Final Expense- Secure Advantage

Final Expense

As part of the ManhattanLife Lighthouse Series of Senior products, Final Expense is designed to help you protect loved ones from the financial burden of your final expenses. Our Final Expense offering is an immediate death

ManhattanLife Lighthouse Series

benefit Whole Life policy, which provides up to $50,000 in coverage. Rates and cash values are guaranteed. Regardless of changes in interest rates or any other factors, your death benefit, premium rates, and cash values will never change.

There are many factors to consider when planning for Final Expenses. Have you considered the resources it will take to ensure outstanding Medical, Credit Card and/or Housing Debt is not passed on to loved ones? Unfortunately, older adults are increasingly retiring with debt and are carrying greater amounts of debt than ever before. Medical Debt: A study in the Journal of General Internal Medicine revealed that out-of-pocket medical expenditures in the 5 years prior to an individual’s death totaled more than $38,000, leaving 1 in 4 seniors approaching bankruptcy. 1 Credit Card: Another common source of debt among senior households is credit cards. In 2001, only 24.2% of senior households held credit card balances; by 2016, more than 34.2% did. 2 Housing Debt: In addition, 29.2% of older adult households owed money on a mortgage, home equity line of credit, or both. 2

Are You Prepared? The average funeral cost in the United States is between $7,000 and $12,000 and can quickly escalate from there. 3 Baby boomers hold the highest average personal loan balance of any generation. In the second quarter (Q2) of 2019, boomers— people 55 to 73 years old—carried an average personal loan balance of $19,253 , according to Experian data. 4 A one-time lump-sum death payment of $255 can be paid to the surviving spouse if he or she was living with the deceased; or, if living apart, was receiving certain Social Security benefits on the deceased’s record. If there is no surviving spouse, the payment is made to a child who is eligible for benefits on the deceased’s record in the month of death. 5

1- 5 Source information on back.

Made with FlippingBook Ebook Creator