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How to Use an Annuity to Protect Against Outliving Your Savings

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One of the biggest fears people have when they’re approaching or entering their retirement years is: What if I run out of money?

You’ve worked hard your whole life, you’ve saved, you’ve invested, but with market volatility, inflation, and an increasing life expectancy thanks to medical advancements, retirement can be challenging. Nowadays, it’s more difficult than ever before to properly predict how long your retirement nest egg will truly last. This is where annuities can help ease your worries as you enter retirement. Here at The Lambert Agency, we assist retirees and those nearing retirement age utilize annuities as an exceptionally powerful tool to help protect against outliving retirement savings.

What Is an Annuity?

Essentially, an annuity is a financial product which is offered by insurance companies to provide recipients with a guaranteed stream of income, oftentimes for the duration of their life. Think of annuities as creating your own personal pension plan. You’ll begin by paying a lump sum or series of payments towards your annuity, then the annuity pays you a predictable income over the years according to your terms and risk tolerance.

There are multiple types of annuities to choose from, including:

  • Fixed Annuities – Fixed annuities provide steady, guaranteed interest growth and predictable payments, so you can rest assured you’re going to continue receiving income well into your retirement years.
  • Indexed Annuities – Indexed annuities are linked to a market index, such as the S&P 500, with the benefit of offering downside protection over time.
  • Immediate Annuities – Immediate annuities convert your lump sum contributions into income immediately.
  • Deferred Income Annuities – Deferred income annuities will start your payment schedule at a predetermined future date. This type of annuity is oftentimes used for longevity focused planning.

Here at The Lambert Agency, we walk you through each option and explain the positives and negatives, to help you best determine which annuity fits your overall retirement goals.

How Annuities Help You Avoid Outliving Your Money

  1. Lifetime Income
    Annuities offer multiple payout options which typically last as long as you’re alive. This translates to offering you payments, even if you live beyond 100 years of age. The lifetime guarantee of continued payments is certainly one of the best features of annuities.
  2. Protection From Market Volatility
    If your primary savings vehicle is a 401(k) or IRA, a poor performing market may greatly affect your anticipated income. When you work with The Lambert Agency, we help determine which annuity is the best choice for guaranteed income which is not subject to the ups and downs and swinging volatility often associated with 401(k)s or IRAs tied to market performance.
  3. Predictable Budgeting
    When you know how much money you’re receiving on a regular basis through fixed income streams, it helps make life easier when it comes to budgeting and planning your finances. Everyday expenses and bills such as housing, healthcare, utilities, groceries, etc… are easier to manage without having to worry about not having enough money.
  4. Customizable Options
    There are many customizable options you can incorporate into your annuities. Some of these options consist of everything from inflation-adjusted features and joint payouts for couples. Here at The Lambert Agency, we enjoy assisting our clients with designing their perfect annuity for their lifestyle.

Who Should Consider an Annuity?

Properly selected annuities can be a great fit for:

  • Retirees who don’t have a pension and are seeking out a guaranteed income
  • Individuals or couples who are worried about fluctuating market risk in their retirement years
  • Couples who want a lifetime income stream to continue providing for the surviving spouse, ensuring financial security and stability
  • Anyone who is entering retirement age and values financial peace of mind while not wanting to stress about outliving their savings

Common Concerns About Annuities

“Are annuities expensive?”
Some forms of annuities may carry higher fees than others, yet many modern annuities are quite cost-effective. The Lambert Agency assists you with comparing and contrasting annuities to best determine the annuity which will simultaneously maximize investment value while reducing unnecessary expenses.

“What if I want flexibility with my annuity?”
Specific annuities allow withdrawals, income riders, or lump-sum access, depending on the specific terms and conditions. The best choice you can make is working with a knowledgeable insurance agency such as The Lambert Agency, to best align the right annuity with your lifestyle.

“Do annuities replace my other retirement accounts?”
No, they do not. Annuities are specifically designed to complement your other retirement accounts, such as 401(k)s, IRAs, and various brokerage accounts through the addition of a guaranteed income.

How The Lambert Agency Helps

When you choose to work with The Lambert Agency, you’re going to find we specialize in retirement strategies which balance both income protection and income growth. When it comes down to annuities, we help:

  • Compare and contrast the top-rated annuity carriers and products
  • Properly illustrate income scenarios based on your age, health, and overall retirement goals
  • Fully explain features such as income riders, death benefits, and inflationary protection in easy to understand language
  • Provide ongoing annuity plan reviews so your annuity is continuously aligned with your retirement plans

Contact The Lambert Agency Today

When it comes to actually entering your retirement years, outliving your savings should not be a worry. With the right annuity product and strategy, you’re able to fully enjoy your retirement knowing you have a guaranteed stream of income for the remainder of your life. When you choose to work with The Lambert Agency, we’ll assist you with the various annuity options, select the right carrier, and truly design a proper solution which provides financial security paired with peace of mind.

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Annuity Fees Explained: What You Need to Know Before Buying

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Annuities can be a fantastic way to secure guaranteed income throughout your retirement years. With this being said, there are fees associated with annuities, much like nearly all other financial products on the market. Gaining a better understanding of annuity fees can help you make a more educated decision if you choose to make the decision to invest. Here at The Lambert Agency, we always believe in providing our clients full transparency so you know exactly what you’re receiving, what you’re paying for, and how annuity fees may end up impacting long-term performance.

Why Annuities Have Fees

An annuity is essentially an insurance contract, and the associated fees help to cover the guarantees and benefits the annuity product subsequently provides. An example of this is how fees support a lifetime income rider, death benefit, and account management features. While these associated costs are usually justified in most cases, having a better understanding of the fees and where they’re coming from helps you avoid any and all surprises along the way.

Common Types of Annuity Fees

Below are some of the most common forms of annuity fees:

  1. Mortality & Expense Risk Charges (M&E Fees)
    Mortality & Expense Risk Charges, better known as M&E Fees, help cover the insurance guarantees which are built into an annuity product. These fees are commonly charged as a percentage of account value and will often range from 0.5% to 1.5% annually.

    Ex.: With a $100,000 annuity, an M&E fee of 1% would equal to a $1,000 per year annual fee
  2. Administrative Fees
    Administrative fees are the costs of servicing your annuity. Annuity servicing will often consist of recordkeeping, statement management, and customer support. An administrative fee usually hovers around 0.1% – 0.3% annually.
  3. Investment Management Fees (Variable Annuities)
    If you happen to choose a subaccount, such as a mutual fund housed within a variable annuity, you’ll pay fees which are similar to the expense ratios often found in mutual funds. Investment management fees will vary widely, yet they’re often anywhere between 0.5% – 2%.
  4. Rider Fees
    Many forms of annuities will offer optional add-ons, referred to as “riders”. These riders may consist of guaranteed lifetime income, enhanced death benefits, and various forms of long-term care features. Rider fees will usually hover around 0.5%-1.5% annually, ultimately depending on the underlying benefit. Here at The Lambert Agency, we always evaluate your overall goals to best determine whether riders are worth the associated costs.
  5. Surrender Charges
    Nearly all annuities will require you to keep your money fully invested for a lock-in period over a set amount of time. This is often referred to as the “surrender schedule”. If you choose to withdraw earlier than anticipated, you will likely end up paying the surrender fees. These fees range from 1%-10% and they usually decline over the years you have your funds held in the annuity.
  6. Other Transaction Fees
    Some annuity products may charge for such things as wire transfers, overnight mailing of documents, or excessive withdrawals during a set period of time. These fees, while generally negligible, do exist.

Which Annuities Have Higher (or Lower) Fees?

  • Variable Annuities: This form of annuity will often have the highest level of associated fees due in large part to its investment subaccounts and riders.
  • Indexed Annuities: This form of annuity will have moderate levels of fees, typically only if you add additional riders. The base product of an indexed annuity will often have no annual fee.
  • Fixed Annuities: This form of annuity will usually have the lowest fees, but the fees themselves will be baked into the interest rate rather than outright deducted.

When you choose to work with The Lambert Agency, we thoroughly break down the major and minute differences in annuity products, so you’re able to truly understand each and every trade-off, benefit, and fee involved. The bottom line is: more annuity features usually mean higher fees, but with these higher fees there’s more flexibility and guarantees.

How to Decide If the Fees Are Worth It

  1. Compare Benefits vs. Cost
    If your lifetime income rider ends up costing 1% annually, yet it guarantees an annual income of $30,000 for the entirety of your remaining years, it could be very well worth it.
  2. Evaluate Your Goals
    Whenever choosing an annuity product, you’ll always want to fully evaluate your goals. Are you seeking out pure income? Do you want market participation? Are you anticipating a wealth transfer? The correct annuity product will avoid paying for features you don’t need, thereby helping you avoid fees you don’t need to pay.
  3. Work With a Transparent Advisor
    When you choose to work with The Lambert Agency, we always fully illustrate your annuity options with and without riders, so you’re able to see the true impact on fees and income, in a detailed side-by-side comparison.

FAQs About Annuity Fees

Do all annuities have fees?
No, not all annuities have fees. Some fixed annuities have no explicitly stated annual fees, yet the costs are built into the credited interest rate of the annuity product.

Can annuity fees reduce my account value?
Yes, variable annuities typically experience this reduction in account value the most out of all annuity products. For this reason, it’s very important to balance growth potential against any offsets driven by fees.

How can I minimize fees?
Sometimes, the simpler annuity structure may be just what you need to align with your retirement goals, all at a lower annual cost.

Contact The Lambert Agency Today

Annuities can be a very powerful retirement tool, when you actually know what you’re paying for. Through properly breaking down annuity fees and comparing your various options, you’re able to ensure your money is working for you without the unnecessary, excessive costs. When you choose to work with The Lambert Agency, you’re choosing to work with an agency who believes in transparency and client education first and foremost. We will happily walk you through any and all fees, benefits, and features of your annuity product so you can feel truly confident prior to making a final decision on your preferred annuity.

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The Top 5 Medicare Supplement Plans for 2025

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The original form of Medicare is certainly excellent, yet it has its forms of coverage gaps, including deductibles, copays, and coinsurance. This is where Medicare Supplement plans (such as Medigap plans) come in to save the day. Medigap plans help you avoid any and all surprises with out-of-pocket costs and offer an improved peace of mind knowing you’re covered.

Here at The Lambert Agency, we assist in helping our valued clients compare options and choose the best plans for their specific healthcare needs and overall budgets. Let’s explore the top five Medicare Supplement plans for 2025 and what makes each of them stand out as top contenders

1. AARP/UnitedHealthcare: Best Choice as an Overall Provider

This Medicare Supplement plan has been rated best overall by NerdWallet. AARP/UnitedHealthcare offers a wide range of Medigap plans, from A through N, with generally low levels of customer complaints paired with a competent customer service team. These plans are widely available and will often include wellness extras such as dedicated fitness programs.

Why AARP/UnitedHealthcare stands out:

  • Fully comprehensive coverage options
  • Overall excellent customer satisfaction
  • Nationwide availability within all 50 states

2. Mutual of Omaha: Best Choice for Premium Discounts

Mutual of Omaha is known for their competitive pricing and generous member perks. Additionally, Mutual of Omaha is often recognized for offering premium discounts and an overall great value for what you pay for.

Why Mutual of Omaha stands out:

  • Frequent discounts (e.g., for households, auto-pay, etc…)
  • Very strong reputation for manageable pricing

3. State Farm: Best Choice for Member Satisfaction

State Farm offers quality customer service and care. If this matters to you first and foremost, State Farm has ranked highest for overall member satisfaction in 2025 and is likely the ideal choice for your Medigap coverage needs. State Farm’s plans cover popular choices such as A, C, F, G, and N, providing you with the right level of flexibility and customer care to live your best life yet this year.

Why State Farm stands out:

  • Personalized, local support
  • Strong customer satisfaction ratings

4. Anthem: Best Choice for Extra Benefits

Anthem truly stands out in 2025 for adding a bevy of extra benefits to their Medigap plans, including various wellness programs and a variety of online healthcare services. This is especially true with their Plan G and Plan N options. 

Why it stands out:

  • Additional perks such as telehealth, fitness, and discounted services
  • Enhanced value beyond their typical coverage levels

5. Wellabe: Best Choice for Lowest Premiums

If finding the most affordable costs is your primary focus, Wellabe generally offers Medigap policies with very low premiums, while still maintaining solid coverage for 2025.

Why Wellabe stands out:

  • Affordable pricing
  • Options for budget-conscious beneficiaries

Understanding the Most Popular Medigap Plans

While insurers may vary, the most commonly chosen Medigap plans for 2025 remain Plan F (where available), Plan G, and Plan N.

  • Plan F: Offers full coverage, including the Part B deductible, yet only available if you’re eligible before 2020
  • Plan G: Best alternative for new enrollees post-2020, and it covers nearly everything aside from the Part B deductible
  • Plan N: Offers lower premiums with modest copays for doctor and ER visits, typically around $20 and $50 respectively

How to Choose the Right Plan with The Lambert Agency

When selecting a Medicare Supplement plan, you’ll want to consider the following:

  • Your overall healthcare needs & budget mapped out
  • Specific plan availability in your surrounding area
  • General provider satisfaction ratings & customer service record
  • How many optional wellness perks or premium discounts they offer

Here at The Lambert Agency, we’re able to help you navigate these various factors, compare and contrast various quotes from the top insurers mentioned in this post, and help you enroll during the optimal enrollment window which is typically your six-month Medigap open enrollment period, where underwriting cannot be denied based on health.

To Summarize…

For year 2025, based on overall value, support, and affordability, the top Medicare Supplement providers include the following:

  1. AARP / UnitedHealthcare: Best overall plan to choose
  2. Mutual of Omaha: Best premium discounts offered
  3. State Farm: Best for overall customer service
  4. Anthem: Best extra benefits available
  5. Wellabe: Best for low-cost, budget-minded individuals

Among these specific plan types, Plan G and Plan N are the most widely and highly recommended choices, especially for those who became Medicare-eligible after 2020

Need Help Finding the Best Medigap Plan?

When you choose to work with The Lambert Agency, you’re choosing an agency to be your guide when searching for the best Medigap plans available in 2025. We’ll help you truly understand the various options presented, gather personalized quotes catered to your specific wants and needs, and ensure your Medigap plan aligns with your overall coverage goals and underlying budget. We look forward to working with you soon!

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Medicare Advantage vs. Medicare Supplement: Which Should You Choose?

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Medicare Advantage vs. Medicare Supplement: Which Should You Choose?

When you turn 65 years of age, you automatically become eligible for Medicare. One of the most important decisions you’ll have to make when turning 65 and becoming automatically eligible for Medicare is whether you should choose a Medicare Advantage plan or a Medicare Supplement (Medigap) plan. Both of these options are geared towards helping you properly cover the costs your original Medicare plan does not cover. However, they operate in different ways. Here at The Lambert Agency, we help our valued clients compare and contrast both options available to them when they turn 65 years of age. This guidance helps ensure the right choice is made when it comes to aligning with health needs, lifestyle needs, and overall budget constraints.

Understanding the Basics

Medicare Advantage (Part C)

Medicare Advantage plans will be offered by private insurance companies which are approved by Medicare. Medicare Advantage plans combine Parts A (hospital coverage) and B (medical coverage). Additionally, they’ll often include Part D (prescription drug coverage). Some Medicare Advantage plans will offer additional extras consisting of vision, dental, and hearing coverage options. Medicare Advantage plans include the following attributes for most individuals:

  • Lowered monthly premiums
  • Network restrictions (HMO/PPO) could limit which doctors and hospitals you can visit and be seen at
  • Out-of-pocket costs such as copays and coinsurance will still apply
  • Often includes extra perks with the plan such as fitness programs or telehealth options

Medicare Supplement (Medigap)

Medigap plans will often work alongside your original Medicare plan. Choosing to keep Medicare Parts A and B, while also adding a Medicare supplement plan will assist in paying for deductibles, copays, and coinsurance expenses. Medicare Supplement plans will often include the following:

  • Increased monthly premiums, yet reduced out-of-pocket costs
  • No network restrictions applied (see any doctor or hospital you see fit which accepts Medicare nationwide)
  • Prescription drugs are not included (a separate Part D plan is required)
  • Consistent, predictable healthcare costs with less of an overall financial risk

Key Differences Between Medicare Advantage & Medicare Supplement Plans

  1. Costs
    • Advantage: Lower premiums, yet higher potential out-of-pocket costs
    • Supplement: Higher premiums, yet most costs will be covered
  2. Doctor & Hospital Choice
    • Advantage: Must use the plan’s network, except in cases of emergency
    • Supplement: Any Medicare-accepting provider in the U.S. qualifies
  3. Coverage Extras
    • Advantage: May include associated dental, vision, hearing, and wellness perks
    • Supplement: Strictly covers medical costs; extras are not included
  4. Travel Coverage
    • Advantage: Limited coverage, with often no available coverage outside of your specific service area
    • Supplement: Nationwide coverage, with some plans covering foreign travel emergencies
  5. Simplicity vs. Flexibility
    • Advantage: An all-in-one plan which is easier to manage, yet still has its limitations
    • Supplement: Can be more flexible, yet requires pairing with Part D and possibly dental/vision coverage

Which Should You Choose?

Ultimately, the right choice comes down to your  overall health, anticipated budget, and preferred lifestyle. Here at The Lambert Agency, we will always recommend asking yourself the following questions to help determine the right choice:

  • “Do you want to lower your premiums now, knowing you’ll have to eventually pay copays and coinsurance along the way?”: Medicare Advantage could be a good fit for you
  • “Do you prefer a form of predictable, comprehensive coverage with the freedom to see any doctor you’d like?”: Medicare Supplement may be the better choice
  • “Do you travel often or split time between residences in different states?”: Medigap does in fact offer nationwide flexibility
  • “Do you like the idea of extras like vision, dental, and gym memberships included?”: Medicare Advantage is able to provide those perks

FAQs

“Am I able to switch between Medicare Advantage and Medicare Supplement?”
Yes, you can, but it’s not always the easiest task. Medicare Advantage plans may be changed during the annual enrollment period, but you’ll want to consider that switching to a Medicare Supplement plan may require additional medical underwriting, unless you happen to be within the initial enrollment window.

“Which option costs more over time?”
It ultimately depends on a couple of factors. Do you have frequent medical care needs? If so, a Medicare Supplement plan may end up saving you money over the long-term. If you’re a healthy individual and would like lower premiums, Medicare Advantage can be the right choice for you.

“Does The Lambert Agency help me compare both?”
Yes, we do! Here at The Lambert Agency, we’re happy to run side-by-side comparison models of premiums, estimated out-of-pocket costs, and levels of coverage so you can fully grasp what the outcomes may look like.

Contact The Lambert Agency Today

In summary, there’s not a one-size-fits-all approach when answering the question of Medicare Advantage vs. Medicare Supplement coverage. It boils down to your underlying health, your anticipated budget, and your preferred lifestyle. When you choose to work with The Lambert Agency, you’ll know we take the time to truly understand your unique situation and goals, and we’ll do our absolute best to provide you with the best options we see fit. Through these careful measures, we’re able to help you feel confident you’ve chosen the right Medicare coverage which aligns with your lifestyle.

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What Is a Medicare Supplement Plan and How Does It Work?

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If you’re approaching age 65, or you already happen to be on Medicare, you may have heard of the term “Medicare Supplement Plan”, a.k.a. “Medigap”. These specific plans assist in covering out-of-pocket costs which original Medicare (Parts A & B) does not cover. The question is: how do Medicare Supplement Plans work, and are they the correct choice for your needs? Here at The Lambert Agency, we specialize in breaking down Medicare coverage in simple, easy to understand terms. In this guide, we’ll go over all of the essential elements of Medicare Supplement Plans and provide our guidance every step of the way. Enjoy!

Addressing the Gaps in Original Medicare

Original Medicare is certainly a strong foundation for accessible healthcare during retirement years, yet it may leave you responsible for the following deductibles:

  • Part A hospital deductibles
  • Part B annual deductibles
  • Copayments for any and all doctor visits and hospital stays
  • Coinsurance (which is your share of the costs for covered services)
  • No out-of-pocket maximum

Simply put, this means a single illness or extended hospital stay could possibly lead to significant out-of-pocket expenses. Thankfully, this is where a Medicare Supplement Plan comes in to help.

What Is a Medicare Supplement (Medigap) Plan?

A Medicare Supplement Plan is simply a form of private insurance thoughtfully designed to “fill in the gaps” Original Medicare leaves behind. Through working alongside Parts A and B, some or all of the costs which Medicare does not cover are covered. When you choose to enroll in a Medigap plan from The Lambert Agency, you’ll be able to enjoy the following benefits:

  • Predictable Costs: Many forms of copays, coinsurance, and deductibles will be covered
  • Freedom of Choice: You’re able to see any doctor or hospital nationwide which accepts Medicare
  • No Network Restrictions: Unlike Medicare Advantage plans, you are not tied to HMO or PPO network restrictions
  • Guaranteed Renewable Coverage: As long as you successfully pay your monthly or annual premium, your plan cannot be cancelled

How Does a Medicare Supplement Plan Work?

Let’s break down a simple example of how a Medicare Supplement Plan works:

•You visit your doctor: Medicare Part B is able to pay 80% of the approved cost

•Without Medigap: You’d likely pay the remaining 20% out-of-pocket

•With a Medicare Supplement Plan: Your insurer (through us at The Lambert Agency) pays said 20% on your behalf.

All of this yields fewer surprises and even more predictable healthcare spending over time, helping you better manage your finances throughout the year

Popular Medicare Supplement Plans

While Medicare Supplement plans may vary, some of the most popular options for new Medicare Supplement Plan enrollees today consist of the following:

  • Plan G: This is the most comprehensive plan available for those eligible after 2020 (it covers nearly everything except the Part B deductible)
  • Plan N: Offers lower premiums in exchange for modest copays at your physician’s office or emergency room
  • Plan F: This plan is only available if you were eligible for Medicare prior to January 1, 2020, yet it remains one of the most comprehensive plans overall

When you work with The Lambert Agency, we assist you in comparing these options side-by-side and help you decide which one is ultimately best for your overall budget and healthcare needs.

When Can You Enroll in a Medigap Plan?

Your Medigap Open Enrollment Period is the best time to sign up for a Medigap Plan. To enroll within this six-month window, you must be:

  • 65+ years of age
  • Enrolled in Medicare Part B

During this timeframe, you can purchase any and all Medicare Supplement plans with guaranteed acceptance (i.e.: meaning no medical underwriting or health questions). Once you’re outside of this window of time, you may end up facing restrictions or even higher than average premiums. For these reasons, it’s important to work with an agency such as The Lambert Agency to ensure everything is timed correctly and on the right track.

FAQs About Medicare Supplement Plans

Do Medigap plans include prescription drug coverage?
No. You’ll require a separate Part D plan for medications.

Are premiums the same everywhere?
No. Premiums may vary by carrier, location, and age. When you choose to work with The Lambert Agency, we’re able to shop around multiple carriers to locate the best rates for you and your unique scenario.

Can I use my Medigap plan outside the U.S.?
Some plans, such as Plan G and Plan N, include limited foreign travel emergency coverage.

Contact The Lambert Agency Today

A Medicare Supplement Plan is a very powerful way to protect yourself from any unexpected medical bills and gain an enhanced peace of mind during your retirement years. When you have predictable costs paired with nationwide provider freedom, it’s one of the best choices you can make as a 65+ senior citizen. When you contact The Lambert Agency, we go the extra mile to help you compare various options, enroll during the right window of time, and ensure your plan best fits your long-term healthcare needs. Feel free to contact us using the form below and we’ll be happy to help you every step of the way. We look forward to working with you soon!

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Why Seniors Are Choosing Final Expense Policies Over Other Options

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Why Seniors Are Choosing Final Expense Policies Over Other Options

As retirement age approaches, many seniors will begin to think much more carefully about how their loved ones will be properly cared for once they’re gone. One of the most prominent and top of mind concerns for seniors is the actual cost of funeral and end-of-life related expenses. For this reason, many seniors are looking for affordable coverage options in the form of final expense life insurance policies, often over other forms of coverage. Here at The Lambert Agency, we’ve had firsthand experience with how beneficial final expense policies can be when it comes to providing peace of mind, affordability, and simplicity for the policyholders. 

What Is a Final Expense Policy?

So what is a final expense policy? A final expense policy is a specific type of permanent life insurance designed to cover costs associated with funerals, burial expenses, medical bills, and any outstanding debts. Unlike term life policies, or larger and more expensive whole life policies, final expense coverage will be offered in smaller amounts, often between $5,000 and $25,000. Here at The Lambert Agency, we assist seniors with securing these types of final expense policies quickly, most often with simplified underwriting and no medical exams required.

Why Seniors Prefer Final Expense Policies

Affordability

Yes, final expense policies will offer smaller benefit amounts, yet they’re also very affordable in most cases when compared to term life insurance or whole life insurance policies.

Simplified Approval

Many seniors will find the underwriting and approval process of a final expense policy to be much easier when compared to larger policies. In many cases, only a few basic health questions are asked, and there’s typically no need for a medical exam.

Lifetime Coverage

Unlike a term life insurance policy, which will expire after a predetermined number of years, a final expense policy will remain in force as long as the premium payments are made. The Lambert Agency is here to help ensure your final expense policy is properly managed, so you can rest assured your family will receive protection when they need it most.

Peace of Mind for Loved Ones

The average funeral cost may range anywhere from $8,000 to $20,000. Without proper coverage, families will have to pay those costs out of pocket. A final expense policy helps to ensure those costs are not a burden during your time of grieving.

Flexibility in Use

While most final expense policies are designed for funeral expenses and their associated costs, beneficiaries are able to use the payout for medical bills, outstanding debts, or for a small legacy for next of kin.

Comparing Final Expense to Other Options

  • Term Life Insurance: Affordable at younger ages, yet more difficult to qualify for and typically much more expensive later in life. Additionally, it will expire at some point in time, typically around 10-30 years later.
  • Whole Life or IUL: These are larger policies with an array of investment features, yet they’re often more than most seniors need when the primary concern is covering end-of-life costs and other associated expenses.
  • Savings Alone: While some seniors may rely on savings alone, unexpected expenses or market downturns may make this a risky plan. Final expense insurance will provide a guaranteed payout to beneficiaries.

Here at The Lambert Agency, we’re able to walk seniors through these policy comparisons so they make the best and the most practical choice for their specific needs, while also maintaining a cost-effective option.

Is a Final Expense Policy Right for You?

If your primary concern is ensuring your loved ones and beneficiaries are not left with funeral or medical bills, a final expense policy is likely a good choice for you. A final expense policy offers affordable, lifetime protection and will ensure your family can focus on grieving and healing, rather than be burdened with financial issues. Feel free to contact us to learn more about how we can help you navigate the final expense policy process. We look forward to hearing from you soon.

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