may be used by the designated beneficiary for any purpose rather than being limited to specific funeral services and providers. Final expense life policies will have a lower face value than most traditional term or whole life policies as they are intended for a specific purpose of covering those final costs rather than providing comprehensive support for surviving family members. This type of policy generally doesn’t require a medical exam, but premiums will be higher the older you are, and some benefit payouts may be limited during the first few years of coverage for those with significant health issues. Reducing or skipping premium payments will impact the amount of interest paid and may impact how long the policy lasts. Accessing the cash value of a policy will reduce the available cash surrender value and the death benefit. A policy owner does not have the ability to make unlimited payments into the policy. If too much is paid into the policy, it will become a Modified Endowment Contract (MEC) and withdrawals and loans will be taxable. Coverage may not be available in all states and may vary by state. Policy guarantees are based upon the claims-paying ability of the issuing life insurance company.